If youâ€™ve been thinking about buying a home in Rumson, now might be a good time to be looking. While home prices nationwide have increased by more than 10%, the median price of a home in Rumson has actually decreased by 8% compared to a year ago.
Rumson homes still are expensive- the current median price is $1,100,000. However, with its excellent schools and premier location, Rumson is a very desirable location. Yesterday I was showing a couple from Manhattan some homes in the area, and we crossed the Navesink River on the Oceanic Bridge they commented that they didnâ€™t realize how beautiful the area is.
Letâ€™s look at Rumsonâ€™s 8 month year-to-date statistics, focusing on the 4 key objective indicators (items in green font are good news for home sellers, but bad news for home buyers; items in red font are bad news for home sellers, but good news for home buyers):
Sales: 69 in 2012, 80 in 2013 (+16%)
Listings: 67 in 2012, 78 at the end of August 2013 (+16%)
Median Sales Price: $1,195,000 in 2012, $1,100,000 in 2013 (-8%)
Absorption Rate: 9.0 months in 2012, 6.3 months now (stronger Demand vs. Supply)
As you can see, the indicators are evenly split: more sales and a shorter real estate absorption rate predict higher home prices, but more listings and a lower median sales price predict just the opposite.
Traditionally there's an upswing in the number of home sales between Labor Day and Thanksgiving, and then a relatively quiet real estate market until early spring. If you're thinking of buying a home in Rumson, look now while there's still a good supply of homes on the market. If you find a home you like, you'd be wise to lock in a mortgage interest rate before the rates go up again.
Currently the least expensive home in Rumson is listed for $425,000 and there are 6 homes listed in the $400 - $500 thousand dollar range, and 6 more in the $500 - $600 thousand dollar range. These tend to be Capes or older homes, but some of them are in great condition.
Local home builders continue to show confidence in the real estate market here, tearing down older homes and replacing them with new construction. If youâ€™re looking for new construction, the two least-expensive new homes are listed in the mid to upper $900 thousand range for 4 bedroom, 2 and Â½ bath Colonials.
Remember, if you find a listing for a home in Rumson you like, DONâ€™T CALL THE LISTING AGENT. The Listing Agent works for the Seller, and has a fiduciary responsibility to get the highest price. You want to work with a REALTORÂ® whose undivided loyalty is to YOU, and who will negotiate the LOWEST price.
I'd be glad to help you find exactly what you're looking for in Rumson- just call, text or email me and I'll get right back to you.
â€œLenâ€ Dunikoski, GRI
Diane Turton Realtors â€“ Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739Â (cell)Â Â Â (732) 530-6686 (office)