Monroe NY Real Estate Results – June 2019

Monroe NY Real Estate Results – June 2019

The Monroe, NY real estate results are available for June 2019.  The number of monthly sales, sales prices and available inventory all increased.

Following is an overview of the June 2019 Monroe NY results.

Sales Volume

In the month of June 2019, there were 18 single family home sales which was an increase over May of 12%. However, June’s results were 18% lower than the same month last year when there were 24 sales. There are currently 54 homes under contract which is only a few more than a month ago. As I mentioned last month, sales are continuing but at a slower rate than last year.

Inventory

In terms of inventory, there are currently 147 homes on the market. At the end of May there were 115, a 22% increase in just one month. As is typical this time of year, the inventory levels are increasing as more homes come on the market. At the end of June of last year, though, there were only 120 homes on the market. In fact, current inventory is higher than it’s been in several years.

Also of interest, at least 15 of the homes listed as active have an accepted offer. Subtracting those from the 147 homes on the market represents about seven months of available inventory. My last report indicated five months of inventory, so the market is definitely changing. At this point, it is balanced, with neither sellers nor buyers having the upper hand. It’s on the edge though of becoming a buyer’s market. Sellers who waited until now to sell may have to build in a longer time frame for their sale.

Median Sales Prices

The median sales price for June 2019 was $322,500, which is an increase of 5% over the previous month but down from the same time last year. The slight increase over last month is encouraging, but as mentioned last month, this year’s prices have been lower than last year. With the current high inventory levels, I don’t expect big price increases this year. In fact, I wouldn’t be surprised if prices remained relatively flat, or even fell off a bit. We’ll have to see what July results show.

Type of homes being sold

To get an idea of the types of homes that are selling, the lowest priced home sold in June was a two bedroom, one bath ranch style home with 826 square feet of living space. Believe it or not, that’s almost exactly the same as the lowest priced home that sold last month. The ranch was listed as needing some “TLC.” It was listed at $155K and sold for $143K. That’s lower than the lowest priced home last month.

The most expensive home that sold in June was a four bedroom, three full and two half bath Colonial style home with nearly 5,000 square feet of living space. This home included 1.4 acres of land, radiant heat in the floors, a professional kitchen, butler’s pantry, heated three-car garage, concrete pool, hot tub and more. This home was listed at $719K and sold at $695K. That’s higher than the highest priced home last month.

Summary

It’s a great time to buy and a good time to sell.  If you need assistance doing either, give me a call me on 914-419-0270 or email me at kat@thehousekat.com.

For previous market results reports, click here.