Slow Month for Fair Haven Real Estate

This 4 bedroom 3 bath home at 38 William Street sold in August for $765,000

This 4 bedroom 3 bath home at 38 William Street sold in August for $765,000

August was a slow month for Fair Haven home sales. Only 5 homes sold in August this year compared to the 20 homes that sold last August. As a result, our year-to-date statistics have changed quite a bit:

    Fair Haven Single-Family Home Sales, January 1 – August 31

                                    2013                2014                Comment

Sales                              69                   67      3% fewer homes sold.

Listings                         29                  27      7% fewer homes on market*.

Months’ Supply         3.6                  3.1      Stronger demand vs. supply*.

Median Sale         $645,000      $685,000     6% higher median price*.

 

At the end of last month, all 4 key indicators were *positive (i.e., good news for home sellers), and the median sales price had increased 11%. Now, for the first time this year, one of the indicators has turned negative (i.e., bad news for home sellers), and the median price is only up 6%.

The other 3 objective indicators are still pointing towards higher prices for Fair Haven real estate in the next few months. However, the months’ supply (the real estate absorption rate) is slightly longer than it was last month (3.1 months vs. 2.8), indicating that although we’re still in a “seller’s market”, it’s showing some signs of weakness.

Dunikoski1212webLeonard “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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