Monroe NY Real Estate Results – May 2019

Monroe NY Real Estate Results – May 2019

The Monroe, NY real estate results are available for May 2019.  The number of monthly sales and sales prices decreased over the last month while available inventory increased.

Following is an overview of the May 2019 Monroe NY results.

Sales Volume

In the month of May 2019, there were 16 single family home sales which was a decrease over April (11% decrease). May’s results were also 30% lower than the same month last year when there were 23 sales. There are currently 52 homes under contract which is 9 more than a month ago. So sales are continuing, but at a slower rate than last year.

Inventory

In terms of inventory, there are currently 115 homes on the market while at the end of April there were 96. As is typical this time of year, the inventory levels are increasing as more homes come on the market. In May of last year, there were also 115 homes on the market. While the Spring market seemed to arrive a bit earlier this year with inventory increasing as early as March, the market appears to be back where it normally is in terms of what is on the market. Also of interest, at least 10 of the homes listed as active have an accepted offer. Subtracting those from the 115 homes on the market represents about five months of available inventory. Last report indicated four months of inventory, so it appears the market is more balanced, with neither sellers nor buyers having the upper hand.

Median Sales Prices

The median sales price for May 2019 was $307,750, which is a decrease of 13% over the previous month and 17% from the same time last year. It may be a bit concerning for sellers that prices are down during a usually hot time of the year. While there was a slightly higher percentage of distressed sales in May than in April, it was not a big enough change to explain the 13% price decrease.

Taking a look at the homes that closed during May might provide a bit more insight. There were several smaller homes and a few others that were in need of updating and/or maintenance. There were also a few homes that had been on the market for quite a while and probably needed price adjustments to get them sold. So far this month, four homes have sold and the median price of those is similar to May. We won’t know until June is over as to whether this is an aberration or signifies an upcoming trend.

Type of homes being sold

To get an idea of the types of homes that are selling, the lowest priced home sold in May was a two bedroom, one bath ranch style home with 824 square feet of living space. While small in size, the home had some upgrades and was in a commuter friendly location. It was listed at $170K and sold for $160K.

The most expensive home that sold in May was a four bedroom, two and a half bath Colonial style home with ~4,000 square feet of living space. This home included three acres of land with lake views, open floor plan kitchen with granite counters, tumbled marble backsplash and farm sink, 25 foot vaulted ceilings and more. This home was listed at $580K and sold at $565K.

Summary

It remains a great time to sell and buy in the Monroe NY area. If you need assistance doing either, give me a call me on 914-419-0270 or email me at kat@thehousekat.com.

For previous market results reports, click here.