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).
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