It’s been a good year for the Fair Haven real estate market. A few weeks ago (https://rumsonfairhavenhome.wordpress.com/2013/10/24/fair-haven-among-njs-strongest-real-estate-markets/) we reported that Fair Haven had one of the strongest real estate markets in the state, and the 10 month year-to-date statistics clearly show that.
Normally we look at the “top 4” objective real estate indicators, so let’s start with those:
Sales were up 14% (88 so far in 2013, vs. 77 in 2012).
The number of listings was down 6% (30 at the end of October 2013, vs. 32 a year ago).
The average sale price was up 6% ($781,893 in 2013 vs. $739,582 in 2012), although the median sales price was down 1% ($660,000 in 2013 vs. $667,000 in 2012).
The real estate absorption rate was 3.3 months, vs. 5.5 months one year ago (see my previous posts if you’re not familiar with the definition of the absorption rate and its significance).
Since we’re coming to the end of the year, let’s drill down into some other numbers. Many REALTORS® like to look at the average percentage of Selling Price to Asking Price. For Fair Haven, that percentage was 95.1% a year ago, and now it’s up to 96.1% (one of the highest ratios in Monmouth County). The average year-to-date asking (listing) price was $813,656 and we get the Selling Price vs. Asking Price percentage by dividing the average sales price ($781,893) by the average asking price ($813,656).
One last number: the average Cumulative Days on the Market. When a house is listed for sale, REALTORS® count the number of days it’s on the market (DOM) before an offer is accepted. If a listing expires (say after 90 days) and the house is later re-listed for sale, the 2nd number of days on the market is added to the first number (90 days) to give the TOTAL, or Cumulative number of days on the market. A year ago the average CDOM was 113, and now it’s 90. Another confirmation of a stronger real estate market.
If you’ve been thinking of selling your Fair Haven home, give me a no-obligation call to talk about strategy and timing. I’ve lived in Fair Haven since 1975 and I’d love to help you sell your home.
(732) 239-0739 (cell) (732) 530-6686 (office)