We’ve looked at the median prices of homes that have sold in Fair Haven, Little Silver, Oceanport and Rumson from 2005 to 2011. We also list the homes that are sold each week in our immediate geographic area. Now let’s drill down into the data to see what other information might be available to us. For one thing, the median home prices include ALL single-family homes, regardless of their differences (square feet, number of bedrooms, location, age, amount of land, etc.). Let’s look specifically at 3 bedroom homes that have sold in 2011 (as of today). Here’s what we see when we list them by town:
Town Average Selling Price # of Sales Avg No. of Days on Market
Fair Haven $516,220 16 102
Little Silver (homes) $457,530 16 67
Little Silver (condos) $478,090 11 143
Rumson $632,790 12 83
As in the past, I’d like to caution you about the numbers. The “rule of thumb” when you’re doing a statistical analysis is to use at least 20 data points (in our case, 20 homes sold). At that number, each individual sale represents 5.0% of the total number of sales. With only 16 or fewer sales in each town, each sale represents a greater percentage of the total number of sales, so one home sale can theoretically skew the numbers. However, when we looked at each of the sales listed above, we didn’t find any severe outliers that would have affected the numbers significantly.
What can we conclude from these data? First, the lowest average selling price was for Little Silver detached homes, which also had the lowest average number of days on the market (DOM). Second, the longest average number of days on the market were for condominiums, also in Little Silver. Third, more detached single-family homes were sold in Fair Haven and in Little Silver; the average price of Fair Haven homes was about 13% higher than those in Little Silver. Fourth, the highest average selling price was for Rumson homes.
When you look to buy a home in Fair Haven, Little Silver or Rumson you’re going to have your own budget and your own specific list of “must have” and “would be nice” requirements, so your ideal home may sell lower or higher than the average price for that town. However, before you decide to narrow down the towns where you’re looking, you should have at least a ballpark idea of the selling prices of homes in each town. Tomorrow we’ll look at 4 bedroom homes.
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Leonard “Len” Dunikoski, SRES
Seniors Real Estate Specialist
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 5390-6686 (office)
(732) 239-0739 (cell)