Everyone wants to know how the real estate market is doing. Is it going down, headed up or staying stable? So, here is the scoop!
The total number of homes sold in the 3rd quarter this year dropped by 8.3% from the same time last year, but the good news is that the average sales price was up by 0.8%. If we look at how well the market did when compared to last year in all 3 quarters (until the end of September), the total number of sales were up by 8.9% in 2019 but the average sales price was down by 3.3%. This isn’t bad, considering the total dollar volume of homes sold in West Windsor in 2019 YTD is $160,750,953. This tells us that market is still going strong. Unemployment is at an all time low, homes are selling, resale as well as new construction; market is headed upwards!
The median sales price in the 3rd Quarter in 2019 has risen by 6.7% from the same time last year. The percentage of sale price to list price ratio staying about the same indicates that our local homes continue to sell around where they are listed at.
An interesting statistic also is when we break down the data by price point:
YTD number of sales are up by 42.3% in homes priced upto $499K
YTD number of sales are down by 5.8% in homes priced between $500K to $999K
YTD number of sales are up by 50% in homes priced between $1M to $2.49M