Last week we looked at an article in the Wall Street Journal that said home buyers were feeling a sense of “urgency” to buy now before prices go up. For Fair Haven, that “urgency” is translating into both good news and bad news for home buyers. For the 5 month period between January 1st and May 31st, there were 4% more home sales, and the median selling price of a Fair Haven single-family home decreased by 7% (the median is the price at which 50% of the homes sold for more and 50% sold for less).
The bad news for Fair Haven home buyers is that 25% fewer homes are on the market, and the average listing price is 16% higher. In addition, the absorption rate (the number of months it would take to sell all the homes on the market if sales continued at the current rate) decreased from 7.4 months to 4.2 months. A decreasing absorption rate predicts higher prices in the future.
If you’re planning to buy a home in Fair Haven, you may want to buy sooner rather than later. The combination of fewer homes on the market, higher listing prices and a lower absorption rate all predict higher future prices. That may be good news if you’re planning to sell a home in Fair Haven.
Here are all of the key numbers (source: Monmouth-Ocean MLS):
|Fair Haven Home Sales, January 1 – May 31|
|Sales (Demand)||28||29||4% more sales.|
|Listings (Supply)||49||37||25% fewer listings.|
|Months’ Supply (Absorption Rate) based on the past 12 months||7.4||4.2||Demand vs Supply much stronger.|
|Average Sale $ (Value)||$721,125||$833,232||16% higher average sales price.|
|Median Sale $ (Value)||$664,750||$620,000||7% lower median sales price.|
|Average Listing $||$747,910||$868,396||16% higher listing price.|
|Avg Sale/List %||96.4%||96.0%||Similar Sale/List %.|
|Avg Cumulative Days On Market||115||102||Fewer CDOM|
If you have any questions about the numbers, or if you’d like to talk to me about buying or selling Fair Haven real estate, please text me or give me a call.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)