Fair Haven Real Estate in 2013

71 Lewis Point Rd FAI

71 Lewis Point Road – Fair Haven, NJ

Normally I summarize monthly real estate trends by highlighting the four key objective real estate indicators: sales (i.e., demand), listings (i.e., supply), price (i.e., value) and absorption rate (i.e., demand vs. supply). If you’ve been following my posts you know what each of those terms mean and why they’re important. Using those four statistics we often can make predictions on what will happen to real estate in a local market in the next year.

However, once a year I like to give a complete list of the real estate statistics for each town. Sometimes it’s helpful to look at things like the percentage of the average sales price compared to the average listing price, or the average number of cumulative days on the market (CDOM). If a home is sold on its first listing, we measure the days on the market (DOM). However, if it’s listed and doesn’t sell (the listing expires), the CDOM gives a much better idea of how long the home really took to sell.

Here are the 2013 data for Fair Haven

Fair Haven Home Sales, January 1 – December 31

2012

2013

Comment

Sales (Demand)

91

108

19% more sales.
Listings (Supply)

26

32

23% more listings.
Months’ Supply (Absorption Rate)

4.9

3.2

Demand vs Supply much stronger.
Based on the past 12 months
Average Sale $ (Value)

$747,500

$805,139

8% higher average sales price.
Median Sale $ (Value)

$662,500

$667,000

1% higher median sales price.
Average Listing $

$784,443

$842,206

7% higher listing price.
 Avg Sale/List %

95.3%

95.6%

Similar Sale/List %.
Avg Cumulative Days On Market

107

85

Fewer CDOM

If you’re a Fair Haven home owner, there are lots of things to be happy about: sales are up, prices are up, and homes are selling faster. If you’re thinking of buying a home in Fair Haven, you can be happy that the median sales price went up by just 1% and that there are more homes available for sale than there were a year ago.

In 2014, individual home owners will want to see what their new property taxes will be after Fair Haven’s recent town-wide reassessment. In addition, we’ll need to see how fast mortgage interest rates increase, and what effect they will have on home sales.

Len

Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

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This entry was posted in Fair Haven Real Estate, Fair Haven Realtor, Homes in Fair Haven, Len Dunikoski, Rumson Fair Haven Real Estate. Bookmark the permalink.

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