Mike Korchinski, a branch vice president at Coldwell Banker Realty, cited a 16 percent increase in home prices in Monroe over the past year and a further 4 percent increase in the first quarter of 2022. “We are on track for a 12 percent annual increase for 2022,” he said. “It’s astronomical.”
But that hasn’t stopped buyers. Jane Ferro, a sales associate with the Levinson Ferro team at Coldwell Banker, said sellers receive multiple offers within days of listing their homes. “Inventory is low, buyers are flocking and everything is in excess of demand.”
Based on information provided to SmartMLS, Inc. and compiled by SmartMLS, Inc., as of May 17, 18 single family homes were on the market ranging from a 1,568 square foot, three bedroom colonial home built in 1955 to 0.23 acres and was listed for $190,000, to a 6,942-square-foot, six-bedroom Colonial home built in 1993 on 2.86 acres and listed for $1.749 million. There were 10 condos for sale ranging from a 1,671 square foot two bedroom condo built in 1994 and listed for $350,000 to a 2,456 square foot two bedroom condo built in 2022 and listed for $579,900. There was one apartment building on the market, a 3,591-square-foot, five-bedroom home that listed for $539,900.
The average selling price for a single family home during the 12 month period ended May 17 was $485,000, up from $440,800 for the previous 12 months. For multi-family homes, the median price was $429,500 compared to $470,000 in the previous 12 months. For condos, the median price was $302,500 versus $235,000.