Monroe NY Real Estate Results – February 2018
The Monroe, NY real estate results are available for February 2018. The number of monthly sales decreased, inventory has increased since the last report and sales prices for the month were higher than last month. If you are a buyer, the still-low level of inventory means you need to be ready with your pre-approval should the right house appear on the market. You also need to be prepared to make a strong offer. If you are a seller, now remains a great time to put your home on the market. Competition is still low, and buyers are ready.
Following is an overview of February 2018.
In the month of February 2018, there were 10 sales, which is a slight drop of the previous month and the same month last year. As I mentioned in the last report, I do not believe the past few months are indicative of a lower sales trend. In fact, there are currently 41 single family homes under contract in the town of Monroe. Those should be closing sometime in the next month or two. I do expect the March results to be higher than the last two months. Monroe remains a seller’s market, where sellers with correctly priced and presented homes can sell quickly.
Median Sales Prices
The median price for January of this year was $255K. For the month of February, that median price point jumped to $302,500. That is slightly higher than the same time period last year. The January results included several low-priced and distressed properties. There were also foreclosed homes included in February sales, but they were higher in price and in better condition so did not pull down the averages as much as they had last month.
Days on Market
The homes that sold in January had taken about four and a half months to get to signed contract. In February, the days on market for the homes that sold was significantly less. February sales were getting to contract in two and a half months. In a sellers market, homes will typically sell quicker, so the February results definitely make sense.
Even with the lower number of sales in February, the real estate market in the town of Monroe NY remains healthy. Prices have bounded back into the $300K median price range and inventory remains low. Quality, well-priced homes are needed! If you are a seller and want to put your home on the market, now is the time. If you are a buyer, it’s important to be ready to go, and the best way to ensure you’re ready is to talk to a real estate professional. I’m happy to help! To get started, call me on 914-419-0270 or email me at email@example.com.
For previous market results reports, click here.