The Monroe, NY real estate results are available for May 2018. The number of monthly sales remains stronger than the same time last year, available inventory increased and sales prices for the month also increased. If you are a buyer, there are now more homes to choose from. As always, being ready to make an offer means having a pre-approval in place so you can jump on the right house immediately. If you are a seller, while the market is moving towards a more balanced one, it remains a great time to put your home on the market.
Following is an overview of the May 2018 Monroe NY results.
Sales Volume
In the month of May 2018, there were 23 sales which is 21% more than the same time last year and 44% higher than last month. There are 49 single family homes under contract in the town of Monroe. These should be closing within the next month or two so I expect volume to remain strong. In terms of inventory, there are currently 115 single family homes on the market. That's a significant increase over the 85 in last month's report. Based on the data I've been tracking over the past few weeks, the market in Monroe NY seems to be moving from a seller's market to a more balanced one. That means neither buyers nor sellers have the upper hand. However, what I'm actually seeing is that there are still multiple offers and quick sales occurring, so the market is still acting as more of a seller's market.
Median Sales Prices
The median price for May 2018 was $370K, which is 51% higher than the same month last year and 14% higher than April results. Buyers who are on the fence need to get off! And the same goes to sellers! With increasing prices (which may not continue if the market changes) it's time to sell.
Days on Market
The homes that sold in January took more than four and a half months to get to signed contract. In May, the time to get to contract for the homes that sold was three months. Typically, the "hotter" the market, the lower the number of days it takes. Keep in mind that in our area of New York, it could take a few weeks between the time an offer is accepted and the time a contract is fully executed, which is when the listing is changed to "contract." There were several sales this past month that were under contract in a week's time. Some buyers may be moving to contract prior to inspection, just to make sure that house will be theirs. That is definitely a sign of a still-hot market.
Bottom Line
The real estate market in the town of Monroe NY is healthy. Prices are over $300K in terms of median price range. Inventory is increasing. This is still a great time to sell (or buy). If you are a seller and want to put your home on the market, now is the time. If you are a buyer, it's important to be ready to go. The best way to ensure you're ready to sell or buy is to talk to a real estate professional. I'm happy to help! To get started, call me on 914-419-0270 or email me at kat@thehousekat.com.
For previous market results reports, click here.
Originally published at thehousekat.com.
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