The Foodbank of Monmouth and Ocean Counties

Cow Jones, Moodith, Bessy and Cowleen

Cow Jones, Moodith, Bessy and Cowleen

Most Realtors are active members of their communities, and yours truly is no exception. I serve on two committees of the Monmouth County Association of Realtors, and one of them is the Equal Opportunity/Cultural Diversity Committee. Yesterday we met in Tinton Falls at the Foodbank of Monmouth and Ocean Counties, and we presented the Driector, Linda Keenan, with a donation of $4,663.80.

Director Linda Keenan with MCAR's donation check.

Director Linda Keenan with MCAR’s $4,663.80 donation check.

We took a tour of the facility, and it certainly was impressive. The Foodbank accepts donations, food and supplies and distributes them to a network of 300 soup kitchens, women’s shelters and other partner agencies. Those groups feed over 131,000 people in Monmouth and Ocean Counties each year. The Foodbank is so efficiently run that for every $1.00 they receive in donations, they can provide 3 meals by buying in bulk. Ninety-six cents of every dollar goes directly to supporting food programs. The warehouse seemed huge, but Ms. Keenan explained that it holds only enough food for 4 weeks.

The Foodbank of Monmouth and Ocean Counties warehouse

The Foodbank of Monmouth and Ocean Counties warehouse

I was surprised to learn that the Foodbank has its own extensive organic garden on site outside their large warehouse. There are extensive opportunities for volunteering, either by sorting/packing food in the warehouse, helping with the Mobile Pantry, working in the organic garden, or providing clerical support or help at special events.

Donated canned goods, laundry detergent, etc. are neatly sorted for easy retrieval.

Donated canned goods, laundry detergent, etc. are neatly sorted for easy retrieval.

At the end of our tour, Ms. Keenan pointed out the Foodbank’s 4 lifesize plastic cows, named Cow Jones, Moodith, Bessy and Cowleen. We were told that Cowleen might be making an appearance at this year’s Rumson St. Patrick’s day parade, so if you’ve never seen a green cow before, you might want to join us at the Diane Turton Rumson office on River Road on Sunday, March 8th.

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

@ListWithLen

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The Monmouth County Real Estate Market

Monmouth County

Although we’re primarily interested in the real estate market in Rumson-Fair Haven, we also look at nearly towns like Little Silver, Shrewsbury, etc. Occasionally it’s good to take a look at an ever bigger area of Monmouth County.

The overall median sales price of Monmouth County residential real estate increased 2.0% between 2014 and 2013, not a very big change. However, there were some real winners and losers. Here’s what happened in 22 Monmouth County towns (Source: Monmouth County MLS):

 

Town                        Sales        2014 Median     2013 Median     % Change

Aberdeen                  195          $265,000              $300,000            -11.7%

Asbury Park              179           $225,000              $250,000            -10.0%

Atlantic Highlands     46           $359,500              $459,000            -13.4%

Colts Neck                 118           $683,750              $572,500                1.7%

Eatontown                139           $263,000              $256,000                2.5%

Fair Haven                   92           $715,000              $667,000                7.2%

Hazlet                         223           $286,000              $270,000                5.9%

Highlands                     81           $195,000              $198,315              -1.7%

Holmdel                     177           $630,000              $587,000                7.3%

Little Silver                   89           $630,500              $532,500             18.4%

Long Branch               258           $317,500              $270,000             17.6%

Marlboro                    452           $435,450              $421,000                3.4%

Matawan                      80           $310,000              $278,750              11.2%

Middletown               726           $350,000              $357,500               -2.1%

Monmouth Beach       79           $485,000              $437,600              10.9%

Ocean                          270           $353,950             $349,000                 1.4%

Oceanport                    66           $400,000              $370,000                 8.1%

Red Bank                    103           $280,000              $302,500                -7.4%

Rumson                      108         $1,130,000          $1,060,000                 6.6%

Shrewsbury Boro        65            $502,248             $458,000                  9.7%

Tinton Falls                242            $286,250             $285,750                  0.2%

West Long Branch     70            $361,500              $346,500                  4.3%

There are a lot of things you can gain from reviewing information like this. For example, you can see that 6 of the 22 towns saw decreases in the median residential sales prices, with Atlantic Highlands seeing the largest decrease (-13.4%). On the other hand, 16 of the 22 towns saw median price increases for residential real estate, with the biggest winner being neighboring Little Silver (+18.4%). Note that 13 of the 22 towns had residential median price increases that were greater than the Monmouth County overall median increase of 2.0%.

Rumson and Fair Haven did quite well, with median increases of 6.6% and 7.2% respectively. The data just reaffirms what we know to be true: all real estate is LOCAL, and you can’t make decisions based on what the national news media report for nationwide trends. If you’re looking to buy a home in a specific town, make sure you work with a local expert who has the specific knowledge you need to find the right property at the right price.

If you’re looking for a home in Morris County or Union County, etc., I’m not the local expert there, and I’d be glad to refer you to a Realtor® who is. However, if you’re looking for a local expert for the Rumson-Fair Haven area, you’ve found the right Realtor®.

Len

#rumsonfairhavenLeonard “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

@ListWithLen

Posted in Fair Haven NJ Real Estate, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Homes Sold | Tagged | Leave a comment

Fair Haven Home Prices by Number of Bedrooms

This 4-bedroom home at 89 Hendrickson Place sold in August for $579,000

This 4-bedroom home at 89 Hendrickson Place sold in August for $579,000

Last week we looked at the 2014 selling prices of Rumson homes by the number of bedrooms, and today we’ll do the same for Fair Haven. For Fair Haven as a whole, 2014’s median sales price was $715,000 (7% higher than in 2013), and the average sales price was $827,075 (3% higher than the year before).

Searching through my own database of Fair Haven home sales, here’s the breakdown by the number of bedrooms:

Beds        Number            Average            Average            Sales $ vs.                 Median                                       Sold              Sales Price      Listing Price         Listing $                    Price

2                      5                 $327,400        $347,980                94.1%                  $325,000

3                     24                $645,250        $666,669                96.8%                  $535,000

4                     52                $882,827        $919,833                96.0%                  $792,500

5                       9               $1,012,111     $1,064,544                 95.1%                  $750,000

In addition, two 6-bedroom Fair Haven homes sold in 2014, one on Battin Road for $1,990,000 and the other on Kemp Avenue for $2,495,000.

The numbers above should help you if you’re thinking of buying a home in Fair Haven this year. If you’re a young family and had looked only at Fair Haven’s overall median sales price of $715,000 (the price at which 50% of the homes sold for more and 50% sold for less) you might have concluded that you can’t afford to buy in Fair Haven. However, when you look at 3 bedroom homes and see that the median sales price was $535,000 you get an entirely different picture.

It’s clear that most Fair Haven homes have 4 bedrooms, and if you’re looking for a 4 bedroom home, the actual median price is higher than Fair Haven’s overall median price. In a bit of a surprise, the median price for 5 bedroom homes was lower than that for 4 bedroom homes (but only 9 homes sold with 5 bedrooms).

I’ve lived in Fair Haven since 1975 and I love this town. If you’d like to look at homes in Fair Haven I’d be glad to show you what’s available in your budget range- give me a call! You’re probably already looking for homes online, and that’s great. However, remember my recommendation: if you find a home you like, don’t call the Listing Agent (even if it’s me). The Listing Agent has a fiduciary responsibility to negotiate the highest selling price for the Seller; you want a Realtor® acting as your Buyer’s Agent to negotiate the lowest selling price for you.

Len

#rumsonfairhavenLeonard “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

@ListWithLen

Posted in Fair Haven Homes Sold, Fair Haven Real Estate Market, Fair Haven Realtor, Rumson Fair Haven Real Estate Agent | Tagged | Leave a comment

Rumson Home Prices by Number of Bedrooms

This 4-bedroom home at 51 Center St sold in May 2014 for $1,050,000

This 4-bedroom home at 51 Center St sold in May 2014 for $1,050,000

Earlier this week we looked at the 2014 statistics for Rumson home sales. We reported that the median home selling price was $1,130,000, an increase of 7% from 2013 (the median is the price at which 50% of homes sell for more and 50% sell for less). We also reported the average home selling price was $1,285,986, an increase of 2% from 2013. However, if you’re thinking of buying a Rumson home this year, the overall median and average sales prices may not be as helpful as knowing what those numbers are for homes with a specific number of bedrooms.

