The Monroe, NY real estate results are available for February 2019. The number of monthly sales decreased from the previous month, available inventory decreased and sales prices increased.
Following is an overview of the February 2019 Monroe NY results.
Sales Volume
In the month of February 2019, there were 14 single family home sales. This number was less than the January results, but that is typical February behavior. That being said, February 2019 sales were 40% higher than last February, so this year is definitely starting off stronger than 2018. Also, there are 42 homes currently under contract with nearly half going under contract at least a month and a half ago. Those sales will probably show up in the March results.
In terms of inventory, at the end of January 2019 there were 88 homes on the market while at the end of February there were only 75, a decrease of 15%. At the end of February 2018, there were 78 homes on the market, so the market is carrying just about the same level of inventory as a year ago. Also of interest, the current number of active listings represents less than 4 months of inventory. That means that at this moment, the market is leaning towards a seller's market. I do expect a few more homes on the market by the March report, which should get us back to a balanced market.
Median Sales Prices
The median sales price for February 2019 was $309,250, an increase of about 12% over January 2019 and just a bit higher than the same time last year. Those are healthy results for the area. And just some informational tidbits: the most expensive house and least expensive house in February were both cape-cod style homes. The lowest priced one was a 1928 three bedroom, one bath home with 1,600 square feet. It was a foreclosure that sold for $136K. On the high end was a four bedroom, three bath home with 2,300 square feet of space. This home had hardwood floors, an eat-in kitchen and central air conditioning and it sold for $380K.
Summary
It remains a great time to sell, especially because the inventory has decreased and buyers need more choices. If you are a seller and want to put your home on the market, let's do it. Soon the Spring market will be in full swing and the competition will heat up!
If you are a buyer, there are still some opportunities but it's important to be ready to make an offer as soon as you find "the" house. The best way to ensure you're ready is to talk to a real estate professional. I'm happy to help if you are in Orange or Rockland Counties!
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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