As mentioned in last month’s update, many recent reports about the national real estate market have claimed housing is now a seller’s market, with reduced inventory and increased sales prices. With fewer available homes, competition for each home is increasing, bidding wars are occurring, and prices are being driven up.
At least that is what general reports have indicated about the national market, but real estate is very localized. Is this what is happening in Monroe, NY?
The answer is yes, and no.
The following chart reflects actual sales volume and sales prices for the last seven months in Monroe, NY.
After years of declining average prices in the area, there is an upswing in pricing. Average sales prices of single family homes in Monroe NY were $234K in December, reaching $297K in June. In February and March, the prices were even higher, with a drop in April, and then another uptick in May. So based on the last seven months, prices are on an upward trend. That’s great news for sellers. It’s also an indication that buyers should be prepared to pay more for homes now then they would have in December 2012. The pricing trend might also encourage buyers who have been waiting to get started because prices are expected to continue to climb.
And what about the national results that show a decrease in inventory. Is that also happening in Monroe, NY?
Not yet. While it is true that in many areas of the country, inventory levels are shrinking, that’s not the case in the Monroe NY area. As can be seen in the above chart, 86 single family homes have sold in the past seven months, but the same number of homes was added to inventory. A report pulled in late November 2012 showed active homes for sale that numbered 124. A report pulled on July 17th 2013 showed a slightly higher number. 126. Even though the number sold in June decreased, which would suggest a reduction in availability, the number of available homes indicates the overall number of single family homes has not yet decreased.
What does this all mean?
It means Monroe New York remains behind the national trends. Inventory is staying consistent, but prices are increasing slightly. I’ll update this information after the July results are in and will be looking to see whether there is a significant change.
If you have any questions regarding these results, or real estate in the Monroe NY area in general, feel free to contact me at 914-419-0270 or via email at Kathleen.firstname.lastname@example.org.
Also, if you are a home owner in the Monroe NY area, and would like an estimate of what your home might currently be worth, click here for more information.
All data from MLxchange.