Monroe NY Real Estate Results – December 2018

Monroe NY Real Estate Results – December 2018

The Monroe, NY real estate results are available for December 2018.  The number of monthly sales and available inventory decreased from the previous month and sales prices increased. Monroe is still experiencing a balanced market. 2018 ends with a market that is great for both buyers and sellers.

Following is an overview of the December 2018 and end of year Monroe NY results.

Sales Volume

In the month of December 2018, there were 13 single family home sales. This number was one less than November. Sales do tend to decline late in the year, so the decrease is no surprise. In terms of inventory, at the end of December, there were 102 homes on the market, down 15% from the 120 of a month earlier. Compare that inventory level with the same time last year, when there were only 80 homes on the market. Last year ended as more of a seller’s market, with low inventory and a lot of buyer competition. This year ends with a balanced market, with inventory options still available for buyers.

Median Sales Prices

The median price for December 2018 was $310,000, which is higher than both last month and December of last year. With only a few monthly exceptions, median prices have been above $300K for much of the year. The median price for the entire year was $325K, a very strong price point for Monroe. Another interesting fact for 2018 is that 18% of all the sales were distressed sales, which includes short sales and foreclosures. The preponderance of those were foreclosures, which are typically priced much lower than market value as they often need a lot of work. The median prices may have ended even higher than $325K for the year, if there were fewer distressed properties in the mix.

Annual Summary

During 2018, the real estate market in the town of Monroe NY has moved into a more balanced market.  A total of 229 homes were sold during the year. Those homes were varied in their price and style.

• On the low end, a three bedroom foreclosed lake house which had permit violations and needed a lot of work sold for $53K.
• At the median price range of $325K, there were four homes sold. They included a three bedroom, two and a half bath arts & crafts style home with white picket fence, rocking-chair porch, a deck and pool. There was also a four bedroom, two and a half bath contemporary home that was renovated to include marble and hardwood floors, granite counters, and more. Also a four bedroom, three bath bi-level with hardwood flooring, master suite with full bath, heated in-ground pool and hot tub. And another four bedroom home with renovated kitchen and hardwood flooring.
• On the high end in terms of pricing was a nearly 7,000 square foot colonial with four bedrooms and four and a half baths. This house was situated on three quarters of an acre and it came with practically everything anyone might want. A two-story foyer with sweeping staircase and custom woodwork. A custom kitchen with golden granite counters with water fall edges, hand-cut subway tiles, carved walnut wood details, a pantry and breakfast room. The house had two staircases to the upstairs, a basement with Brazilian cherry and slate flooring, solid mahogany bar and theater. And of course the outside had an in-ground pool, bar, patios and built-in outdoor kitchen.

So there were quite a variety of homes sold during the year, and there are also a variety of homes still on the market. It remains a great time to sell or buy. If you are a seller and want to put your home on the market, let’s do it. If you are a buyer, it’s important to be ready to go. The best way to ensure you’re ready to sell or buy is to talk to a real estate professional. I’m happy to help if you are in Monroe or Orange County! To get started, call me on 914-419-0270 or email me at kat@thehousekat.com.

For previous market results reports, click here.