Dutchess County NY like most parts of the country has seen a more sluggish real estate market. More price reduction are noticeable, sellers have come to the realization that this is necessary in order to get an offer. There is high inventory, more foreclosures , and the recent turmoil in the mortgage industry has further aggravated the problem.
Buyers who were approved for a 100% mortgage, suddenly found themselves outside in the cold as some sources of financing dried up.
First Time Buyers will now have to have 15-20% down payment along with good credit if they hope to get a mortgage. The tight credit is making selling a house even more difficult. I spoke with several agent who saw their deal evaporated because the mortgage was no longer available to their client.
If you are a seller don't give up hope it is still possible to sell your property, your Dutchess County Realtors are still making sales, however it is taking longer and we so need you to be realistic with your pricing.
JULY SINGLE FAMILY DETACHED
Average Price $431,367 a 1% increase over July 06
Median Price $332,000 a 9.5% decrease over July 06
Closed Sales 176 a 15.8% decrease over July 06, at that time 209 units were closed
Days on Market 107 a 1.9% increase
There was a big drop in purchase offer at the beginning of the month from 160 July 06 to 120 a hefty 25%.
An increase was also noticed in the number of listings available at the beginning of the month - 2239 a 3.9%
JULY SINGLE FAMILY ATTACHED
Average Price $218,791 a 2.6% increase over July 06
Median Price $193,500 a 4.6% increase over July 06
Closed Sales 40 a 14.3% decrease over July 06
Days on Market 98 a 14% increase
There was an increase in purchase offer at the beginning of the month from 32 in June 06 to 47 a 46.9%
An increase was also noticeable in the number of listing available at the beginning of the month - 398 a 46.9%
***Statistics obtained from the Mid Hudson Multiple Listing Services.
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- firstname.lastname@example.org