Normally I don’t like to give Fair Haven’s year-to-date real estate statistics until the end of the first quarter. Fair Haven is a small town, and we don’t see 20 sales until March (20 is the minimum number of sales that are statistically significant when comparing one time period to another).However, several readers have asked me to at least provide the raw numbers, even if I can’t comment on them, so here are the 4 key numerical indicators for Fair Haven’s single-family home sales in January:
Fair Haven Home Sales, Jan 1 - Jan 31
2013 2014 Comment
Sales (Demand) 4 9
Listings* (Supply) 36 29 19% fewer listings.
Months' Supply* 4.7 3.1 Demand vs Supply much
*based on the past 12 months stronger
Median Sale $505,038 $780,000
Nine (9) homes were sold this year, and four sold last year; I’ve given the median sale prices for both years, but without comment. Since the number of listings and the real estate absorption rate are based on 12 months, I’m glad to comment about them. There are 19% fewer homes listed for sale now than there were a year ago. Fewer listings usually drive up sale prices, since buyers have fewer homes to choose from.
If you're following my posts you know what the real estate absorption rate is. It’s a calculation of how long it would take to see all of the homes listed for sale, assuming that sales continue at the same rate as they have in the past 12 months. A year ago the absorption rate was 4.7 months, while now the absorption rate is 3.1 months (a rate lower than 5 months is considered to be a “seller’s market”, so we’ve been in a seller’s market for over a year.
I've lived in the River Oaks section of town since 1975. I’m going to go out on a limb and predict that we’ll see a significant rise in Fair Haven’s median sale price by the end of the year. Keep following my blogs and see if my prediction turns out to be true.
If you’re thinking of selling your Fair Haven home this year, please let me be one of the REALTORS® you interview to list your home on the market. A decision on “fair market value” for your home should be based on solid data about the current Fair Haven market, and I’d be happy to review that information with you. I’ll also give you a detailed marketing plan to sell your home as quickly as possible and at as high a price as possible. Please call, text or email me and I’ll get right back to you.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)