Fair Haven Real Estate Update

Yesterday we looked at the current real estate market in Rumson, and today we’ll take a look at Fair Haven. Here are the numbers for the past seven (7) years:

Year                 Median Selling Price

2005                $645,000
2006                $630,000
2007                $679,000
2008                $626,000
2009                $620,000
2010                $669,200
2011                $669,000 (through August)

Isn’t this interesting? Yesterday we referenced the front page article from the Wall Street Journal, stating that nationwide home prices are down 31% from their 2005 highs, and “experts” predict another 2.5% decline this year as well as only 1.1% increases through 2015 (in  a normal real estate market, home values go up by 3% – 4% per year).

In Fair Haven, the median home price stayed remarkably stable (the “median” is the price at which 50% of the homes sold for a higher value and 50% sold for a lower value). If there was a “peak, it was in 2007 when the average median price of single family homes was $679,999. The greatest percentage decline was the following year, when the average median price dropped to $626,000 (less than an 8% decline). Fair Haven homes have kept their value, because Fair Haven is a great place for families to live.

It’s true that fewer Fair Haven homes have been sold in the past few years when compared to 2005, but it’s also true that significantly more homes have sold in the first 8 months of 2011 than in the same period in 2008, 2009, or 2010:

Year                 Number sold Jan 1 – Aug 30

2005                                        81
2006                                        70
2007                                        74
2008                                        44
2009                                        46
2010                                        35
2011                                        56

I’ve lived in Fair haven since 1975, and I know this town. We have everything from very modest houses to fantastic luxury houses on the Navesink River. People are genuinely friendly, and most people know all of their neighbors, both next door and down the street. We have great schools and a real downtown, with lots of small stores and restaurants. Families who move here tend to stay here, and teachers often recognize children of students that they taught 20 – 25 years ago. People selling their homes tend to be empty nesters, often downsizing but staying in the area.

If you’re looking to move to Fair Haven, I’d be glad to find the house that’s perfect for you. If you’re thinking about selling your house in the next few years, please talk to me.

Leonard “Len” Dunikoski, SRES
Seniors Real Estate Specialist
Realtor Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

ldunikoski@dianeturton.com

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This entry was posted in Fair Haven, Fair Haven NJ Real Estate, Real Estate, Rumson-Fair Haven and tagged , , , , , , , . Bookmark the permalink.

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