As we head towards the end of the year we’re seeing continued strength in the Fair Haven real estate market. Year-to-date sales of single-family homes are up 17% compared to the same time period last year, and the median sales price has increased by 3%.
Equally important to REALTORS®, the real estate absorption rate (the length of time it would take to sell all of the homes on the market, assuming homes continue to sell at the same rate as in the past 12 months) has steadily declined, and is now 5.3 months. In a “normal” real estate market, the real estate absorption rate is between 5 and 7 months, while greater than 7 months indicates a “buyer’s market” and less than 5 months indicates a “seller’s market”. For Fair haven, the real estate absorption rate was 7.2 months at the end of June, 6.4 at the end of July and August, 6.1 at the end of September, 5.6 at the end of October and 5.3 at the end of November. A little lower and we’ll have met the definition of a “seller’s market”!
All of the key Fair haven real estate indicators are positive: home sales are up, inventory is down, the absorption rate is normal, and selling prices are up:
|Fair Haven Home Sales, January – November (11 Months Year To Date)|
|Sales (Demand)||71||83||17% more sales.|
|Listings (Supply)||54||30||44% fewer listings.|
|Months’ Supply (Absorption Rate)||6.9||5.3||Demand vs Supply improving.|
|Average Sale $ (Value)||$741,570||$716,187||3% lower average sales price.|
|Median Sale $ (Value)||$643,000||$662,000||3% higher median sales price.|
If you live in Fair Haven and have been thinking of selling your home, make plans now to get your home ready to list in the spring. I’d be glad to send you a free checklist of simple things to do to make your home more marketable- just send me an email or text me/give me a call at (732) 239-0739.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)