Rumson Home Sales Continue to Slow

For the 4th month in a row, fewer Rumson homes sold this year than they did during the same monthly period last year. The year-to-date sales, which had been down 10% at the end of August, are now down 16%, and there now are 20% more homes listed for sale than there were a year ago. When you put these two trends together you get a markedly higher real estate absorption rate (a calculation of the number of months it would take to sell the current inventory of homes if they continue to sell at the present rate). Here are the numbers:

Rumson Home Sales, January – September (9 Months Year To Date)
2011 2012 Comment
Sales (Demand) 89 75 16% fewer homes sold this year.
Listings (Supply) 70 84 20% more homes on market.
Months’ Supply (Absorption Rate) 8.5 10.4 Demand vs. supply getting weaker.
Average Sale $ (Value) $1,512,203 $1,235,231 18% lower average sales price.
Median Sale $ (Value) $1,140,000 $1,200,000 5% higher median sales price.
Average Listing $ $1,726,856 $1,336,601 23% lower listing price.
 Avg Sale/List % 87.6% 92.4% Sale $ closer to Listing $.

Declining sales, increasing inventory and an increasing absorption rate all point to lower sales prices in the future. This many be welcome news for folks looking to buy a home in Rumson, but not very good news for those who want to sell. If you’re thinking of putting your home on the market, you should be aware of what’s happening month-to-month, so you can make an informed decision on whether to list your home now or wait to list it some time in the future. If you must sell your home before the end of the year, make sure you price it based on recent comparable sales. I’d be glad to prepare such a list for you- please give me a call.

Leonard “Len” Dunikoski
Realtor Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739 cell    (732) 530-6686 office

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This entry was posted in Rumson Homes Sold, Rumson Local Expert, Rumson Real Estate, Rumson Realtor, Rumson-Fair Haven. Bookmark the permalink.

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