Health & Fitness
May Was a Weak Month for Rumson Real Estate
Here are the 5 months year-to-date home sales numbers for Rumson.
When we looked at the four-month year-to-date Rumson real estate market last month, the median sales price had declined 3 percent 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 five-month year-to-date median home price ($1,070,000) down by 12 percent compared to a year ago.
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In addition to the decline in the median price, the average sales price ($1,108,564) was down 15 percent 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.
Find out what's happening in Rumson-Fair Havenwith free, real-time updates from Patch.
The only bright spot for Rumson home sellers was that the number of homes on the market continues to decrease; it was down 9 percent at the end of April and was down 12 percent at the end of May.
Prices tend to go up when fewer homes are on the market.
Here are all of the numbers:
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.
(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.
Average Listing $ $1,399,028 $1,190,494 15% lower listing price.
Avg Sale/List % 93.0% 93.1% Similar Sale/List %.
Avg Cumulative Days On Market 117 101 Fewer CDOM
Leonard “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)
