As I shared recently in my Monroe NY 4Q12-4Q13 results, the average sale prices in Monroe bopped up and down last year, but overall, prices did slowly inch northward, ending the year with a very small price increase. That is of course encouraging news for sellers. In addition, while prices were rising, the number of sales were healthy, rising 14% in 2013 over 2012. So what kind of homes can a buyer find in Monroe, NY? And how fast are those homes selling?
What size homes do Monroe buyers purchase?
More than half the buyers who move into Monroe (or already are in Monroe and are moving up), purchased large homes. 60% of home buyers purchased homes that had 4 bedrooms or more, and those homes sold at an average price of $343K.
What type of homes do Monroe buyers prefer?
47% of all homes purchased in 2013 were Colonial in style. That category was followed by 39% who purchased Ranch homes (including split level, bi level, and good old regular ranch style). Nine percent purchased a cape cod style house, and the remainder wanted two-story homes that weren’t categorized in any specific style, Victorian (only 2!), one Contemporary and one Bungalow. No matter what type of home a buyer might like, more than likely it is for sale in Monroe.
How many days were homes on the market?
Forty-three percent of all homes sold were on the market 60 days or less. Another 20% remained on the market between 61 and 120 days, and 35% were on the market over 121 days. I’ve mentioned many times in other blogs that real estate is extremely local, and national results do not necessarily equate to performance in a specific state, county, or even town. In other parts of the country, homes are in contract in days, so it is evident Monroe NY is not in the fast and furious real estate environment that can be seen elsewhere. That being said, homes are selling, and buyers and sellers just need a bit of patience.
What type of mortgages were used to purchase Monroe NY homes?
In 2013, while cash may be “king,” only 10% of all homes sales were made with cash. The primary vehicles for home purchases in 2013 were FHA mortgages (19%) and Fixed/Conventional mortgages (60%), with Seller financing, ARM and “Other” making up the remainder. Bottom line, regardless of what type of mortgage a buyer is planning to use, it’s definitely possible to find the right home for that mortgage.
This wraps up this report on the 2013 real estate market trends in Monroe, NY. Feel free to contact me if you have any questions!