Monroe NY Real Estate Results – March 2018

Monroe NY Real Estate Results – March 2018

The Monroe, NY real estate results are available for March 2018. The number of monthly sales increased, available inventory increased slightly 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 the March 2018 Monroe NY results.

Sales Volume

In the month of March 2018, there were 18 sales, which is an 80% increase over previous month and is about even with March 2017. As I mentioned in the last report, the slow January and February sales rates did not indicate a lower sales trend. There are currently 40 single family homes under contract in the town of Monroe. Those should be closing sometime in the next month or two. I do expect April and May results to continue to be somewhere in the vicinity of 20 sales per month. As of April 1, 2018, there were 82 single family homes on the market, which is only about four months of inventory. 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. February was $302,500 and March 2018 median price was $334,450.  In addition to the upward trend this year, each month has also been higher than the same month in the previous year. While sales prices have not been on a straight linear trajectory over the past year, in general the sales trend is definitely on its way up. That is good news for sellers who want to sell.

Days on Market

The homes that sold in January took more than four and a half months to get to signed contract. In March, the days on market for the homes that sold was slightly less. If we remove a few outliers from the equation, for example, a distressed home that sat on the market a year, the actual days to get to contract in March were closer to three months. In this area, contracts often take a month or more after the acceptance of an offer in order to be fully signed, so offers are being accepted much faster than evidenced by the statistics above.

Bottom Line

The real estate market in the town of Monroe NY remains healthy. First quarter 2018 prices have bounded back into the $300K median price range (up from $237K the same time period last year). 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. 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! To get started, call me on 914-419-0270 or email me at kat@thehousekat.com.

For previous market results reports, click here.