Why isn’t my Monroe NY home worth more? The NEWS says…..

Several times recently, potential sellers in Monroe, NY have been surprised when I’ve shared the comparable market value of their home.   Their surprise is specifically in light of nationwide reporting that indicates the market moved to a seller’s market a year or so ago.   Further, the nationwide look also indicates inventory has decreased significantly and prices have dramatically increased.

Unfortunately for sellers, in Monroe, NY, this is not the story the data supports. While the area has halted the downward trend in market pricing that started in the 2005/2006 time period, and while prices have started back up again, they are moving at a much slower rate than sellers hope for.

Monroe NY 2006 to 2013 real estate trend

As evidenced by the above chart (all data from MLXchange), the increase in average sale prices between 2012 and 2013 has only moved up about $14K.  Of course, as with any average, a lot of homes sold higher than the average price, so it’s important to know that’s just an average.   There were 58 homes in Monroe this year that sold between $300K and $775K, so an average doesn’t mean that’s what your home would sell at!

If you want to know what your Monroe, NY home might be worth in today’s market, feel free to give me a call at 914-419-0270.

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