As mentioned in my previous posts, the town of Monroe NY real estate market started showing signs of price improvement in 2014 and the first quarter of 2015 continued that positive trend. However, in April and May, Monroe price results dipped, with a return to first quarter levels in June.
In January 2015, the median sales price was 15% higher than the same time period in 2014 and in February and March, the 2015 results were about 11% higher. However, the April and May results indicated median sales price drops of ~30% from the March results, with April at 31% and May at 38% of 2014 results.
What happened? In both April and May, there were only about ten home sales and many of them were “tough” sales; for example, a very small starter home in a flood zone; a business zoned home that needed clean-up and work; another home that hadn’t been updated since the 1970s and another starter home that needed “TLC”. So I think the types of homes that closed in April and May just happened to include a preponderance of maintenance-deferred properties. They were also smaller homes than those that sold in the beginning of the year. The average square footage of homes sold in January through March were all between 2100-2500. In April and May, the homes sold were 1700-1800 square feet in average.
In June, Monroe has returned to earlier trends. There were 22 home sales in June. The average sales price was back up near $300K, with a median price of $280K, and the homes that sold averaged 2400 square feet, so larger homes are making up more of the mix. Only time will tell if the positive results will be repeated in July.
If you have any questions about your specific home, and what it might be worth in today’s market, feel free to contact me to discuss!