Rumson Luxury Housing Report 9 1 10


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Great report on luxury sale up 90% in Rumson NJ

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Rumson Luxury Housing Report 9 1 10

  1. 1. Rumson Luxury Housing Report For Single Family Homes September 2008 to August 2009 as compared to September 2009 to August 2010 Unfortunately the news media continues to mislead the public into creating the sense that the housing market is much worse than it really is. Recently you may have heard or read about a story from a New York newspaper that wrote about how the Rumson Real Estate market is really bad and everyone is trying to sell but cannot find buyers. The article only had interviews without statistics. Below are actually numbers received through the Monmouth/Ocean MLS system. We are comparing the most recent 12 months sales activity vs the same time frame a year earlier. • From September 2009 to August 2010 there were 55 sales over $1 million. The previous year there were 29 sales which represents a 90% year over year increase. • From September 2009 to August 2010 the total sales volume was $100 million. The previous year there was $57 million in sales volume for an increase in sales volume of 75%. • The median sales price of all homes sold in Rumson from September 2009 to August 2010 was $1,250,000 vs the previous year of $900,000 which represents a 39% increase in the median sales price year over year. • There were 95 closed single family home sales in Rumson from September 2009 to August 2010 vs 69 in the previous year for an increase in total transactions of 38%. The days on market also dropped to 100 during this time frame vs 136 days in the previous year. This is a 26% drop in average marketing time for properly priced properties. • There are currently 99 homes for sale in Rumson. There are 2,610 homes in the entire town which means that only 4% of the total homes are for sale. • Based on the past 12 month’s sales, Rumson has roughly a 13 month supply of single family homes. • There are currently 26 single family homes in various stages of foreclosure in Rumson. This represents 1% of the total Rumson housing. Better Homes and Gardens Preferred Properties 105 East River Road Rumson, NJ 07760 732‐224‐9200