2014 Real Estate Results in Monroe NY 10950
What a year! If paying attention to sales price trends is your thing, I'll bet 2015 helped make you a bit dizzy! As can be seen in the above chart, which is based on sold single family homes, by 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 hadn't been seen since 2013. As indicated in the September market report, there were some other data points that might have been helpful in understanding that drop.
And then came October. The median sales price was on its way back up, and the October median was 18% better than it was at the start of the year.
And then, November. In November, the median dropped by $30K over October. A linear trend line would demonstrate a slight upward tick since the beginning of the year, but some of the excitement that prices were going to make a significant improvement this year has dissipated.
And then, December. Both the median and average prices were right around $285K, a 19% increase since the beginning of the year.
What do these results mean? Regardless of the up and down nature when analyzing the month to month results, the bottom line is that in 2014, sales prices increased over the course of the year. Inventory has also been slowly decreasing. While there is no crystal ball regarding the future, the decreasing inventory in Monroe should result in prices that continue to move up.
Stay tuned for 2015 results and feel free to contact me with any questions about Monroe NY real estate!