Dutchess County real estate market report continue to show a decrease in most categories when compared to same time last year. August 2007 the median sale price was $350,000, this August it is $317,000. It was good to see a decrease in Days on Market which is an indicator that some properties are selling faster.
A question that I have been asked many times is: Since fall is approaching is this a good time to put my house on the market? I would say it is a great time. This is the time when the children are back in school and parents find it easier to go house hunting, many second home buyers look at this time. This is also the time of year that people start to think about their taxes and investing in real estate might be the thing to do.
But aren't we approaching the holiday season? Yes we are, but many sales are made right up to just before Thanksgiving.
Although we are in the Northeast and can have a harsh winter, in years where the weather was mild many properties were purchased in December and January
- So if you need to sell, price it right and you might just find a buyer.
Breakdown of the numbers for single family Detached
Median Selling Price - $317,000a decrease of 9.4% over August 2007
Average Selling Price - $360,311 a decrease of 11.3 %over August 2007
Closed sales - 133 a decrease of 26.5% from August 2007
Inventory at beginning of month - 2311 an increase of 2.5% over August 2007
Days on market - 115 a decrease of 13.5% over August 2007
Absorption rate for August 2008 2311/133= 17.37 months to clear inventory
Unlike the single family detached housing, the townhouse and condo market had 54.3% increase in the Days on Market and the sales volume was down by 55.8%
Breakdown of the numbers for single family Attached
Median Selling Price - $177,000 a decrease of 24.7% over August 2007
Average Selling Price - $191,516 a decrease of 19.9% over August 2007
Closed sales 32 a decrease of 44.8% from August 2007
Inventory at beginning of month - 388 an increase of 6.5 % over August 2007
Days on market - 142 an increase of 54.3% over August 2007
Absorption rate for August 2008 388/32= 12.12 months to clear inventory
****Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- firstname.lastname@example.org
Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County Market Report August 2008