May Was a Weak Month for Rumson Real Estate

When we looked at the 4 month year-to-date Rumson real estate market last month (https://rumsonfairhavenhome.wordpress.com/2013/05/02/8-things-you-need-to-know-about-the-current-rumson-real-estate-market/), the median sales price had declined 3% compared to a year ago. However, the market this May was a lot weaker than in May 2012, with fewer sales and at lower prices. The combination dragged the 5 month year-to-date median home price ($1,070,000) down by 12% compared to a year ago.

In addition to the decline in the median price, the average sales price ($1,108,564) was down 15% compared to a year ago. When we’re talking about 40 sales, a few “outliers” can influence the mathematical average more than the median, so I prefer to focus on median prices. If you’re looking to buy a house in Rumson, the decline in prices is good news.

The only bright spot for Rumson home sellers was that the number of homes on the market continues to decrease; it was down 9% at the end of April and was down 12% at the end of May. Prices tend to go up when fewer homes are on the market.

Here are all of the numbers:

Rumson Home Sales, January 1 – May 31
2012 2013 Comment
Sales (Demand) 42 39 7% fewer sales
Listings (Supply) 75 66 12% fewer listings.
Months’ Supply (Absorption Rate) 6.8 7.2 Demand vs Supply slightly weaker.
Note: this is based on the past 12 months
Average Sale $ (Value) $1,300,705 $1,108,564 15% lower average sales price.
Median Sale $ (Value) $1,210,000 $1,070,000 12% lower median sales price.

Dunikoski1212webLeonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

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

ldunikoski@dianeturton.com

Remodeling and Home Design
Rumson Home Professionals
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This entry was posted in Homes in Rumson, Rumson Fair Haven Real Estate, Rumson NJ Real Estate, Rumson real estate agent, Rumson Realtor. Bookmark the permalink.

One Response to May Was a Weak Month for Rumson Real Estate

  1. Pingback: July Will be a Great Month for Rumson Home Sales | Rumson Fair Haven Home

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