Today we’ll take a look at Little Silver. Here are the numbers for single family homes at the end of the 3rd quarter the past seven (7) years:
Year Median Selling Price # of Sales (9 Mos YTD)
2005 $585,000 41
2006 $565,000 55
2007 $610,000 51
2008 $580,000 45
2009 $505,000 33
2010 $544,500 54
2011 $505,000 44
In Little Silver, unlike Rumson and Fair Haven, the median home price is still significantly lower (-17%) than it was at the 2007 peak (the “median” is the price at which 50% of the homes sold for a higher value and 50% sold for a lower value).
Let’s go back to the front page article from last week’s Wall Street Journal, which said that nationwide home prices are down 31% from their 2005 highs, and “experts” are predicting another 2.5% decline this year, as well as only 1.1% increases through 2015 (in a normal real estate market, home values go up by 3% – 4% per year). The good news is that Little Silver home prices are doing much better than the nationwide average. The bad news is that fewer homes sold this year compared to a year ago, and the average median sales price was down 7.3% compared to last year.
Little Silver is a great place to live. Many Little Silver homes have wonderful views of the Shrewsbury River (or are right on the river). The schools are top notch. There are condominiums (not included in the single home statistics) which make it great for baby boomers who are downsizing and who want to stay in the area. For that matter, the condos are a great place for your parents to live close to you. Most of the residential streets are quiet and good for walkers and bikers. A super market, two drug stores and several restaurants are within easy walking distance. You can hop on a train at the Little Silver station and be in New York City in a reasonable amount of time (either for commuting to work or for going to a Broadway show and/or a famous restaurant).
So, is this a good time or a bad time to sell a home in Little Silver? As always, the answer is that “it depends”. If you bought your home 10 or more years ago you’ve still seen the value of your property increase over time you might want to sell your home and downsize to a smaller house (or condo) with lower taxes and lower maintenance costs. Or you might want to sell your house and move to Florida or one of the other parts of the country where home prices are severely decreased and where you might find really good value for the money.
If you’re moving to New Jersey, or if you’re relocating from northern New Jersey, this might be a perfect time to buy a house in Little Silver. You’ll be on “the Peninsula”, close to beaches and close to all of the attractions that Red Bank offers. Mortgage rates are at or near all-time lows, and everyone predicts that they have nowhere to go but to move higher. If the mortgage rate goes up by 1.0%, your monthly mortgage payment will be a lot higher.
I’d love to be your trusted real estate advisor. If you’re looking to move to Little Silver, I’d be glad to find the house that’s perfect for you. If you’re thinking about selling your house in the next few years, please start talking to me, and I’ll give you some tips on how to improve its desirability for potential buyers.
Leonard “Len” Dunikoski, SRES
Seniors Real Estate Specialist
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760