Yesterday we looked at 4 key statistics for the 2016 year-end real estate market. Here are the numbers again, with positive news for home buyers highlighted in underlined italic font
Fair Haven Single-Family Home Sales, January 1 – December 31
2015 2016 Comment
Sales 119 90 24% fewer homes were sold.
Listings/Month* 36 41 11% more homes on market.
Months Supply* 3.6 5.5 Weaker demand vs. supply.
Median Sale $ $745,000 $795,000 7% higher median sales price.
*based on the previous 12 months of listings
If we take a closer look at the 90 homes that sold in Fair Haven last year, we don’t find a uniform market across all price ranges. Homes under $500,000 were in high demand and tended to sell quickly. No surprises there- with its enviable location on the Navesink River, proximity to “red hot” Red Bank, easy access to trains and ferries to Manhattan, small town friendliness and its excellent school system, Fair Haven has long been one of the most desirable towns in Monmouth County.
Homes also sold quickly in the $500,000 – $750,000 price range if they were priced at or close to true market value. These homes tended to have more bedrooms, or were in better condition or were located on larger properties. They included not only colonials but cape cods, expanded ranches and even a few split levels. The low end of that price range was also attractive to builders, who purchased older homes or homes in poor condition to tear them down and build new homes priced at over $1M.
Homes in the $750,000 – $1M price range tended to sell more slowly. Athough most of these homes had updated or new kitchens and baths, they competed with similar (or larger) homes in Little Silver, which has some of the same characteristics as Fair Haven but which also tends to have higher taxes. Fair Haven is more popular for families desiring to send children to Rumson-Fair Haven Regional High School, considered one of the best public high schools in New Jersey. This price range also included a $950,000 tear-down home on Ridge Road; it will be interesting to see what the newly-constructed home is listed at.
The $1M – $1,250,000 price range included several of the newly-constructed homes in the River Oaks section of town. The median Rumson home sales price falls into this range, but tend to be smaller or not in as good a condition as similarly-priced homes in Fair Haven. If you’re considering a home in this price range, there’s good value for the money in homes on some of the larger properties in town. Several were listed below assessed value, and surprisingly didn’t sell despite having gourmet kitchens and updated baths. Younger buyers in this price range tended to favor new construction, even when the homes were considerably smaller and on smaller lots.
Home sales were very slow in the $1,250,000+ price range. At this price point, competition with similarly-priced homes in Rumson becomes a significant factor. As memories of Super Storm Sandy fade, homes in some of the more low-lying sections of Rumson are selling faster than they would have a year or two ago. Likewise with homes in Monmouth Beach, Little Silver and even Oceanport.