07760 January Market Stats

Rumson Single Family Statistics for January 2015

Summary Statistics
	Jan-15	Jan-14	% Chg	2015 YTD	2014 YTD	% Chg
Absorption Rate	6.79	6.83	-0.59	6.79	6.83	-0.59
Average List Price	$475,107	$461,366	2.98	$460,108	$453,300	1.50
Median List Price	$319,000	$299,990	6.34	$311,556	$299,900	3.89
Average Sale Price	$333,574	$336,849	-0.97	$333,574	$336,849	-0.97
Median Sale Price	$270,000	$250,000	8.00	$270,000	$250,000	8.00
Average DOM	87	87	0.00	87	87	0.00
Median DOM	64	59	8.47	64	59	8.47

Sold Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 17 12 41.7 17 12 41.7 30,000-39,999 7 14 -50.0 7 14 -50.0 40,000-49,999 10 13 -23.1 10 13 -23.1 50,000-59,999 9 13 -30.8 9 13 -30.8 60,000-69,999 15 12 25.0 15 12 25.0 70,000-79,999 7 14 -50.0 7 14 -50.0 80,000-89,999 10 19 -47.4 10 19 -47.4 90,000-99,999 11 14 -21.4 11 14 -21.4 100,000-119,999 23 44 -47.7 23 44 -47.7 120,000-139,999 35 55 -36.4 35 55 -36.4 140,000-159,999 31 43 -27.9 31 43 -27.9 160,000-179,999 26 58 -55.2 26 58 -55.2 180,000-199,999 30 38 -21.1 30 38 -21.1 200,000-249,999 99 123 -19.5 99 123 -19.5 250,000-299,999 94 108 -13.0 94 108 -13.0 300,000-399,999 141 142 -0.7 141 142 -0.7 400,000-499,999 74 82 -9.8 74 82 -9.8 500,000+ 104 147 -29.3 104 147 -29.3 Totals 743 951 -21.9 743 951 -21.9

Pending Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 13 15 -13.3 13 15 -13.3 30,000-39,999 9 8 12.5 9 8 12.5 40,000-49,999 7 9 -22.2 7 9 -22.2 50,000-59,999 12 7 71.4 12 7 71.4 60,000-69,999 13 8 62.5 13 8 62.5 70,000-79,999 15 13 15.4 15 13 15.4 80,000-89,999 22 12 83.3 22 12 83.3 90,000-99,999 15 14 7.1 15 14 7.1 100,000-119,999 52 37 40.5 52 37 40.5 120,000-139,999 57 56 1.8 57 56 1.8 140,000-159,999 58 49 18.4 58 49 18.4 160,000-179,999 59 45 31.1 59 45 31.1 180,000-199,999 69 47 46.8 69 47 46.8 200,000-249,999 152 111 36.9 152 111 36.9 250,000-299,999 124 91 36.3 124 91 36.3 300,000-399,999 205 156 31.4 205 156 31.4 400,000-499,999 97 106 -8.5 97 106 -8.5 500,000+ 168 139 20.9 168 139 20.9 Totals 1147 923 24.3 1147 923 24.3

Active Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 63 83 -24.1 83 112 -25.9 30,000-39,999 58 54 7.4 72 70 2.9 40,000-49,999 53 67 -20.9 65 77 -15.6 50,000-59,999 52 66 -21.2 62 78 -20.5 60,000-69,999 49 77 -36.4 68 91 -25.3 70,000-79,999 70 89 -21.3 92 108 -14.8 80,000-89,999 92 114 -19.3 114 135 -15.6 90,000-99,999 87 107 -18.7 115 130 -11.5 100,000-119,999 220 209 5.3 282 264 6.8 120,000-139,999 331 324 2.2 413 417 -1.0 140,000-159,999 312 356 -12.4 401 439 -8.7 160,000-179,999 373 399 -6.5 460 482 -4.6 180,000-199,999 391 450 -13.1 504 525 -4.0 200,000-249,999 982 1028 -4.5 1234 1236 -0.2 250,000-299,999 1083 1113 -2.7 1375 1331 3.3 300,000-399,999 1588 1544 2.8 1958 1880 4.1 400,000-499,999 899 890 1.0 1106 1091 1.4 500,000+ 2175 2067 5.2 2586 2472 4.6 Totals 8878 9037 -1.8 10990 10938 0.5

