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.
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.
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 firstname.lastname@example.org.
For previous market results reports, click here.
Originally published at thehousekat.com.