January to August 2014 Real Estate Market Results: Monroe NY 10950
As can be seen in the above chart, which is based on sold single family homes, there has been a $75K increase in median sale prices in Monroe NY since January 2014. The blip in May was due to two unique properties (an historical estate and a resort-like property) being sold that month which increased May results more than a changing market would have. As of the end of August, median prices continue to hover around the $315-320K mark, which is a large improvement over the beginning of the year.
In terms of the number of sales, in July the number of sales of single family homes jumped slightly from an average of about 13 per month to 18. Instead of resulting in a shrinking inventory, though, the sales of 18 were more than offset by 24 new listings that were added to Monroe's inventory in July, resulting in a net increase of six. August sales were also at 18, with 21 new listings being added to the Monroe inventory, again slightly increasing total inventory.
What do these results mean? Only time will tell, but increased inventory typically results in decreasing prices, so this might mean the Monroe real estate market will get better for buyers and not for sellers. However, that was my thought at the end of July and in August prices continued to rise. I will be watching September sales carefully and will share results as soon as the month has ended.
Feel free to contact me with any questions.
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