Rumson Real Estate Market Update

135 Ridge Rd RUM

The end of the calendar year is always a good time to look at the local real estate market. 8 Rumson homes sold in December compared with 16 in December 2013. More importantly, we ended 2014 with only 1 of the 4 key real estate indicators looking favorable for home buyers (there were fewer homes sold, and less demand tends to keep prices down):

    Rumson Single-Family Home Sales, January 1 – December 31

                                    2013                2014                Comment

Sales                            130                 108      17% fewer homes sold (good for buyers).

Listings                          68                   67      2% fewer homes on market (bad for buyers).

Months Supply            7.8                 6.8      Stronger demand vs. supply (bad for buyers).

Median Sale     $1,060,000    $1,130,000      7% higher median price (bad for buyers).

I use the above 4 key, objective indicators to evaluate the status of the Rumson real estate market and to predict what’s likely to happen in the near future. However, I also collect additional data which I share with my clients, and now I’ll share some of that 2014 year-end information with you:

                                    2013                2014                Comment

Average Sale      $1,280,255     $1,285,986   1% higher average sales price.

Average Listing $1,356,437     $1,377,105   4% higher avg. listing price.

Avg. Sale/List %     94.4%             93.4%    Lower % sale vs. list price.

Avg. Days on Mkt         77                  76     Similar avg. days on market.

If you have questions about any of the statistics, I’d be glad to review them with you in detail.  When someone asks me, “How’s the market?”, I always answer that it depends; it depends on whether you’re a buyer, seller or investor. Good data helps in all 3 situations.

If you’re thinking of buying a home in Rumson, you’re probably going to have to pay more than you would have a year ago. The only exception is for homes over $2.5 million, where there’s been some weakness in the market. Note that the median sales price was lower than the average sales price, and that while the median sales price was up by 7%, the average sales price was only up by 1% (the median is the point at which 50% of the homes sold for more and 50% sold for less).

Len

#rumsonfairhavenLeonard “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

http://www.rumsonfairhavenhome.com

@ListWithLen

Advertisements
This entry was posted in Homes in Rumson, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Homes Sold, Rumson Real Estate Market. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s