This 5 bedroom, 4 bath home at 79 Avenue of Two Rivers sold in July for $1,265,000
If you’re thinking of buying a home in Rumson, I’ve got some good news for you: the median home selling price this so far year is only 2% higher than what it was a year ago. In addition, there are more homes to choose from, and for the past 12 months there has been weaker demand vs. the supply. Here are the latest Rumson numbers:
|Rumson Home Sales, January 1 – July 31|
|Sales (Demand)||63||81||29% more sales|
|Listings* (Supply)||75||91||21% more listings|
|Months’ Supply* (Absorption Rate)||7.8||8.8||Weaker Demand vs Supply|
|*based on the past 12 months|
|Median Sale Price||$1,225,000||$1,250,000||2% Higher median sales price.|
If you’ve read my past posts you know that I use 4 objective indicators to answer the “How’s the market?” question:
Sales: more year to date sales means higher demand, which normally results in higher prices (good for sellers).
Listings: more houses on the market means more supply, which normally results in lower prices (good for buyers).
Months’ Supply: this is the time it would take to sell all the houses on the market, if homes continued to sell at the rate they have been for the past 12 months. It considers both supply and demand, and anything greater than 7 months is considered a “buyer’s market”.
Median Sales Price: obviously most buyers would like to buy the home they want at the lowest possible price (and of course sellers want the highest possible price).
So if you’re thinking of buying Rumson real estate, the numbers are telling you that more Rumson homes sold in the past 7 months (and that’s not good for you); there have been more Rumson homes listed in the past 12 months (that’s good for you); the absorption rate (months’ supply) was over 7 months a year ago (indicating a buyer’s market) and it’s even longer now (indicating an even better market for buyers); and the median Rumson home price in the past 7 months is only 2% higher (I think that’s good news for a town like Rumson, where you might expect and even higher rise in prices).
Many families buy homes hoping to be moved in before Labor Day so their children can start school in the new district. It’s mid-August, and even if you found a home you love tomorrow, it usually takes 60 – 90 days before you can close on it. So if you’d like to be moved in before the end of the year, you’ll have to find that home of your dreams by early October, and that doesn’t give you a lot of time.
Certainly do some searching on the internet to see if there might be something you like in your price range. Just remember, when you actually visit the home you may get an entirely different impression than from the photos and the description in the listing. If you can, go to the public open houses on Sunday afternoons, but tell them that you’re already working with a Realtor (remember, the showing agent works for the Seller, and has a duty to the Seller to negotiate the highest possible price). My recommendation is to never call the listing agent– call someone who works for another broker who will work only for YOU.
There are lots of real estate agents you can choose in Rumson and Fair Haven. Find one you like and can trust- don’t stay with anyone who “rubs you the wrong way”. Of course I’d love it if you gave me a call; it would be my pleasure to show you homes in your budget in the Rumson-Fair Haven area.
(732) 239-0739 (cell) (732) 530-6686 (office)