15 single-family homes sold in Fair Haven in July, compared to 7 in July 2011. For a town the size of Fair Haven, 15 homes sales in a single month is a high number. In fact, it’s the highest number of monthly sales since July 2007, when 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 a “normal market”, 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 greater than 7 is considered to be a “buyer’s market” and an Absorption Rate less than 5 months is considered to be a “seller’s market”. Fair Haven’s latest absorption rate is 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 (7 Months Year To Date)|
|Sales (Demand)||44||54||23% higher sales.|
|Listings (Supply)||47||43||9% fewer listings.|
|Months’ Supply (Absorption Rate)||7.7||6.4||Back to a “normal market”.|
|Average Sale $ (Value)||$684,924||$659,350||4% lower avg sales price.|
|Median Sale $ (Value)||$634,000||$646,875||2% 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 early Friday morning.