Joe Dl, Home Buyer in Fair Haven, NJ

Been browsing Little Silver, Fair Haven and Rumson areas for 5 months - have been noticing many price drops at high end 1m range? Any feel for trends?

Asked by Joe Dl, Fair Haven, NJ Mon Oct 3, 2011

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Thomas McCor…, Agent, Atlantic Highlands, NJ
Mon Oct 3, 2011
Hi Joe,
I enjoy tracking trends as well so I did a bit more research for you. It's true there's been some movement in prices but in looking at the sales stats for the three towns you mentioned I notice a few interesting points regarding the number of homes sold:
- Unit Sales in all price categories are up almost 7% (good news)
- Unit Sales in the lower price ranges for those markets are generally up - in the $200-299K range they're way up (700%!) compared with the same period last year.
- The range of $800K-$1mil for that area is down (11-20% depending on the price range) but just over $1mil is up and above $2mil is up 60% for unit sales. (But in looking at just one of the towns, Fair Haven, I can see that sales in the $800-$1mil range are up over 25%! YTD)
- When comparing the 12 month period ending in September compared with the previous 12 month period, the median sales price has only dropped 1.2% and that, in part, is probably due to the spike in the lower end sales mentioned above.

Trends are interesting but frequently they're not particularly helpful when looking at individual houses... it's best to understand the history of a given property, the recent comparable sales and other issues like location and condition that may be affecting value and for that, I recommend working with a real estate professional who understands the market.

I hope that helps. Please let me know if I can be of further assistance.

Thomas McCormack
Broker Owner
Resources Real Estate
112 E River Rd | Rumson, NJ 07760
1 vote
Matt Costine, Agent, Clinton, NJ
Mon Oct 3, 2011
Hi Joe,

Most of the market has been dominated by either first time home buyers or investors buying with cash. These groups traditionally don't buy more expensive homes, they can't afford it or they are only buying "deals" foreclosures and short sales (investors). This is driving the middle class home sellers to reduce their prices until, hopefully they find a buyer. I hope this answers your questions, feel free to give me a call at anytime to discuss your real estate questions and /or needs..All the best Matt Costine Realtor Associate 908 930 8573
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