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Update on the Rumson Real Estate Market

Drilling down for a closer look at Rumson home sales from January 1st to April 30th.

 

In the last post, we said that between Jan. 1 and April 30 2013, the median single-family home in Rumson sold for 2 percent less than during the same period last year.

We also said that some of the 2013 home sales represented homes damaged by Hurricane Sandy and homes being sold "as is." Let’s drill down and examine the numbers more closely.

Thirty three (33), not 31, as initially reported, Rumson homes sold between Jan. 1 and April 30, 2013, and 13 of those (39 percent) sold below their assessed values.

This was a big increase from last year when during those same four months, 32 homes sold, but only seven of those (22 percent) sold below their assessed values.

Last year, the three homes which sold at the lowest percentages of assessed values sold at 73 percent, 80 percent and 81 percent of assessed value. This year, those percentages were 59 percent, 63 percent and 71 percent.

So, not only did we see a lot more homes sell below their assessed values, but we also saw homes selling for lower percentages of their assessments.

Despite all of that, seeing only an overall 2 percent decline in median Rumson home prices can be taken as quite a positive sign.

People still want to move to Rumson to take advantage of its great location and great schools.

As we move forward through this year there should be fewer and fewer sales of homes that were affected by Sandy but not remediated. I’m predicting we’re going to see the median Rumson home price increase by 4 or 5 percent compared to a year ago.

 Len

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)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

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ACG May 12, 2013 at 04:33 PM
It is not clear from your article how many homes of the 33 sold were actually "as is" homes affected by Sandy. Are we to assume that the 13 that sold below assessed value is that population of affected homes? If so, we should not be surprised that they are selling that far below assessed value, should we? Not sure what the comparison to last year is supposed to accomplish, other than to prove the point that something else, some other influence (Sandy), must have occurred to cause a higher number of homes sell below assessed value. To get a clearer picture of the remaining, unaffected Rumson market, it would be helpful to know of the 20 homes that sold at or above assessed value, how much above, in percentage terms, did they sell? How many days on market? I have seen houses listed and under contract within days. I just heard of a house that was listed for $1.2M, had multiple bids and eventually went to cash buyer. It is this information, as well as the fact that investors are still stepping in and buying houses in affected areas, that continues to show demand and a healthy Rumson market overall.

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