At the end of 4 months, only 1 of the 4 key real estate indicators is now positive for Fair Haven home buyers, instead of the 2 out of 4 we saw in January, February and March (highlighted below in underlined font: the real estate absorption rate, i.e. the number of months it would take to sell ALL the homes on the market, is longer than it was a year ago). Don’t get too excited, though- a real estate absorption rate less than 5 months is still considered a “Seller’s Market”.
Fair Haven Single-Family Home Sales, January 1 – April 30
2014 2015 Comment
Sales 26 27 4% more homes sold.
Listings/Month* 33 31 6% fewer homes on market.
Months Supply* 3.5 4.0 Weaker demand vs. supply.
Median Sale $684,000 $699,000 2% higher median sales price.
*based on the previous 12 months of listings.
The other 3 key, objective indicators are all negative for Fair Haven home buyers: more homes were sold, indicating higher demand; fewer homes were on the market, indicating less room to negotiate on price; and the median sales price is higher (although only slightly).
In Monmouth County, Brokers Open Houses are held every Tuesday to give Realtors a chance to preview homes which have been recently listed for sale. I try to attend the Brokers Open Houses for every home in Fair Haven and Rumson, so I have a good idea what’s available when buyers ask me to find them a certain kind of house with this number of bedrooms, that number of baths, and within their budget. Realtors call this “knowing the inventory”. It’s important to me because I don’t want to waste my time and the buyer’s time showing them homes that aren’t what they’re looking for. My first responsibility is to my clients: I’ll show buyers as many homes as they want to see over as long as it takes for them to feel confident that they’re making the right choice.
If you’re looking for a home in Fair Haven or Rumson, I’d be glad to help you find exactly what you’re looking for. I’ve said it many times: if you’re thinking of buying a home and you see something you like on the internet, 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 selling price for his clients. A good Buyer’s Agent will show you homes listed by many different real estate agencies (not just his own), and will do everything possible to negotiate the lowest selling price. I’d love to show you what a great area Rumson-Fair Haven is to live in!
(732) 239-0739 (cell) (732) 530-6686 (office)