Fifteen single-family homes sold in Fair Haven in July of this year, compared to seven in July 2011.
For a town the size of Fair Haven, 1.7 square miles, 15 homes sales in a single month is a high number. In fact, it’s the highest number of monthly sales since July of 2007, when the market was at a peak and 16 homes were sold.
No matter how you look at it, the real estate market in Fair Haven is strong again.
Last month I mentioned that Fair Haven was almost back to being in a "normal market" phase, based on an absorption rate of 7.2 months. The absorption rate is calculated as the number of months it would take to sell all of the homes that are currently listed, assuming homes continue to sell at the present rate (I use the rate in the latest 12 months).
An absorption rate of greater than seven is considered to be a “buyer’s market”; and, an absorption rate less than five months is considered to be a "seller’s market." Fair Haven’s latest absorption rate is now 6.4 months, confirming that after several years we’re back to a “normal market” again.
Here are all of the key indicators:Fair Haven Home Sales, January - July 2012 (7 Months Year-to-Date)
2011 2012 Comment
Sales (demand) 44 54 23 percent higher sales
Listings (supply) 47 43 9 percent fewer listings
Months' Supply (absorption rate) 7.7 6.4 Back to a "normal market"
Average Sale $ (value) $684,924 $659,350 4 percent lower average sales price
Median Sale $ (value) $634,000 $646,875 2 percent higher median sales price
I’ll keep this post short, because the numbers speak for themselves.
Like you, my thoughts are on the Olympics right now, and, like you, I’m cheering for Fair Haven’s Connor Jaeger as he swims in the 1,500m freestyle heat early Friday morning.