The number of single family detached homes sold in Dutchess County in December 2011 was 112 which was 12 less than the same time last year. Average price fell 13.4 percent and median 13.1 percent; the comparison to last year is noted in the chart below.
What is the average time on the market for Dutchess County single family homes? 152 days which is 6 more than same time last year. The inventory fell 6.6 percent and the absorption rate fell by 2 months from last month, but we are still in an entrenched buyer's market.
Keep in mind that although it is a buyer's market there are still properties that will get multiple offers and will do so in just a few days.
Sellers your competition is not just another resale put also the distressed market which consist of the short sales and foreclosures. These properties are more aggressively priced therefore you do need to pay close attention to pricing the home to sell from the get go.
The graph below will give you a picture of the rise and fall of the market from December 2003-2011.
Is the market picking up? that is a frequently asked questioned. I personally saw more buyers out looking at homes in the last 2 months of the year and I heard the same thing from other agents, so I am hoping we will see great numbers in January.
Usually in the winter things slow down but with the weather staying warmer and the lack of snow that is probably one reason some decided to get a headstart on buying a house. So sellers instead of waiting for spring when the competition heats up now would be a good time to get your home on the market.
Single Family Detached Homes Sales in Dutchess County in December 2011
| Year |
Average Price |
Median Price |
# of Sales |
DOM |
Inventory
|
Absorption Rate |
Purchase offer 1st of Month |
| DEC 10 |
$328,799 |
$290,000 |
124 |
146 |
2025 |
16.33 |
121 |
| NOV 11 |
$284,646 |
$237,750 |
108 |
160 |
2037 |
18.86 |
114 |
| DEC 11 |
$284,794 |
$252,000 |
112 |
152 |
1892 |
16.89 |
121 |
The condo/townhouse market in Dutchess County during December 2011 ended on a high note. There was a 24 percent increase over same time last year, that is, 6 more units sold.
It was also good to see the average price increased by 14.8 percent to $207,990 and the median by 18.5 percent to $171,000.
Once gain the charts and graphs below provides a more detailed picture of the market.
Condos And Townhouses Report For December 2011
| Year |
Average Price |
Median Price |
# of Sales |
DOM |
Inventory
|
Absorption Rate |
Purchase offer 1st of Month |
|
DEC 10
|
$181,234 |
$144,250 |
25 |
138 |
432 |
17.28 |
32 |
| NOV 11 |
$147,444 |
$124,250 |
18 |
182 |
423 |
23.50 |
15 |
| DEC 11 |
$207,990 |
$171,000 |
31 |
147 |
403 |
13.00 |
20 |
The word Agency means Fannie Mae and Freddie Mac. These are the companies aka "GSE's" that buy the loan from your bank. They impose many of the adjustments you see and end up paying for.
