People who contact me after reading my blog are mostly folks who are thinking of BUYING a home in Rumson or Fair Haven, so starting with this post I’m going to target my real estate updates to home buyers rather than sellers.
September was another slow month for Fair Haven home sales, with only 6 home sales compared to the 9 sales last September. Year-to-date, 6% fewer Fair Haven homes sold this year compared to 2013. Normally, fewer sales indicate less demand, and less demand tends to lead to lower prices. However, the year-to-date statistics still show that 3 of the 4 key real estate indicators look unfavorable for home buyers (there are fewer listings (less supply), the real estate absorption rate (months’ supply) is shorter and the median sales price is higher):
Fair Haven Single-Family Home Sales, January 1 – September 30
2013 2014 Comment
Sales 78 73 6% fewer homes sold.
Listings 29 27 7% fewer homes on market.
Months’ Supply 3.5 3.1 Stronger demand vs. supply.
Median Sale $660,000 $699,000 6% higher median price.
The real estate market did weaken a bit in the third quarter. At the end of the 2nd quarter, all 4 key indicators were in red or italics(i.e., bad news for home buyers): sales were up 28%, listings were down 3%, the absorption rate was 2.9 months and the median sales price was up 12%. The year-to-date number of sales was down 3% at the end of August and is now down 6%. In all of 2013, Fair Haven home prices increased only 1%, so a 6% median price increase so far this year is not such bad news if you’re planning to buy a home in Fair Haven. I’d be glad to show you the homes that are available in Fair Haven in your price range- just give me a call.
There’s still time now for you if you want to move to a new home before the end of the year, but you should get a letter of pre-approval from a mortgage lender. When you submit a copy of the pre-approval letter with your offer to buy a house, it reassures the seller that you’re financially able to complete the purchase. At about mid-November, the real estate market becomes very quiet, with only a few buyers and sellers active until early February.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)