January to September 2014 Real Estate Market Results: Monroe NY 10950
As can be seen in the above chart, which is based on sold single family homes, as of August there had been a $75K increase in median sale prices in Monroe NY since January 2014. As of the end of August, median prices continued to hover around the $315-320K mark, which was a large improvement over the beginning of the year.
And then came September. The median sales price dropped to a level that hasn't been seen since 2013. What happened?
I don't have a simple answer to that, but I do have some additional data points to share.
- The homes that made up the bottom half of the sales in September had been on the market for nearly 10 months on average, with one on the market over two years. These are homes that have been sitting for quite a while and are finally being scooped up. The lowest priced home sold at 52% of the original asking price when it went on the market. Another sold at 73% of the original asking price. The fact that these homes are coming off the market is a good sign, but as more of these homes sold, the average sales prices were dragged down.
- Total inventory in Monroe shrunk during the month of September. While only 11 homes were sold, there were also 14 that went under contract, 6 that were taken off the market, and 12 that expired. That is a decrease of 43, which was offset by 15 new listings. Overall, the result was a decrease in available inventory of 28 in the month of September.
What do these results mean? As always, there is no crystal ball and only hindsight will tell, but with slowly decreasing inventory and fewer longer-term listings on the market, I'm hopeful prices will go back up and this will have been a temporary blip. But stay tuned to this space next month.
Feel free to contact me with any questions.