Yesterday we looked at 3 bedroom homes that sold in Fair Haven, Little Silver and Rumson in 2011 (as of today). Today we’ll look more closely at 4 bedroom homes, which represent a much larger share of the total housing market. Here’s what we see when we list 2011 sales by town:
Town Average Selling Price # of Sales Avg No. of Days on Market
Fair Haven $775,124 37 86
Little Silver (homes) 636,687 24 109
Rumson $1,091,080 38 62
Remember what we saw yesterday for 3 bedroom houses? The lowest average prices were in Little Silver and the lowest days on market were in Little Silver. Now for 4 bedroom houses, the lowest average prices are still in Little Silver, but they also take the longest to sell. 4 bedroom homes in Rumson had the highest average selling price, but they also were on the market for the lowest number of days. Nearly the same number of homes sold in Fair Haven, and they were on the market longer than Rumson houses but shorter than Little Silver houses. Conclusion? People buying 4 bedroom homes in this area would prefer to live in Rumson, and they’re willing to pay higher prices in order to do so. Their second choice is Fair Haven, where prices of 4 bedroom homes are lower.
Another interesting thing is that the percentage difference between houses in the three towns is much higher for 4 bedroom homes than it was for 3 bedrooms. Whereas you’d have to pay about 13% more to live in a 3 bedroom house in Fair Haven compared to Little Silver, for 4 bedroom houses the difference rose to 22%. Likewise, while 3 bedroom houses in Rumson averaged 23% higher than those in Fair Haven, for 4 bedroom houses the difference rose to 41%. Finally, when you compare Little Silver to Rumson, 3 bedroom Rumson houses averaged 39% higher than those in Little Silver, but for 4 bedroom houses the difference is a whopping 72%.
Unlike most of New Jersey and the nation, right now median home prices in Fair Haven and Rumson are slightly higher than they were in 2005 or 2006 (see posts from September 21st and 22nd). If you’re thinking of buying or selling a home in Fair Haven or Rumson in the next year or so, knowing what’s happening to housing prices is important to you. I’d love to sit down and talk about the trends and your specific situation with you.
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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) 530-6686 (office)
(732) 239-0739 (cell)