The Monroe, NY real estate results are available for August 2018. The number of monthly sales remains steady, available inventory decreased from last month and sales prices are healthy. If you are a buyer, there is still a decent level of inventory. If you are a seller, it remains a great time to put your home on the market.
Following is an overview of the August 2018 Monroe NY results.
In the month of August 2018, there were 23 sales which is exactly the same as the previous month. I believe the strong sales which occurred over the last four months will continue in September. There are currently 56 single family homes under contract in the area. Many of those should be closing soon. In terms of inventory, at the beginning of September there were 134 single family homes on the market. That's 5% fewer than the same time last month.
Median Sales Prices
The median price for August 2018 was $351K, which is 2% higher than last month and 23% higher than the same time last year. This remains good news for sellers. This year, price points are much higher than they've been in the last few years.
What I find interesting about the sales prices is the following. We still have a fair amount of distressed property sales, specifically foreclosures. In August, 22% of the homes that sold were in this category. Even though most of those homes sold under market value, the overall price points for the area still remained strong. Which leads me to believe the market is indeed healthy.
Days on Market
The homes that sold in January took more than four and a half months to get to signed contract. In August, the time to get to contract for the homes that sold was around two months. Typically, the "hotter" the market, the lower the number of days it takes. Keep in mind that in our area of New York, it could take a few weeks between the time an offer is accepted and the time a contract is fully executed, which is when the listing is changed to "contract." Similar to the last few months, there were several sales in August that were under contract in a few week's time.
The real estate market in the town of Monroe NY remains healthy. Prices are over $300K in terms of median price range. Inventory is decreasing slightly. This is still a great time to sell or buy. 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. The best way to ensure you're ready to sell or buy 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 email@example.com.
For previous market results reports, click here.
Originally published at thehousekat.com.