Monroe NY Real Estate Results - January 2018

By
Real Estate Broker/Owner with 406-270-3667, kat@thehousekat.com, Broker/REALTOR® RRE-BRO-LIC-75443

The Monroe, NY real estate results are available for January 2018. The number of monthly sales decreased, inventory is even lower than in the last report and sales prices for the month were higher than last January. If you are a buyer, the shortage of inventory means you need to be ready with your pre-approval should the right house appear on the market. You also need to be prepared to make a strong offer. If you are a seller, now is a great time to put your home on the market. Competition will be lower than it has been, and buyers are ready.

 

Following is an overview of January 2018.

 
Sales Volume

In the month of January 2018, there were 11 sales. That is less than half the sales of the previous month, December 2017, and also less than last January. That being said, I do not believe this is indicative of a lower sales trend. In fact, there are currently 40 single family homes under contract in the town of Monroe. Those should be closing sometime in the next month or two, so the months of March and April should be quite healthy in terms of sales. Another interesting data point is that there were 86 homes on the market at the end of December, and only 66 at the end of January. So even with the lower sales rate in January, Monroe remains a seller's market, where sellers with correctly priced and presented homes can sell quickly.

 
Median Sales Prices

The year of 2017 ended with a median sales price of $295K.  January 2018 was lower, with a median price for the month of $255K. That is still higher than the same time period last year. The lower sales price could actually be indicative of the lower inventory, because even those lower-priced homes that haven't been able to sell are now moving. In January 2018, there were several distressed properties included in the sales. One was a foreclosed cape-cod home which needed enough work to be considered a cash or 203K only sale. Other sales this month included another "as is" foreclosure home, a very small ranch home and a court-ordered sale.

 
Days on Market

The homes that sold in January were those that sat on the market longer, so the days on market number increased for the month. This measurement refers to the time it takes from listing a home to the date that home goes under contract. At the end of 2017, it was taking about three months for that process. The homes that sold in January took about four and a half months to get there. This makes sense, since many of those were not beautiful homes that sold easily.

 
Bottom Line

Even with the lower number of sales and sales price in January 2018, I believe the real estate market in the town of Monroe NY remains healthy. Inventory remains low, and quality, well-priced homes are needed. If you are a seller and want to put your home on the market, now is the time! If you are a buyer, it's important to be ready to go, and the best way to ensure you're ready is to talk to a real estate professional. I'm happy to help! To get started, 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.

 

Comments (10)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Kat - as always you have a very informative report on the Monroe NY market.  I wonder what role bitter cold weather played in January.

Feb 15, 2018 02:24 PM
Lane Yates
Yates Realty Inc. - Charlotte, NC
Lake Norman NC Homes & Charlotte NC Homes

Thank you for sharing Kat. Lots of good NY data here.

Wish you the best in 2018. 

Lane

Feb 15, 2018 07:58 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Nice recap on the market, Kat. It is good to share these stats on a regualr basis.

Feb 15, 2018 08:31 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Grant - Well, that's true. We did have a few very cold weeks. But as you know, those NY buyers and sellers are tough!

Lane - Thank you!

Debbie - I agree, market info is useful when it's done regularly.

Feb 16, 2018 02:17 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Great analysis of Monroe real estate - thank you for sharing!

Feb 16, 2018 07:52 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Great recap on Monroe NY.

Feb 16, 2018 01:43 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Wayne/Jean Marie - And thank you for reading!

Lyn - Thank you!

Feb 17, 2018 02:40 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Feb 17, 2018 07:20 AM
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Kat Palmiotti Great local content for real estate buyers and sellers in your area, thanks for posting. 

 

Feb 22, 2018 06:18 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Roy - Thank you so much!

David - Thank you for taking the time to stop by.

Feb 22, 2018 07:00 AM