For several months I’ve been telling you that the Fair Haven real estate market has been changing. At the end of 2012, 20% more Fair Haven homes had sold compared to the previous year, 35% fewer homes were on the market, and the absorption rate had declined from 6.9 months to 5.0 months. All of those indicators were predicting higher home selling prices, and yet the median 2012 Fair Haven home price increased by only 3%.
We’re finally seeing upward pressure on home prices. More Fair Haven buyers want to look at newly-listed homes as soon as they come on the market. Homes that are priced at the market and are in good condition are receiving multiple offers. Also, despite all of the hassles that come with short sales, serious buyers are jumping in and making realistic offers there as well.
Last week 3 homes sold in Fair Haven, and 2 of the 3 had multiple offers and sold at more than their listing prices. One was at 79 Forrest Avenue, which was listed at $499,000 and sold for $535,500. The other (pictured above) was at 960 River Road and was listed at $739,000 and sold for $759,000.
If you’re a serious buyer who’s looking for a home in Fair Haven, you’d better be prepared to act quickly when a nice home that’s realistically priced comes on the market.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)