For at least a year, there have been reports of reduced inventory in the national real estate market. As inventory decreases, prices begin increasing; the old law of supply and demand. As I last indicated in the third quarter of 2013, inventory in Monroe NY had not yet caught up with national averages, and was not shrinking. Has anything changed now that we are a quarter of the way through 2014? Is the inventory of available homes beginning to decline in Monroe NY yet?
YES! I have not been tracking this information monthly (although I will start to do so going forward) and can’t go back to determine how many homes were for sale in the past twelve months, but I do have a few data points as indicated in the first chart.
This chart indicates that since July of last year, inventory in Monroe NY has decreased by 11%. There are currently only 113 houses for sale in the town and villages of Monroe.
So what exactly is for sale? Approximately one third of the homes for sale are Colonial and another third are some style of Ranch (ranch, split, bilevel, raised). The remainder are listed as one of the following: arts & crafts, town home, bungalow, cottage, farm house and two-story home.
The average listing price is $331K, with prices ranging from a low of $79K for a 644 square foot Bungalow to a high of $760K for a 10 bedroom, 5 bath, 3300 square foot Colonial.
So what does this mean?
For buyers: Prices are beginning to rise, and competition for available homes is heating up. Multiple offers are not unheard of. Ensure you are pre-approved and working with a skilled buyer agent before you start looking so you will be ready to make a quick and strong offer as soon as you find the right home. And don’t wait until prices are higher! Now is the time to shop.
For sellers: Because inventory is decreasing and prices are rising, if you have been on the fence about selling your home, now might be the right time. Buyers are looking for new options and are waiting to pounce on anything new.
If you need assistance selling or buying a home in the Monroe NY or surrounding areas, or if you want more information on the Monroe area market, give me a call or text (914-419-0270), or email (firstname.lastname@example.org). I’m waiting for you!