January- November 2014 Real Estate Results in Monroe NY 10950
What a year! If paying attention to sales price trends is your thing, I’ll bet you are getting dizzy by now. As can be seen in the above chart, which is based on sold single family homes, by August there had been a $75K increase in median sale prices in Monroe NY since January 2014. As of the end of August, median prices continued to hover around the $315-320K mark, which was a large improvement over the beginning of the year.
And then came September. The median sales price dropped to a level that hasn’t been seen since 2013. As indicated in the September market report, there were some other data points that might have been helpful in understanding that drop.
And then came October. The median sales price was on its way back up, and the October median was 18% better than it was at the start of the year.
And then, November. In November, the median dropped by $30K over October. A linear trend line would demonstrate a slight upward tick since the beginning of the year, but some of the excitement that prices were going to make a significant improvement this year has dissipated.
What do these results mean? There is no crystal ball and only hindsight will tell. I was hopeful that with slowly decreasing inventory in Monroe, prices would go back up by the end of the year. In November, total inventory decreased a bit with 15 homes on (or back on) the market, but 34 coming off the market with 13 sold, and the remainder either taken off the market, or pending. While sales prices are slightly higher than the beginning of the year, they aren’t as healthy yet as sellers might like.
Stay tuned for December results and feel free to contact me with any questions about Monroe NY real estate!