Fanwood is located in southwestern Union County and is home to approximately 7300 people.
The housing inventory in Fanwood has dropped to only 35 active listings in September, 2012.
Summer sales are typically robust in Union County, and Fanwood was certainly no exception. As you might expect, the low inventory this September follows a very active summer in which 27 homes were sold through June, July, and August. September's market continued to be active with 8 sold listings.
What does this do to sales prices? As you can see, sale prices are lower now than they were six months ago, but prices are relatively stable. The average sales price of homes in Fanwood in September, 2012, was just under $380,000.
The absorption rate is the data upon which real estate professionals identify a market as a "buyer's market" or a "seller's market." If the absorption rate is above 6 months, there are more homes than there are buyers and the market is said to be a buyer's market. If the absorption rate is below 6 months, there are more buyers than there are homes and the market is said to be a seller's market.
Here in Fanwood, the absorption rate has been dropping pretty steadily for six months. In other words, there are more buyers than there are houses, and if you own a home in Fanwood, this may be the time to sell!
For more information on the real estate market in Fanwood: