The Rumson Real Estate Market at Mid-Year

10 Ivins Pl RUM 1,182,500 061915

The year is half over, and it’s a good time to take an assessment of the local real estate markets. Yesterday we looked at Fair Haven, where the median price of a home increased 7% (to $725,000) compared to a year ago. In addition, 3 of the 4 key real estate indicators are negative for Fair Haven home buyers.

Today we’ll look at Rumson, where the data, though mixed, have some better news for home buyers. First let’s see the numbers and then we’ll asses them:

   Rumson Single-Family Home Sales, January 1 – June 30

                                                2014                2015                Comment

Sales                                      48                    41      15% fewer homes sold.

Listings*                               80                    69      14% fewer homes on market.

Months Supply*                   7.5                   8.5      Weaker demand vs. supply.                 (Absorption Rate)

Median Sale              $1,050,000         $1,075,000  2% higher median sales price.

                                    *based on the previous 12 months of listings

Fewer home sales are good news for home buyers in that they indicate decreased demand, which tends to push prices lower. In addition to the percentage change, it’s significant that fewer homes sold in Rumson than in Fair Haven (in most years the opposite is true). The market appears to be weaker for the higher priced listings.

On the other hand, fewer homes on the market indicates lower supply, which tends to increase sales prices and thus is bad news for Rumson home buyers. With fewer choices available, a buyer can’t negotiate a lower price as easily as when more choices are available.

The real estate absorption rate is a calculation of how long it would take to sell all the houses on the market, assuming homes continue to sell at the same rate as they have for the past 12 months. There are two things to note about the absorption rate this month. First, an absorption rate of 5 – 7 months is considered to be a “Normal Market”, and over 7.0 months is considered a “Buyer’s Market”. A longer absorption rate is good news for home buyers, since it’s taking longer for homes to sell. Rumson’s absorption rate has been rising steadily since the end of 2014, and 8.5 months is longer than it was a year ago, so we’re in even more of a “Buyer’s Market”.

The last indicator is the median home price, which is 2% higher than it was a year ago. Any price increase is bad news for home buyers, but at the end of May, April and March, the median price was lower than it was a year ago, so I wouldn’t get too upset with this month’s number.

The 4 key indicators are evenly split: two are positive and two are negative. To me, I’d give a slightly higher emphasis on the 8.5 month real estate absorption rate and say that the Rumson real estate market is good for buyers right now. If you’re looking for a home in Rumson I’d be glad to show you everything that’s available in your price range. If you’re out of the area and can’t come to see a new listing personally, if I’m your Buyer’s Agent I’ll go photograph anything significant that isn’t shown in the listing photos. I also can do a video walk through for you, although it won’t be as polished as one that I’d make for a Seller. If you really want to buy a home in Rumson, I’ll do whatever it takes to see that it happens. Give me a call.

Len

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

The Fair Haven Real Estate Market is HOT!

This home at 30 Katherine Street, Fair Haven, sold in June for $717,500

This home at 30 Katherine Street, Fair Haven, sold in June for $717,500

As of June 30th, the median price of a home in Rumson increased by 2% compared to a year ago, and we’ll take a closer look at that data tomorrow. Today let’s look at Fair Haven, where the median price of a home increased 7% (to $725,000) compared to a year ago. That means buyers are going to have to pay more for a Fair Haven home than they would have a year ago. In addition, 3 of the 4 key real estate indicators are negative for Fair Haven home buyers (more homes were sold, fewer homes are available for sale and the median sales price was higher). Those key objective real estate indicators are predicting that prices will continue to rise in the near future. The real estate absorption rate is longer than it was a year ago, so this should be good news for home buyers (highlighted below in underlined font). Here are the numbers in tabular form:

    Fair Haven Single-Family Home Sales, January 1 – June 30

                                    2014                2015                Comment

Sales                              50                   63      26% more homes sold.

Listings/Month*         34                    33      3% fewer homes on market.

Months Supply*        3.5                  3.7      Weaker demand vs. supply.

Median Sale         $678,500      $725,000     7% higher median sales price.

                                    *based on the previous 12 months of listings

More home sales indicates increased demand, which tends to push prices higher. Likewise, fewer homes on the market indicates lower supply, which also tends to increase sales prices. The real estate absorption rate is a calculation of how long it would take to sell all the houses on the market, assuming homes continue to sell at the same rate as they have for the past 12 months. Since the absorption rate is longer, normally we’d say this was good news for Fair Haven home buyers. However, before you get too excited, you should know that the absorption was 4.3 months in January and has decreased to 3.7 months now. Also remember that an absorption rate on less than 5.0 months is considered to be a “seller’s market”.

With homes in Fair Haven in such high demand, you should know what’s available in your price range. Go look at as many homes as possible, so you get a good idea of that portion of the market. Then when a new listing is posted you’ll be able to judge whether it’s a good value for the money or priced too high. Remember, though, that there will be other “informed consumers” looking to relocate to Fair Haven, and they’ll be going through the same process. When a home is priced at or below the market, it goes under contract quickly. Don’t wait to go look at it, because delaying may mean that you’ll lose it to someone else, or you’ll end up in a bidding war.

If you’re out of the area and can’t see a new listing personally, if I’m your Buyer’s Agent I’ll go photograph anything significant that isn’t shown in the listing photos. I also can do a video walk through for you, although it won’t be as polished as one that I’d make for a Seller. If you really want to buy a home in Fair Haven, I’ll do whatever it takes to see that it happens.

