Fair Haven has been in a “seller’s market” since the beginning of 2013, and home prices continue to rise. As of May 31st, the year-to-date median selling price has increased 12% compared to the same period in 2013.
If you’re thinking of selling a home in Fair Haven, there’s more good news. By now you know that I use 4 key, objective real estate indicators to predict what’s happening to the market. The 2nd indicator is the number of homes that have sold. More home sales tend to predict higher prices (due to higher demand) and fewer home sales tend to predict lower prices (due to lower demand). 24% more homes sold in Fair Haven in 2014 than in the same period in 2013.
The 3rd indicator is the number of homes that are on the market (based on the past 12 months): higher inventory tends to predict lower sales prices (based on more choices) and lower inventory tends to predict higher sales prices (based on fewer choices). As of May 31st, 9% fewer Fair Haven homes were listed for sale than there were a year ago.
The 4th indicator is the real estate absorption rate, which takes into account both supply and demand. It’s a calculation of how long it would take to sell all the homes listed for sale, if homes continue to sell at the same rate as they have in the previous 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, greater than 7 months is considered a “buyer’s market”, and less than 5 months is considered a “seller’s market”. Fair Haven’s real estate latest absorption rate is 3.0 months, and was 4.0 months at this time last year; the “seller’s market” continues to grow stronger.
Here are the year-to-date numbers in tabular form:
|Fair Haven Home Sales, January 1 – May 31|
|Sales (Demand)||29||36||24% more sales.|
|Listings* (Supply)||31||29||9% fewer listings.|
|Months’ Supply* (Absorption Rate)||4.0||3.0||Stronger Demand vs Supply.|
|*based on the past 12 months|
|Median Sale $||$620,000||$692,000||12% higher median sales price.|
The bottom line: all 4 key, objective indicators are pointing to higher sales prices for homes in Fair Haven. If you’re a Fair Haven home owner and are thinking of selling your home, please let me be one of the REALTORS® you interview. I’ve lived in Fair Haven since 1975 and I love this town. I’ll show you all the Fair Haven homes that sold recently and are comparable to yours, and give you an estimate of what I think your home will sell for in the current “seller’s market”. Call, text or email me.
(732) 239-0739 (cell) (732) 530-6686 (office)