In last week's post (July 11), we mentioned that the Fair Haven real estate market was almost back to "normal," with the absorption rate falling to 7.2 months (see my prior posts for the meaning of the absorption rate statistic). We're going to see that number fall even further, because 8 more Fair Haven homes closed in the first half of this month.
Five Rumson homes closed in the same period, and this is at about the same rate that we saw in May and June.
Here's a list of those homes, together with the ones in Monmouth Beach and Sea Bright:
|Town||Address||Closing $||Acres||Bed||Bath||Half||Gar||Sq Ft||$/Sq Ft|
|Fair Haven||110 Parker Avenue||$ 295,000||0.16||2||1||0||0||1,086||$272|
|Fair Haven||23 Katherine Street||$ 430,000||0.23||2||1||0||1||694||$620|
|Fair Haven||177 Cambridge Avenue||$ 504,500||0.24||3||2||0||0||1,517||$333|
|Fair Haven||180 Oak Place||$ 602,500||0.33||3||2||0||1||1,701||$354|
|Fair Haven||151 Oak Place||$ 643,750||0.34||3||3||0||2||2,370||$272|
|Fair Haven||46 Poplar Avenue||$ 775,000||0.23||4||2||2||1||2,200||$352|
|Fair Haven||128 Harrison Avenue||$ 855,000||0.70||4||2||1||2|
|Fair Haven||142 Linden Drive||$ 945,000||1.29||3||3||0||2||2,836||$333|
|Monmouth Beach||33 Wharfside Drive (Condo)||$ 230,000||2||1||1||0||1,036||$222|
|Monmouth Beach||3 Wooley Street||$ 400,000||0.15||4||2||1||2||2,144||$187|
|Rumson||44 Ridge Road
|Rumson||24 Washington Avenue
|Rumson||86 Lafayette Street
|Rumson||3 Woods End Road
|Rumson||14 Sycamore Lane||$2,350,000||1.77||6||4||2||3||6,508||$361|
|Sea Bright||1492-C5 Ocean Avenue (Condo)||$ 184,000||1||1||0||0||600||$307|
Of course, these numbers only tell a part of the overall story. They don't tell you when the home was built, what condition it was in, whether the kitchen and bathrooms had been recently updated, and so forth.
I'd be glad to talk with you in more detail about the Rumson-Fair Haven real estate market, or about the meaning of the falling absorption rate for buyers and sellers. Just send me an email at email@example.com or call me at 732-239-0739.