Len

Dunikoski092011ALeonard “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, Len Dunikoski, Rumson-Fair Haven Real Estate Market | 1 Comment

Tea Bag Wisdom

Be Kind

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May 2015 Fair Haven Real Estate Update

List Your Home with Len Dunikoski

List Your Home with Len Dunikoski

At the end of 4 months, only 1 of the 4 key real estate indicators is now positive for Fair Haven home buyers, instead of the 2 out of 4 we saw in January, February and March (highlighted below in underlined font: the real estate absorption rate, i.e. the number of months it would take to sell ALL the homes on the market, is longer than it was a year ago). Don’t get too excited, though- a real estate absorption rate less than 5 months is still considered a “Seller’s Market”.

    Fair Haven Single-Family Home Sales, January 1 – April 30

                                    2014                2015                Comment

Sales                              26                   27      4% more homes sold.

Listings/Month*       33                    31      6% fewer homes on market.

Months Supply*        3.5                  4.0      Weaker demand vs. supply.

Median Sale         $684,000      $699,000     2% higher median sales price.

                                    *based on the previous 12 months of listings.

 

The other 3 key, objective indicators are all negative for Fair Haven home buyers: more homes were sold, indicating higher demand; fewer homes were on the market, indicating less room to negotiate on price; and the median sales price is higher (although only slightly).

In Monmouth County, Brokers Open Houses are held every Tuesday to give Realtors a chance to preview homes which have been recently listed for sale. I try to attend the Brokers Open Houses for every home in Fair Haven and Rumson, so I have a good idea what’s available when buyers ask me to find them a certain kind of house with this number of bedrooms, that number of baths, and within their budget. Realtors call this “knowing the inventory”. It’s important to me because I don’t want to waste my time and the buyer’s time showing them homes that aren’t what they’re looking for. My first responsibility is to my clients: I’ll show buyers as many homes as they want to see over as long as it takes for them to feel confident that they’re making the right choice.

If you’re looking for a home in Fair Haven or Rumson, I’d be glad to help you find exactly what you’re looking for. I’ve said it many times: if you’re thinking of buying a home and you see something you like on the internet, DON’T CALL THE LISTING AGENT (even if it’s me). The Listing Agent works for the Seller, and has a fiduciary responsibility to negotiate the highest selling price for his clients. A good Buyer’s Agent will show you homes listed by many different real estate agencies (not just his own), and will do everything possible to negotiate the lowest selling price. I’d love to show you what a great area Rumson-Fair Haven is to live in!

Rumson-Fair Haven Realtor Len DunikoskiLeonard “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 Real Estate, Fair Haven Real Estate Market, Fair Haven Realtor, Rumson Fair Haven Realtor | Leave a comment

Just Listed in Fair Haven!

30 Katherine Street - Fair Haven, New Jersey

30 Katherine Street – Fair Haven, New Jersey

I just listed a great 4 bedroom home on a quiet cul-de-sac in the River Oaks section of Fair Haven. As soon as you walk in the door you see the quality and attention to details. You begin in the living room, which has a bay window and a natural gas fireplace. There are hardwood floors throughout most of the home. As you walk into the eat-in kitchen you’re greeted with granite countertops and stainless steel appliances.

Kitchen with Granite Countertops and Stainless Steel Appliances

Kitchen with Granite Countertops and Stainless Steel Appliances

Down half a flight brings you to a large wood-paneled den that extends all the way from the front to the back of the house, so it’s filled with lots of natural light. Up half a flight you’ll find 3 bedrooms, two of which have custom, cordless-lift room-darkening cellular shades.

Liviing Room with Bay Window and Gas Fireplace

Liviing Room with Bay Window and Gas Fireplace

The master bedroom is on the top level, and it has a 7 x 7 alcove with a skylight, which makes an ideal office area. Plus a custom-designed closet for efficient organization of hanging items and items in drawers.

Playroom 3

The basement has been completely finished and also has hardwood flooring (currently it’s being used as a playroom). French doors separate the main area from a large, bright laundry room that has a sink and lots of counter space for folding and sorting. The hot water heater is an efficient, energy-savings on demand unit.

An Ipe Deck Overlooks a Large Fenced-In Back Yard

An Ipe Deck Overlooks a Large Fenced-In Back Yard

I could go on and on. There’s a screened in porch that looks out on the large, fenced-in back yard. A stone patio and an Ipe deck provide space for outdoor activities. If you haven’t heard of an Ipe deck, Google it and you’ll see that Ipe is a super-hard wood (ironwood) that resists insect damage and is considered by many to be the world’s best decking material.

If you’re thinking of moving to Fair Haven (or if you know someone who is), this is a move-in ready home that should be considered. It’s within walking distance of a park, school and riverfront, and a short drive to the beach, downtown Red Bank and the high speed ferry to Manhattan.

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 Real Estate, Homes in Fair Haven, Rumson Fair Haven Real Estate, Rumson Fair Haven Realtor | Tagged , | Leave a comment

Happy St. Patrick’s Day!

We passed out LOTS of green Diane Turton, Realtors baloons at the parade

We passed out LOTS of green Diane Turton, Realtors balloons at the parade

The 2015 Rumson St. Patrick’s Day parade was held a week ago Sunday, March 8th and I took a lot of videos. The parade lasted about an hour and 20 minutes, and was filled with bagpipe bands, scouts, politicians, fire engines, EMS squads, and lots of local organizations.

You can see 15 minutes of parade highlights here: https://www.youtube.com/watch?v=1aeYxpto_hc

It was hard to prune down the videos to 15 minutes, but that’s the time limit I can upload to Youtube, so I had to cut out many parts of the parade; I’m sorry if your group didn’t make the final cut. The parade was just one example of the many fun things there are to do in the Rumson-Fair Haven area.

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 Rumson Fair Haven Real Estate Agent, Rumson Fair Haven Realtor, Rumson NJ Real Estate, Rumson-Fair Haven Real Estate Market | Tagged | Leave a comment

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

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