What Happened in October?

Some of the local newspapers have had articles about how bad the month of October was for real estate nationwide. Several speculated that the real estate market may be heading into another down turn. Since we’re more interested in our local real estate market rather than the nation as a whole, I thought you should see what happened to sales of single-family homes in October compared to what happened in October of 2010.

When you look at the month of October, it’s true that most of the numbers weren’t as good as they had been last October: average Days on Market (DOM) were higher and average median prices were lower, as were the percentages of Sales Price to Listing Price. If I wanted to put a positive spin on the numbers, I could cherry pick the things that were better this year: average sold prices were higher in Fair Haven and Little Silver; more homes were sold in Oceanport. I feel that trying to “spin” the numbers one way or the other would be a disservice to you.

Remember that we’re talking about only ONE month, and that we’re talking about a LOW number of total sales (the highest town had 7). Yes, it’s possible that we’re heading into another downturn in the market, but we won’t know that until we see the numbers for November, December, etc. In our November 8th and 9th posts we compared the first ten months of the year (including October) to the same time period in 2010. In that comparison, the markets in Fair Haven, Oceanport and Rumson had improved compared to 2010, and only the Little Silver market had gotten worse. I would wait and see before making any conclusions based on October’s data alone. What do YOU think? Let us know by making a comment in the space below.

Fair Haven

# Sold

Avg List

Avg Sold

Avg DOM

Ave CDOM

Median Price

%SP/LP

2010   6 $   744,133 $712,000   75   75 $656,000 96%
2011   6 $1,019,566 $970,583 165 174 $543,500 95%

Little Silver

# Sold

Avg List

Avg Sold

Avg DOM

Ave CDOM

Median Price

%SP/LP

2010   8 $756,471 $710,487   92   92 $662,000 94%
2011   3 $749,000 $691,333   91   91 $449,000 92%

Oceanport

# Sold

Avg List

Avg Sold

Avg DOM

Ave CDOM

Median Price

%SP/LP

2010   6 $532,116 $480,289   85 119 $410,750 90%
2011   7 $609,985 $540,714 176 176 $280,000 89%

Rumson

# Sold

Avg List

Avg Sold

Avg DOM

Ave CDOM

Median Price

%SP/LP

2010    3 $1,219,666 $1,075,000   59   59 $1,100,000 88%
2011    3 $1,072,633 $   830,499   82   82 $   999,999 77%

Leonard “Len” Dunikoski, SRES
Realtor Associate
Diane Turton Realtors- Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 530-6686 (office)
(732) 239-0739 (cell)

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This entry was posted in Fair Haven NJ Real Estate, Little Silver, Oceanport Real Estate, Real Estate, Rumson, Rumson-Fair Haven and tagged , . Bookmark the permalink.

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