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. 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.