| ANNUAL MARKET SALES SUMMARY: Single Family Homes | |||||
| FAIR HAVEN | 2004 | 2005 | 2006 | 2007 | 2008 Q1-3 |
| Total Homes Sold | 105 | 107 | 93 | 96 | 51 |
| Change from Previous Year | 1.90% | -13.08% | 3.23% | ||
| Average Sale Price | $742,698 | $746,559 | $695,285 | $711,814 | $806,628 |
| Change from Previous Year | 0.52% | -6.87% | 2.38% | ||
| List-to-Sale Price Difference | 96.56% | 96.35% | 96.24% | 96.17% | 94.93% |
Initial figures for the first half of 2008 were not encouraging for Fair Haven relative to 2007, although sales in the 3rd quarter have shown an improvement. Still, overall unit volume is down almost 35% for same period (Q1-3) last year.
On a more positive note, there were signficant gains in the average sales price with average sales prices well above any of the past four years. Although the list-to-sale price differential shows erosion from last year's figures, at just under 95%, there aren't exactly any fire sales going on.
Advice to sellers: Clearly, fewer home sellers are finding themselves at the closing table but it appears that buyers have returned to buy some higher priced homes -- an encouraging sign. But since available inventory is still high, sellers need to continue to price aggressively, maintain optimum position thru marketing, showing condition & easy accessibility. To discuss selling the pros & cons of selling in the current Fair Haven market, please give me a call.
