Homes sales in Monroe CT for the month ending January 31, 2016 showed a slight increase as compared to January 2015. Not quite up to the strong finish in December 2015 (see chart below) but still on par with the previous months.
Average list and sales prices both decreased 4% and 3% respectively with the median going down 24% as well. Bulk of sales last year were clearly above the average for the month as the chart indicates a higher than usual median in January 2015.
Market absorption rate was at 6.85 months. Translated it would take 6.85 months to sell off the present inventory of 89 homes putting Monroe back into a buyer's market statistically for the month.
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Futures show 23 houses under deposit and 12 properties under contract.
Thinking of selling and want to know what your home might sell for? Get a FREE Monroe real estate comparative market analysis.
Sellers: Please read Biggest Home Seller Mistakes if you are thinking of listing your home. Don't make the #1 biggest mistake!
Which houses attracted buyers and sold in Monroe CT in January 2016?
Monroe CT January 2016 Homes Sold
(as recorded in the Greater Fairfield County MLS as of 2/25/2016)
The absorption trend, which shows the number of months it would take to sell the entire inventory at the same pace, came in at 5.13 for the last three months, which statistically is a seller's market.
Note that this rate is for ALL houses. If you are selling your home, your agent should calculate the absorption rate trend for your price point to get a more accurate analysis.
With the bulk of sales below the usual average ($300-$400K) and very few sales over $500K, this month's average is in low territory for the past year.
The 'sweet spot' for sales this month was in the $200 - $300K range. No matter which range you are in, prepare your home wisely for a sale. Refer back to the 'home seller mistake' link above.
Want to know what your home is worth in Monroe? Get a FREE Monroe real estate comparative market analysis done for your property.
The success in selling your house in Monroe CT or any other community is dependent upon accurate pricing, effective preparation, calculating the absorption rate for your particular price point, and having a strong online marketing presence. A house will sell if there is a synergy among all four.
CONTACT ME for advice on how to LIST, MARKET, and SELL your home effectively in today's market. All agents do not provide the same marketing services.
Date Source: Greater Fairfield County Multiple Listing Service -- February 25, 2016. No representation or warranty is made to the accuracy of this information.
Related Monroe CT Posts:
Monroe CT Market Report Archive
Monroe CT Real Estate Market Report and Homes Sold January 2016