Fair Haven’s January Home Sales

The Pond at Fair Haven Fields

The Pond at Fair Haven Fields

Normally I don’t like to give Fair Haven’s year-to-date real estate statistics until the end of the first quarter. Fair Haven is a small town, and we don’t see 20 sales until March (20 is the minimum number of sales that are statistically significant when comparing one time period to another).

However, several readers have asked me to at least provide the raw numbers, even if I can’t comment on them, so here are the 4 key numerical indicators for Fair Haven’s single-family home sales in January:

Fair Haven Home Sales, January 1 – January 31

       
 

2013

2014

Comment

       
Sales (Demand)

4

9

 
       
Listings* (Supply)

36

29

19% fewer listings.
       
Months’ Supply* (Absorption Rate)

4.7

3.1

Demand vs Supply much stronger.
  *based on the past 12 months
Median Sale $ (Value)

$505,038

$780,000

 

Nine (9) homes were sold this year, and four sold last year; I’ve given the median sale prices for both years, but without comment. Since the number of listings and the real estate absorption rate are based on 12 months, I’m glad to comment about them. There are 19% fewer homes listed for sale now than there were a year ago. Fewer listings usually drive up sale prices, since buyers have fewer homes to choose from.

By now you should know what the real estate absorption rate is. It’s a calculation of how long it would take to see all of the homes listed for sale, assuming that sales continue at the same rate as they have in the past 12 months. A year ago the absorption rate was 4.7 months, while now the absorption rate is 3.1 months (a rate lower than 5 months is considered to be a “seller’s market”, so we’ve been in a seller’s market for over a year.

I’m going to go out on a limb and predict that we’ll see a significant rise in Fair Haven’s median sale price by the end of the year. Keep following my blogs and see if my prediction turns out to be true.

If you’re thinking of buying a home in Fair Haven, use the resources here on Trulia to find homes that meet your needs and your budget. Go to as many public open houses as possible, so you can get an idea of what’s available in your price range. Just remember, if you find a house that you like, either online or at an open house or even by just seeing a sign in front of it, DON’T CALL THE LISTING AGENT (even if it’s me).  The Listing Agent works for the Seller, and has a fiduciary responsibility to negotiate the highest price. I’d be happy to serve as your Buyer’s Agent, and I’d have a fiduciary responsibility to negotiate the lowest price for you.

In New Jersey, the first thing a REALTOR® should do is give you a “Consumer Information Statement” and explain it to you. Please read it carefully. Call, text or email me if you want an electronic copy or if you have any questions about what it contains.

While you look for a home in Fair Haven, you should be familiar with the key, objective data about the current Fair Haven market; I’d be more than happy to review that information with you. Please call, text or email me and I’ll get right back to you.

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

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This entry was posted in Fair Haven Homes Sold, Fair Haven Real Estate, Fair Haven real estate agent, Homes in Fair Haven, Rumson Fair Haven Realtor. Bookmark the permalink.

One Response to Fair Haven’s January Home Sales

  1. robin dunikoski says:

    really good

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