Ten (10) homes sold in Fair Haven in May, another ten sold in June, and ten more sold in July. So it’s a little surprising that although August is only half over, nine (9) homes already have sold.
Normally August is a slow month for real estate sales. For example, last year from August 1st through August 15th only four (4) homes sold in Fair Haven. So what should we make of this sudden spurt in the number of home sales? Does it mean anything, or will things even out by the end of the month?
Let’s drill down into the first 15 days in August:
Number of Sales: 4 in 2012; 9 in 2013.
Median Sales Price: $960,250 in 2012; $770,000 in 2013.
Cumulative Days On Market: 99 in 2012; 69 in 2013.
So although more homes sold and in fewer days, the median sales price decreased. It doesn’t sound like good news after all, does it?
If you’ve read my blog posts before, you know I don’t like to draw conclusions from a handful of home sales, and the contradictory information above is a great example of how easy it might be to misinterpret data from a brief time period. Let’s look instead at the 2013 Year-to-Date numbers, as of July 31st and as of August 15th:
Number of Sales: 49 as of July 31; 58 as of August 15.
Median Sales Price: $612,500 as of July 31 (-5% from 2012); $635,000 as of August 15 (-3% from 2012).
That’s an improvement in my book. Let’s see what the numbers look like at the end of August.
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