As mentioned in my previous posts, in 2014, the Monroe NY real estate market started showing signs of price improvement. So how is 2015 starting off, and how does 2015 compare to last year?
In January 2015, the median sales price was 15% higher than the same time period in 2014 and in February it was 11% higher. Not only that, but similar to last year, the February 2015 median showed an improvement over January, continuing to indicate a positive price trend in the Monroe, NY area.
So what is behind these numbers that might be of interest to anyone thinking of buying or selling a home in the Monroe NY area?
House Style: Homes that typically bring a higher price in the Monroe NY market are colonials and new construction, while bi-levels, ranches and cape cods tend to result in a lower average price point. A slightly higher percentage of colonials and new construction were sold in January 2015 over 2014, but in February, the reverse was true. So the types of homes being purchased don't seem to have had much of an impact on the price trends.
Short Sales: Short sales and foreclosure sales typically suppress the median and average results since these homes are often vacant and their condition is often poorer than other homes. The number of Monroe NY sales attributed to either short sales or foreclosures was essentially the same in 2015 as in 2014, so it doesn't appear they have had an impact on the price increases either.
So what does this mean? I'm taking this data as a sign that Monroe, NY is truly on the way out of the doldrums that have impacted the real estate market in the recent past. Of course, as always, only time will tell.
If you have any questions about your specific home, and what it might be worth in today's market, feel free to contact me to discuss!
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