How do we get that information? No problem- I just take my comprehensive Excel spreadsheet of 2014 Rumson home sales, sort by the number of bedrooms, and ask for the Median and Average values by number of bedrooms. It might surprise you, but there actually were three 2-bedroom Rumson homes sold in 2014. They sold for $400,000 for a Victorian, $415,000 for a Cape Cod and $565,000 for a Colonial. With only 3 sales, it’s not useful to calculate median or average prices.

When we look at home sales for 3, 4, 5, etc. bedroom Rumson homes, here’s what we saw in 2014:

Beds        Number            Average              Average          Sales vs.            Median                                               Sold               Sales Price       Listing Price     Listing $         Sales Price

3                   16                 $   730,062       $   766,950         95.2%           $   705,000

4                   47                 $1,002,860      $1,052,234         95.3%           $   955,000

5                   30                 $1,641,757       $1,743,500         94.2%            $1,512,500

6+                 10                 $2,811,592      $2,687,500         92.1%           $3,053,200

If you’re looking to buy a home in Rumson, I’ll bet you haven’t seen this kind of information anywhere else. Just by looking at the information above you can get a better idea of what you might expect to pay for a home with the number of bedrooms you need. For example, you can see that the greatest number of homes in Rumson have 4 bedrooms, and that the median sales price for those homes was $955,000 (considerably less than the overall Rumson median sales price).

Regardless of your home shopping budget, I’d be happy to work with you to find the right home for you- give me a call, text me or email me!

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

@ListWithLen

Posted in Homes in Rumson, Rumson real estate agent, Rumson Real Estate Market, Rumson Realtor, Rumson-Fair Haven Real Estate Market | Tagged | Leave a comment

Fair Haven: 2014 Sales Price vs. Assessed Value

154 Buena Vista Avenue, which sold in December for 107% of its assessed value

154 Buena Vista Avenue, which sold in December for $795,000 (107% of its assessed value)

If you’ve been following my blog, you know that I’m a data geek- I LOVE having lots of data, and I document every home sale in Fair Haven and Rumson on an extensive spreadsheet. Having all that data available, you can look at all sorts of things, including an evaluation of how accurate a town’s asssed home values are in predicting home sales prices. On September 1st I took a look at the 2014 year-to-date sales prices of Fair Haven homes and compared them with the 2014 assessed values. At that time there had been 61 homes sold (I excluded new construction) and the average sales price was 110% of the average assessed value. Now that we’ve had 4 more months of sales and finished the year, I thought I’d take another look.

Looking at my Excel spreadsheet, I found 85 homes that sold in 2014 and weren’t new construction. Of those 85 homes, only 12 (14% of the total) sold for less than their 2014 assessed values, and only one (1) sold for less than 90% of its assessed value.

The average Fair Haven home sold for 111% of its 2014 assessed value- not much of a change from what we saw at the end of August. But let’s drill down into the nubers: 45 homes (53% of the total) sold for between 90% and 110% of their assessed values, and 68 homes (80% of the total) sold for between 80% and 120% of their assessed values. Sixteen (16) homes (19% of the total) sold for more than 20% over their assessed values, and ten (10) homes (12% of the total) sold for more than 25% over their assessed values. 67% of homes sold for between 100% and 120% of their assessed values.

We’re in a new year, and most of Fair Haven’s 2015 assessments are higher than they were in 2014. Will 2015’s average selling price be closer to the new average assessed value? We’ll have to take another look later in the year- stay tuned.

Len

#rumsonfairhavenLeonard “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

@ListWithLen

Posted in Fair Haven Homes Sold, Fair Haven real estate agent, Fair Haven Real Estate Market, Fair Haven Realtor, Rumson Fair Haven Real Estate | Leave a comment

Rumson Real Estate Market Update

135 Ridge Rd RUM

The end of the calendar year is always a good time to look at the local real estate market. 8 Rumson homes sold in December compared with 16 in December 2013. More importantly, we ended 2014 with only 1 of the 4 key real estate indicators looking favorable for home buyers (there were fewer homes sold, and less demand tends to keep prices down):

    Rumson Single-Family Home Sales, January 1 – December 31

                                    2013                2014                Comment

Sales                            130                 108      17% fewer homes sold (good for buyers).

Listings                          68                   67      2% fewer homes on market (bad for buyers).

Months Supply            7.8                 6.8      Stronger demand vs. supply (bad for buyers).

