As mentioned in my previous posts, the town of Monroe NY real estate market started showing signs of price improvement in 2014 and the first quarter of 2015 continued that positive trend.
In January 2015, the median sales price was 15% higher than the same time period in 2014 and in February and March, the 2015 results were about 11% higher. Not only that, but similar to last year, the February and March 2015 median showed an improvement over January, continuing to indicate a positive price trend in the Monroe, NY area.
However, the April results are now in, and as indicated by the red bar in the nearby chart, the April 2015 median sales price dropped 28% from the March results, and are about 31% of the 2014 results.
What happened? Personally, I believe this is a temporary blip. There were only ten home sales that closed in the month of April, and many of them were “tough” sales; for example, a very small starter home in a flood zone; a business zoned home that needed clean-up and work; another home that hadn’t been updated since the 1970s and another starter home that needed “TLC”. So I think the types of homes that closed in April just happened to include a preponderance of maintenance-deferred properties. I’m hopeful that when the results from May are available, they will show that Monroe NY is back on a positive growth trend.
If you have any questions about your specific home, and what it might be worth in today’s market, feel free to contact me to discuss!