Monroe NY Real Estate Results – March 2017
The Monroe, NY real estate results are now available for the March 2017 period. March was an unusual month in several respects as follows.
Nineteen homes closed in the month. That volume was 46% higher than February, and was 36% higher than March of 2016. In terms of overall inventory, available single family homes in Monroe NY now number 98. That is an increase of 8 over the end of February. Even though inventory is increasing, levels still remain low in terms of a “typical” number of available houses in the area.
Median Sales Prices
March sales price results were interesting for several reasons. First, the median price for March 2017 was $220K. This was a drop of 25% over the previous month and 16% less than the same time last year. This was probably primarily due to the huge number of distressed properties that were sold. Specifically, 37% of sales were either foreclosures or short sales. I think this points to the fact that everything is selling now; even those houses that need a lot of work.
The second interesting thing to note is that March results included the highest priced home ever sold in Monroe (at least as far back as MLS records go) and one of the lowest priced. They were as follows:
- A two bedroom, one and a half bath 1,400 square foot bungalow foreclosure property sold for $60K. It was in a flood zone and needed a lot of work to make it livable again. While not the lowest price ever received for a Monroe house, it was in the bottom 0.7% of any single family home sold.
- A huge 12,000 square foot seven bedroom mini-estate with six full and two half baths sold for $1.75M. This home included a 5,000 square foot pool house, a 12 person steam room, fireplace, kitchen and surround sound system (to name just a few amenities of the pool house). There were zip lines in the rear of the home, seven acres of property that also included a professional volley ball court and heated salt water pool. The house had SEVENTY surround sound speakers, a game room, private gym, theater and more.
So March was a very interesting month in terms of Monroe real estate. If you would like any other information for this area or any part of Orange or Rockland counties, feel free to call me on 914-419-0270 or email me at email@example.com.