Median Sale     $1,060,000    $1,130,000      7% higher median price (bad for buyers).

I use the above 4 key, objective indicators to evaluate the status of the Rumson real estate market and to predict what’s likely to happen in the near future. However, I also collect additional data which I share with my clients, and now I’ll share some of that 2014 year-end information with you:

                                    2013                2014                Comment

Average Sale      $1,280,255     $1,285,986   1% higher average sales price.

Average Listing $1,356,437     $1,377,105   4% higher avg. listing price.

Avg. Sale/List %     94.4%             93.4%    Lower % sale vs. list price.

Avg. Days on Mkt         77                  76     Similar avg. days on market.

If you have questions about any of the statistics, I’d be glad to review them with you in detail.  When someone asks me, “How’s the market?”, I always answer that it depends; it depends on whether you’re a buyer, seller or investor. Good data helps in all 3 situations.

If you’re thinking of buying a home in Rumson, you’re probably going to have to pay more than you would have a year ago. The only exception is for homes over $2.5 million, where there’s been some weakness in the market. Note that the median sales price was lower than the average sales price, and that while the median sales price was up by 7%, the average sales price was only up by 1% (the median is the point at which 50% of the homes sold for more and 50% sold for less).

Len

#rumsonfairhavenLeonard “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

@ListWithLen

Posted in Homes in Rumson, Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson Homes Sold, Rumson Real Estate Market | Leave a comment

Fair Haven 2014 Year-End Market Update

List Your Home with Len Dunikoski

List Your Home with Len Dunikoski

 

The same number of Fair Haven homes sold in December (10) as did in December 2013. We ended 2014 with 2 of the 4 key real estate indicators looking favorable for home sellers (green font: there are fewer listings and the median sales price is higher):

    Fair Haven Single-Family Home Sales, January 1 – December 31

                                    2013             2014                Comment

Sales                            108                 93      14% fewer homes sold (good for buyers).

Listings                         34                30      12% fewer homes on market (bad for buyers).

Months’ Supply         3.4               3.8      Weaker demand vs. supply (good for buyers).

Median Sale         $667,000      $715,000     7% higher median price (bad for buyers).

I use the above 4 key, objective indicators to evaluate the status of the Fair Haven real estate market and to predict what’s likely to happen in the near future. However, I also collect additional data which I share with my clients, and now I’ll share some of that 2014 year-end information with you:

                                    2013                2014                Comment

Average Sale       $805,139         $827,075    3% higher average sales price.

Average Listing  $859,451         $833,672    3% lower average listing price.

Avg Sale/List %     93.7%              99.2%    Higher % sale vs. list price.

Avg Days on Mkt         40                   37     Shorter average days on market.

Although the average sales price was up only 3% compared to the 7% increase in the median sales price, both increases represent bad news for Fair Haven home buyers. The interesting thing to me is that when we look at the average sales price compared to the average listing price, we see that the percentage increased significantly from 2013 to 2014. This means that the homes that sold were priced closer to their actual fair market values (homes that were priced too high above the market just didn’t sell).

If you’re thinking of buying a home in Fair Haven, you need to know what kind of a home you can expect in your price range. Homes in good locations that are priced at or close to fair market value are going to sell quickly, and there’s going to be less room for negotiating lower prices. Keep an eye out for newly-listed homes (or give me a call and I’ll do that for you). If you see something you like, remember to never call the Listing Agent (even if it’s me); the Listing Agent has a fiduciary duty to the Seller to negotiate the highest possible sales price. Take advantage of any Public Open Houses on Sundays and walk through as many as you can (remember that the agent who’s hosting the Open House is working for the Seller- if she asks whether you’re working with a Realtor® just use my name and she won’t pester you).

The real estate market is normally pretty quiet in January and February, but by the end of March we’ll see more new homes being listed. After you start looking, plan to get a letter of Pre-Approval (NOT Pre-Qualification) from a mortgage lender if you expect to need a mortgage. There should be no charge for this, and you’re not obligated to use that lender once you find a home and want to officially apply for a mortgage.

Len

#rumsonfairhavenLeonard “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

@ListWithLen

 

Posted in Fair Haven Homes Sold, Fair Haven Real Estate Market, Fair Haven Realtor, Rumson Fair Haven Real Estate, Rumson Fair Haven Real Estate Agent | Leave a comment