Mike Korchinski, branch vice president of Coldwell Banker Realty, cited a 16% increase in home prices in Monroe last year and another 4% increase in the first quarter of 2022. “We are on the point of increasing 12% annually for 2022,” he said. “That’s astronomical.”
But that hasn’t stopped buyers. Jane Ferro, sales associate for the Levinson Ferro team at Coldwell Banker, said sellers were receiving multiple offers within days of listing their homes. “Inventory is low, buyers are coming in droves, and it’s all happening too fast.”
Based on information provided and compiled by SmartMLS, Inc., as of May 17, there were 18 single-family homes on the market, starting with a 1,568-square-foot three-bedroom Colonial built in 1955 on 0.23 acre and listed for $190,000, to a six-bedroom, 6,942-square-foot Colonial home built in 1993 on 2.86 acres and listed for $1.749 million. There were 10 condominiums for sale, from a 1,671 square foot two bedroom built in 1994 and listed for $350,000, to a 2,456 square foot two bedroom built in 2022 and listed for $579,900. There was a multi-family home on the market, a 3,591-square-foot, five-bedroom home listed at $539,900.
The median selling price for a single-family home in the 12 months ending May 17 was $485,000, down from $440,800 in the previous 12 months. For multi-family homes, the median price was $429,500, down from $470,000 in the previous 12 months. For condominiums, the median price was $302,500, up from $235,000.