The same number of Fair Haven homes sold in December (10) as did in December 2013. We ended 2014 with 2 of the 4 key real estate indicators looking favorable for home sellers (green font: there are fewer listings and the median sales price is higher):
Fair Haven Single-Family Home Sales, January 1 – December 31
2013 2014 Comment
Sales 108 93 14% fewer homes sold (good for buyers).
Listings 34 30 12% fewer homes on market (bad for buyers).
Months’ Supply 3.4 3.8 Weaker demand vs. supply (good for buyers).
Median Sale $667,000 $715,000 7% higher median price (bad for buyers).
I use the above 4 key, objective indicators to evaluate the status of the Fair Haven real estate market and to predict what’s likely to happen in the near future. However, I also collect additional data which I share with my clients, and now I’ll share some of that 2014 year-end information with you:
2013 2014 Comment
Average Sale $805,139 $827,075 3% higher average sales price.
Average Listing $859,451 $833,672 3% lower average listing price.
Avg Sale/List % 93.7% 99.2% Higher % sale vs. list price.
Avg Days on Mkt 40 37 Shorter average days on market.
Although the average sales price was up only 3% compared to the 7% increase in the median sales price, both increases represent bad news for Fair Haven home buyers. The interesting thing to me is that when we look at the average sales price compared to the average listing price, we see that the percentage increased significantly from 2013 to 2014. This means that the homes that sold were priced closer to their actual fair market values (homes that were priced too high above the market just didn’t sell).
If you’re thinking of buying a home in Fair Haven, you need to know what kind of a home you can expect in your price range. Homes in good locations that are priced at or close to fair market value are going to sell quickly, and there’s going to be less room for negotiating lower prices. Keep an eye out for newly-listed homes (or give me a call and I’ll do that for you). If you see something you like, remember to never call the Listing Agent (even if it’s me); the Listing Agent has a fiduciary duty to the Seller to negotiate the highest possible sales price. Take advantage of any Public Open Houses on Sundays and walk through as many as you can (remember that the agent who’s hosting the Open House is working for the Seller- if she asks whether you’re working with a Realtor® just use my name and she won’t pester you).
The real estate market is normally pretty quiet in January and February, but by the end of March we’ll see more new homes being listed. After you start looking, plan to get a letter of Pre-Approval (NOT Pre-Qualification) from a mortgage lender if you expect to need a mortgage. There should be no charge for this, and you’re not obligated to use that lender once you find a home and want to officially apply for a mortgage.
(732) 239-0739 (cell) (732) 530-6686 (office)