New Listings This Month Year to Date 2015 2014 % Chg 2015 2014 % Chg 0-29,999 24 31 -22.6 24 31 -22.6 30,000-39,999 18 19 -5.3 18 19 -5.3 40,000-49,999 17 12 41.7 17 12 41.7 50,000-59,999 11 17 -35.3 11 17 -35.3 60,000-69,999 22 15 46.7 22 15 46.7 70,000-79,999 29 16 81.3 29 16 81.3 80,000-89,999 23 30 -23.3 23 30 -23.3 90,000-99,999 30 23 30.4 30 23 30.4 100,000-119,999 88 54 63.0 88 54 63.0 120,000-139,999 106 100 6.0 106 100 6.0 140,000-159,999 94 84 11.9 94 84 11.9 160,000-179,999 110 89 23.6 110 89 23.6 180,000-199,999 127 99 28.3 127 99 28.3 200,000-249,999 299 268 11.6 299 268 11.6 250,000-299,999 338 248 36.3 338 248 36.3 300,000-399,999 496 379 30.9 496 379 30.9 400,000-499,999 271 273 -0.7 271 273 -0.7 500,000+ 564 509 10.8 564 509 10.8 Totals 2667 2266 17.7 2667 2266 17.7

Standard Postcard - Just Sold Postcard - 3 photos - CBNJ1055

Standard Postcard - Just Sold Postcard - 3 photos - CBNJ1055

FHA Loan Now and Conventional Loan Later?

As you probably know by now, mortgage insurance never goes away with FHA loans, unless you put 10% or more down.  Even with 10% or more down, it still lasts for 11 years.  This rule went into effect in June, and it really makes FHA loans pretty unattractive for a lot of people.  

FHA Loan Now and Conventional Loan Later?

Monmouth County Single Family Marketwatch for 2014

Summary

Table of Contents

ALL Monmouth County New Jersey Houses

Asbury Park

Atlantic Highlands

Eatontown

Fair Haven

Little Silver

Long Branch

Monmouth Beach

Oceanport

Red Bank

Rumson

Sea Bright

Shrewsbury

Tinton Falls

West Long Branch

Median vs Average Closed Price

New 2013 Monmouth County NJ Condo Market Study

Assessment Demonstration Program to begin in tax year 2014

In march 2013, Gov. Christie signed into law chapter 15 P.L 2013 known as Assessment Demonstration Program to begin in tax year 2014. The Monmouth board of Taxation and the Monmouth County of Assessors has decided to be the first in the state to take on this cost saving project. Many changes will be put in place over the next FIVE years.

Annual Assessment Overview

The primary purpose of the program is to demonstrate a more cost effective and accurate process of property assessment administration for New Jersey.

1. Appeal Calendar

Current Taxation Calendar VS Proposed Taxation Calendar

2.Annual Assessment Revision

The Demonstration program proposes changes that would proved the Assessor with both the authority and the requirement for the annual review and revision of all properties within the jurisdiction. Increased accuracy in assessments will greatly reduce the exposure losses in appeals and build public confidence in fairness of the system. Such requirements are also intended to reduce frequency of the need for revaluation or reassessment.

 

Annual Qualified Reassessments and
5 year Internal Inspections

List of Towns where the 20% revaluation starts and towns that are being reevaluated.

• Improve the accuracy of the annual assessments the current model of "10 Year Revaluation" will be replaced by "Annual Qualified Reassessments" supported by "5 Year Internal Inspection" contracts.
• Revaluation service is comprise of  inspection, valuation and appeal-defense. Under the new "Annual Qualified Reassessments"  model the assessor will be responsible for valuation and appeal defense. ( outside firms to do inspections with geo-coded tablets)
• Each municipality will enter into a 5 year contract (3 years wit h2, 1-year options) for the "Internal inspections of 20% of all line items". This service will presumably be offere by the current revaluation firms. Every 5 years 100% of the properties will be internally inspected which is twice that of the current revaluation model.
• The assessors annual qualified reassessment, supported by the outside internal inspection model, is intended to be a sustainable replacement for all future revaluations.

