Fair Haven Real Estate: Let’s Look at the Numbers
I live in Fair Haven, so naturally I’m interested in whether real estate in our town is increasing or decreasing in value. After all, what happens to real estate prices in California or Florida or Arizona may be far different from what happens in New Jersey; what happens in New Jersey overall may not reflect what’s happening in YOUR town to YOUR home’s value. You need a local expert, so let’s drill down and take a look at median selling prices of single-family homes in Fair Haven single-family homes in 2011 compared to 2010.
What happened in Fair Haven was very much like what happened to Rumson real estate (see the December 4th post) The 1st quarter of 2011was significantly lower and the 2nd quarter was significantly higher than the same quarters in 2010. The 3rd quarter was slightly lower, and the median price in the first 2 months of the 4th quarter is also slightly lower than it was last year. Year-to-date, the median price of Fair Haven homes 2011 is 3.2% lower than the median selling price in 2010. Another 3.2% decline this year- not good news, but certainly a lot less than the 10% overall decline we’ve seen in the Monmouth/Ocean Counties region.
So Fair Haven home prices lost about 3.2% of their value this year. Let’s keep 2011 in perspective by taking a look at median home prices in Rumson for the past 7 years:
As we can see, Fair Haven home prices peaked in 2007, with a median sales price of $679,000. In 2008, home prices decreased by 7.8% to $626,000 and another 1.0% in 2009. A 9% total decline is significant, but it’s certainly far less than the horror stories of 25%, 33%, or 40% declines elsewhere in the nation. In 2010 we saw a huge rebound in Fair Haven to $669,200 in 2010 (only ($9,800 lower than the 2007 peak). The year-to-date 2011 Fair Haven median is slightly lower (-3.2% compared to 2010) at $648,000.
Bottom line: the year-to-date 2011 median price of single-family homes in Fair Haven is just 4.6% lower than the all-time peak in 2007. This conclusion is data-driven, and not wishful thinking or cherry picking selected sales prices. So, if you live in Fair Haven and have been thinking that you should wait to sell your house until the market improves, maybe you’d better reconsider, because the market is not bad.
I live in Fair Haven. Whether you’re thinking of buying or selling in Fair Haven, here’s a question for you: has any other realtor given you real estate information as detailed and specific as what you’ve just reviewed? If you’re looking for a good local real estate expert for Fair Haven, please give me a call and let me be one of the realtors that you consider.
Leonard “Len” Dunikoski
Diane Turton Realtors- Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell)