As we’ve said before, all real estate is local. What happens to real estate prices in California or Florida or Arizona may be far different from what happens in New Jersey; what happens in New Jersey overall may not reflect what’s happening in YOUR town to YOUR home’s value. You need a local expert, so let’s drill down and take a look at median selling prices of Rumson single-family homes in 2011 compared to 2010.
Although the 2nd quarter of 2011 was a little better than the same quarter in 2010, the 1st and 3rd quarters were slightly lower. The median price in the first 2 months of the 4th quarter is also slightly lower than it was last year, and year-to-date 2011 is 2.8% lower than the median selling price in 2010. Less than a 3% decline this year- not good news, but certainly a lot less than the 10% overall decline in the Monmouth/Ocean Counties region.
So Rumson home prices lost about 3% of their value this year. Let’s keep 2011 in perspective by taking a look at median home prices in Rumson for the past 7 years:
As we can see, Rumson home prices peaked in 2007, with a median sales price of $1,201,550. In 2008, home prices decreased by 16.9% to $999,000 and essentially remained there in 2009. A 17% decline is significant, but it’s certainly far less than the horror stories of 25%, 33%, or 40% declines elsewhere in the nation. We saw a 16.6% rebound in Rumson to $1,165,000 in 2010, and the year-to-date 2011 Rumson median is slightly lower (-2.8% compared to 2010) at $1,132,500.
Bottom line: the year-to-date 2011 median price of single-family homes in Rumson is just 5.7% lower than the all-time home price peak in 2007. This is data-driven information, and not wishful thinking or cherry picking selected sales prices. So, if you live in Rumson and have been thinking that the real estate market is too low for you to sell your house, maybe you’d better reconsider.
Let me ask you a question: what other Rumson realtor has given you information as detailed and specific as what you’ve just reviewed? If you’re looking for a local real estate expert for Rumson, please give me a call and let me be one of the realtors that you consider.
Leonard “Len” Dunikoski
Diane Turton Realtors- Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 530-6686 (office)
(732) 239-0739 (cell)