2013 Fair Haven Real Estate by the Numbers

Normally I summarize monthly real estate trends by highlighting the four key objective real estate indicators: sales (i.e., demand), listings (i.e., supply), price (i.e., value) and absorption rate (i.e., demand vs. supply). If you’ve been following my posts you know what each of those terms mean and why they’re important. Using those four statistics we often can make predictions on what will happen to real estate in a local market in the next year.

However, once a year I like to give a complete list of the real estate statistics for each town. Sometimes it’s helpful to look at things like the percentage of the average sales price compared to the average listing price, or the average number of cumulative days on the market (CDOM). If a home is sold on its first listing, we measure the days on the market (DOM). However, if it’s listed and doesn’t sell (the listing expires), the CDOM gives a much better idea of how long the home really took to sell.

Here are the 2013 data for Fair Haven:

If you’re a Fair Haven home owner, there are lots of things to be happy about: sales are up, prices are up, and homes are selling faster. If you’re thinking of buying a home in Fair Haven, you can be happy that the median sales price went up by just 1% and that there are more homes available for sale than there were a year ago.

In 2014, individual home owners will want to see what their new property taxes will be after Fair Haven’s recent town-wide reassessment. In addition, we’ll need to see how fast mortgage interest rates increase, and what effect they will have on home sales.

Len

Leonard “Len” Dunikoski, GRI

REALTOR® Associate

Diane Turton Realtors – Rumson Office

8 West River Road

Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen