Will prices continue to fall in Rumson-Fair Haven? They still seem way above value.

Asked by Peter, Fair Haven, NJ Wed Feb 4, 2009

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Leonard Duni…, Agent, Rumson, NJ
Wed Feb 27, 2013
It's February 2012, and the short answer to this question is "NO!". In 2012, median home prices were up 8% in Rumson and 3% in Fair Haven, and 2013 has started out as a strong year. Inventory is low and buyers are out there.

I live in Fair Haven and our office is in Rumson. If you'd like to see specific information about the number of sales, number of listings, median sales prices and absorption rates take a look at my blog, http://rumsonfairhavenhome.wordpress.com/2013/01/04/rumson-h…

That link points you to a January post, but as you'll see, there are at least 2 or 3 posts every week. They cover not just Rumson-Fair Haven real estate, but lots of other topics of local interest.

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)
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Bill Eckler, Agent, Venice, FL
Wed Feb 27, 2013
This is a dated thread and should be treated as such.....yes, from February 2009 priced did continue to fall most every where but that's closer to "history" than accurate and current information.

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Patrick Bute…, Agent, Fair Haven, NJ
Wed Feb 27, 2013
I have many clients from Rumson to Spring Lake. For what you get, location, schools, land, community etc. I find that Rumson, Fair Haven and Little Silver have some of the greatest values. I have many specific examples and Outperform 99% of all realtors, State and Countywide. I would be more than happy to share what I know with you. 732-996-8030
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Leonard Duni…, Agent, Rumson, NJ
Thu Aug 2, 2012
You can get a mid-year update on the Rumson-Fair Haven real estate market on my blog, http://rumsonfairhavenhome.com (no obligation, no need to give your email address).

I try to help my potential clients to make DATA-DRIVEN decisions, so I post 4 objective key real estate indicators for each town: Sales (Demand), Listings (Supply), Months' Supply (Absorption Rate) and Average/Median Prices (Value).

In addition, I have EXTENSIVE RESEARCH which I share after we establish an agency relationship.

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Larry Montani, , Monmouth County, NJ
Mon Apr 23, 2012
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Leonard Duni…, Agent, Rumson, NJ
Sun Apr 22, 2012
Here's a 1st quarter 2012 update for Rumson and Fair Haven (hope it formats properly):

Town Year Sales Active Listings Months’ Supply Average Price Median Price

Rumson 2012 24 74 10.3 months $1,132,634 $1,131,667
2011 13 65 16.3 months $1,318,583 $1,165,000

Fair Haven 2012 12 52 15.2 months $ 611,055 $ 623,583
2011 16 33 7.0 months $ 562,672 $ 547,167

Sales, number of active listings, months' supply of homes and average/median price are the 4 objective indicators of the real estate market. Rumson and Fair Haven both are small towns and the 1st quarter is normally not a very busy one. Due to these 2 factors I wouldn't make any hard and fast conclusions on where the market is heading. I specialize in these 2 towns (I live here) and I update information at least monthly on my blog (see: http://rumsonfairhavenhome.wordpress.com).
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Leonard Duni…, Agent, Rumson, NJ
Mon Dec 26, 2011
If you take a good hard look at the 2011 year-to-date median selling prices, you'll see that single family home prices in Fair Haven are down just 4.6% and prices in Rumson are down just 5.7% from their all time peaks in 2007 (see data on my blog, http://rumsonfairhavenhome.wordpress.com/real-estate/). Homes that are priced correctly (i.e., close to fair market price for comparable homes in Fair Haven or Rumson) will sell in less than 30 days, whereas homes priced much higher than the current market will stay listed for months and months. Informed buyers and sellers are familiar with nearby homes which are listed at the same price point, and all they have to do is ask themselves, "Which of these homes represents the best value at this price level?".
Whether you're buying or selling, become familiar with the current market in your town. For example, if you feel you'd like to buy a $900,000 home in Fair Haven, find a realtor whom you trust and have him/her show you all of the Fair Haven homes that are listed for $850,000 - $950,000. You'll quickly see for yourself which ones are realistically priced and which ones aren't. Then when a new house comes on the market in Fair Haven in that price range, see it as soon as possible after it's listed and be prepared to make a reasonable offer if you know it's the right house at the right price.
Every Monday I post on my blog the previous week's home sales in Rumson, Fair Haven and a few surrounding communities, including the selling prices and the cumulative days each house was on the market (CDOM). Start looking at those Monday posts and read my quarterly summary of home sales town by town. Learn as much as you can, and then find a local real estate expert whom you trust. Don't be afraid to talk with several before you make your final selection. We're here to educate and inform, but YOU're the one who makes the final decision about buying or selling.

Leonard "Len" Dunikoski, SRES
Realtor Associate
Diane Turton Realtors - Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 530-6686 office
(732) 239-0739 cell
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Linda Gilles…, Agent, Rumson, NJ
Tue Oct 11, 2011
Perhaps you've heard the saying "a home is worth what a buyer is willing to pay for it". This fact holds true in ANY area. There are good buys in any town, including the luxury markets! Not all sellers NEED to sell so you should manage your expectations but there ARE sellers out there willing to be realistic to meet today's buyer expectation....you just may not see this in asking price (sellers are as nervous to drop their price) but if you have a professional on your side, willing to dig deep and help you find the best possible home for the best possible price, you'll feel confidence in making that purchase when the time comes! I'm a local resident and can tell you that there are some exciting homes currently on the market. Good luck! Feel free to give me a call (609)847-2443 cell. Linda Gillespie
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Lucille Krul, Agent, Ocean Grove, NJ
Wed Feb 4, 2009
Rumson/Little Silver are all high end locations and very desirable- Due to the beauty of the area with the Shrewsbury and Navesink Rivers and Close commute to NYC with the Ferry these towns continue to hold their value- The Locust section of Middletown is especially one of the most desirable with all of it's charm and history- Please feel free to contact me if I can be of further assistance to you-
Diane Turton, Realtors
516 Main Avenue
Bay Head, NJ 08742
Bus: 732-295-9700
Cell: 732-766-9726
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Corey Grushin, Agent, East Brunswick, NJ
Wed Feb 4, 2009
Peter you're looking in exclusive communities, thus they can ask and get a premium. Most houses on the market are from people who have to sell.
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