I found April's report very interesting. Both median and average selling prices for single family detached homes took a big dip. The average price in April 2007 was $398,339 and for April 2008 it was $345,223 a drop of $53,116. When compared to March 2008 the drop was $29,004. One can see a corelation in the drop in price and the increase in sales- 46 more sales were closed in April over March. There was also a drop in the median price; for April 2007 the median price was $345,000, for this April it was $310,000, a decrease of $35,000. The drop from just March 2008 to April 2008 was also $27,000. Another notewothy point is that the absorption rate in April dropped about 7 months. In March we were looking at about 22 months worth of inventory for April it was just slightly over 15 months which again is attributed to 46 more sales closing in April than March.
So here is the breakdown for your consideration:
Breakdown of the numbers for single family Detached
Median Selling Price - $310,000 a decrease of 10.1% over April 2007
Average Selling Price - $345,223 a decrease of 13.3% over April 2007
Closed sales - 129 a decrease of 7.9% from April 2007
Inventory at beginning of month - 1937 an increase of 4.8 % over April 2007
Days on market - 127 a decrease of 7.3% over April 2007
Absorption rate for April 2008 1937/129= 15.02 months to clear inventory
The observation of the the townhouse/condo market also showed a significant drop in both the average and median selling price. For April 2007 the average price was $230,441 when compared to $ 175,000 this April- a drop of $54,782. For March 2008 it was $243,478 when compared to April 2008 avearge of $175,000 there is a drop of $68,019. The April 2007 median price was $216,300 in April 2008 it was $ 160,000 a drop of $56,000. For March 2008 the median was $187,500 by April there was a drop of $27,5000 to $ 160,000. There were no changes in the number of units sold from March to April 2008.
Breakdown of the numbers for single family attached
Median Selling Price - $160,000 a decrease of 26.00% over April 2007
Average Selling Price - $ 175,000 a decrease of 23.8% over April 2007
Closed sales - 22 a 38.9% decrease over April 2007
Inventory at beginning of month - 342 a decrease of 2.6 % from April 2007
Days on market - 117 an increase of 33.0% over April 2007
Absorption rate for April 2008 342/22= 15.55 months to clear inventory
Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)
There is much in this report for sellers to consider. First you need to know what is happening in the marketplace, who is your competition? For example, I just posted about a new subdivision with homes priced competively. Consider, your home is a resale but the price in the subdivision is in line with yours, which house will the buyer go for? Of course, the buyer will want the new construction with the new appliances granite countertops etc. You will also want to keep in mind not only new construction but foreclosures and short sales, these too will have an impact on how your property should be priced.
I continue to say, if a property is priced correctly it will likely sell even in this market.
Addressing the local market, there are values to be found so it is a good time to buy if you are in a position to do so.
Whether you are looking to buy or sell I have many valuable tips to share and would be delighted to help you with the process.
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- firstname.lastname@example.org
Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County Real Estate Market Report For April 2008