2014 Real Estate Results in Monroe NY
As can be seen in the above chart, which is based on sold single family homes, there has been a $60K increase in median sale prices since January 2014. The blip in May was due to two unique properties being sold that month. Both were much higher than the median sales price – one was a $750K historical estate, and one was a $555K resort-like property; these sales definitely increased the May results more than a changing market would have.
In terms of the number of sales, in July the number of sales of single family homes jumped slightly from an average of about 13 per month to 18. This might suggest that inventory is decreasing, but the sales of 18 were more than offset by 24 new listings that were added to Monroe’s inventory in July, obviously resulting in a net increase of six.
What do these results mean? Only time will tell, but increased inventory typically results in decreasing prices, so the current market might be getting better for buyers and not for sellers. I will be watching August sales carefully and will share results as soon as the month of August has ended.
Feel free to contact me with any questions.