3. Revision Compliance

• The demonstration program provides the power to compel the implementation of revaluation, reassessment, compliance plan and maintenance programs. By providing the ability to expedite the implementation of the revaluation process there will be greater precision in the timely assignment of the individual tax liabilities putting an end to the protracted over/under payment of taxes.
• The authority to compel facilitates the implementation plan for annual qualified assessments.
• In accordance with the State approved implementation schedule, all Monmouth County towns will be performing annual qualified reassessment supported by 5 year internal inspection programs in the year 2018.

4. Assessment Standardization and Technology Details

• This Demonstration program proposes changes that will provide enhanced system administration by requiring that ALL municipalities within the county utilize the same property assessment software.
• As a state certified vendor Monmouth county has offered shared services to all municipalities since 1996
• In accordance all 53 municipalities will participate in the shared service program beginning 2014.
• Transparency  Posting of public documents under the OPR website:
  
  http://oprs.co.monmouth.nj.us
• Integration with Monmouth county GIS
• Expansion of the Online Appeal Portal
  https://secure.njappealonline.com
• Adopted procedures utilizing Statistical Analytics software

Understanding the building blocks for a successful property assessment tax appeal

emphasizing 2014 Property Assessment change details.

ATTENTION MONMOUTH COUNTY NJ

PROPERTY OWNERS
ASSESSMENT APPEAL APPLICATION DEADLINE

JANUARY 15 2014

(PREVIOUSLY THE DEADLINE WAS APRIL 15)

 

In march 2013, Gov. Christie signed into law chapter 15 P.L 2013 known as Assessment demonstration Program to begin in tax year 2014. The Monmouth board of Taxation and the Monmouth County of Assessors has decided to be the first in the state to take on this cost saving project. Many changes will be put in place over the next FIVE years. 

1. Remember the Assessor is ALWAYS right about your assessment unless you want to lose.
2. Remember that your assessment was created on October 1st of last year. Example October 1st 2012 for the year 2013.
3. Alwys find 3 good reasonable sales and find those closed  sales between January and December of last year. Example 2012 for tax year 2013.
4. Remember NOT to talk about your neighbor's assessment unless you want to lose. 1 strike
5. Rember NOT to mention your own property taxes unless you want to lose. 2 strikes
6. Breaking up your assessment between land and building is a sure way to weaken your case for reduction. 3 strikes
7. While you may not rest on the 7th day, the Assessor does!
8. consider if you are the expert or if you NEED an expert (appraiser etc) . Experts have boundaries and lend credence to the sales.
9. Contrary to what you may think, you may need an Attorney, especially if you are an LLC or Corp. Any and ALL experts MUST be with you at the meeting!
10. Chapter 123 - is a "cautionary tale" of potentially winning the battle but losing the War.
11. Consider filing your appeal and documentation Online.
12. ALWAYS BE CONFIDENT! Do not be distracted and always give an honest courteous response.
13. ALWAYS Direct your remarks and responses to the Commissioner, not necessarily to the Assessor, Attorney or the Representative from the Revaluation company.
14. Always start your testimony by describing you house, land, or building. Example: the style, how many bedrooms, how many baths, basement/no basement, garage/no garage, deck, fireplace, air conditioning, are you on a busy street or not, do you have a water view or are you on the waterfront, the size of your lot - describe the condition of your home in terms of good, average, fair or poor.
15. BE PREPARED to tell the Commissioner in a sentence or two why your Assessment does not represent Market Value.
16. COMPARE and describe the closed comparable Sales you selected ending withthe closed price and date it closed
17. Confidently End with YOUR Opinion of what you believe the value of your property should be based upon your comparable sales information which you presented.