Sales, Prices Up in Rumson Real Estate

There are four key objective real estate indicators that sum up each market, blogger Len Dunikoski reminds readers. What those indicators point to in Rumson is an active market with a higher average selling price, increased listings and hiked home sales.

In November alone, Dunikoski says, six homes sold for prices from $440,000 to $1.75 million. Three of the six were on Ridge Road.

For the period between Jan. 1 and  Oct. 31, Dunikoski says that his research shows the four key indicators revealed the following statistics:

• The number of Rumson home sales increased 18 percent, from 82 a year ago to 97 now;

• The number of Rumson listings increased by 24 percent, from 62 a year ago to 77 now;

• The average selling price increased 3 percent, from $1,234,111 a year ago to $1,270,806 now, but the median selling price decreased 6 percent, from $1,197,500 to $1,125,000;

• The real estate absorption rate, which was 9.0 months a year ago, is now 6.2 months.

Read Dunikoski's analysis and what it all means for the market in Rumson by clicking here and reading his full blog.