Hudson Valley Musing

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

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

There were 108 single family homes sold during November in Dutchess County NY, a 6.7 percent drop when compared to same time last year.  There was also a significant drop in the average selling price, going from $368,151 in 2010 to $284,646 a 22.7 percent drop.   The median selling price also fell 14.2 percent going from $277,000-$237,750.

Although the number of homes sold was only 7 less than last year the current dollar volume was down 31.7 percent which was an indication that more expensive homes were sold last year.  There were also 60 less offers at the beginning of the month, a 34.5 percent drop.

Single Family Detached Homes Sales in Dutchess County in November 2011

In the  condo townhouse market there was also a drop in the number of units sold, going from 27 to 18, a 33.3 percent drop. Both median and average price also fell.  The purchase offer at the begining of the month was off by 58.3 percent  going from 36 to 15.

Condos And Townhouses Report For November 2011

Dutchess County NY Real Estate Market Report

 During October 112 single family homes sold in Dutchess County, 7 more than same time last year.  At the same time when compared to this September there were 33 less sales.

Both average and median selling price fell and for the first time in 9 years the median price fell below $250,000.  Keep in mind this data only applies to properties listed on the Mid Hudson Multiple listing Services.

Single Family Detached Homes Sales in Dutchess County in October 2011

                  Median dipped below $250,000 for the first time in the last 9 years

The Dutchess County single family attached homes saw a 56.3 percent increase in sales; going from 16 last October to 25 this year.

There was a 10.6 percent increase in the average price and 5.0 percent drop in the median price.

Condos And Townhouses Report For October 2011

 Dutchess County real estate  sales increased in September by 26.1 percent when compared to same time last year.   This year there were 145 single family homes sold versus 115 last year.  Because of the increase in sales the absorption rate dipped by 5.5 months.

 The average price was up,  but the median down from last year.  Homes are staying on the market  a few days longer than last year, and the inventory is down 8.3 percent which is a trend we all want to see.  Most of the active listings during the month were priced under $300,000, and about 19 were over $1,000,000.  The most expensive listing was from the Town of Northeast and priced at $5,700,000.

Single Family Detached Homes Sales in Dutchess County in September 2011

The Dutchess County Condo and Townhouse real estate market really heated up in September, there were 27 sales an increase of 125 percent over same time last year.

Both average and median price were down when compared to September 2010.  These properties are staying on the market longer, the days on market went up by 50 days which is a 44.2 percent increase.  Here too the inventory was slightly lower.

Condos And Townhouses Report For September 2011

Dutchess County market report for May when compared to May 2010 showed a decrease in the number of single family homes sold by 7.5%, going from  to 106 to 98.

Most of the homes sold were under $400,000, only 20 where above that mark.  The least expensive home went for $29,100 and was a foreclosure in the City of Poughkeepsie.  The most expensive was in the Town of Washington, a home on 50 acres that was almost 5000 square feet; this home went for $2,250,000.

The report also showed an increase in days on market going from 132 last year to 159.  May's days on market was less than that of April by 8 days.  The number of months it would take to work off the present inventory (absorption rate) went up by a month.

In the chart below,  you will find more details on the real estate market in Dutchess County during May.

 Dutchess County Single Family Detached homes sold in May 2011 

In the single family attached home segment both median and average sale prices fell.  These properties are staying on the market much longer.   The days on market increased by 41 days going from 132 in May last year to 180 this May.  Inventory went up by 23.2 percent and at the same time purchase offer at the first of month fell by 41percent.  The units sold ranged from $52,000 to $464,500.

Condos And Townhouses Report For May 2011

Other Dutchess County Market Reports for May

Rhinebeck

Red Hook

Hyde Park

**Data for report obtained from Mid Hudson Multiple listing Services. Deemed reliable but not guaranteed.

Copyright © Jennifer Fivelsdal, all rights reserved-Dutchess County NY Real Estate Market For May 2011

Dutchess County market report for April when compared to same time last year showed a decrease in the number of single family homes sold by 25.2% going from 123 to 92.

So what sold this April?  More than half of the sales were below $300,000; however 10 homes sold above the half a million mark and 2 of these homes were brand new construction by Toll Brothers.  Rhinebeck had the honor of having the most expensive sale, a house from 1865 for $952,500.

There was just a slight increase in both average and median selling price when compared to same time last year as can be seen in the chart below.  You will also notice that the days on market increased by 45 days and the absorption rate jumped from 15.66 last year to 20.79, what that means is that at the present rate of sale it would take about 21 months to work off the inventory.  The month started off with 18 less purchase offers than the same time last year.

 Dutchess County  Single Family Detached homes sold in April 2011

 In the single family attached home segment the median price was up over 14% because there were some new construction sales with a couple of the homes with sale prices close to the $400,000 mark.  At the same time the number of units sold were 24, down 22.6% when compared with last year.  Similar to the single family detached market the number of days on the market rose by 30.9% to 161.  The purchase offesr wentdown  from 36 last April to 21.

Condos And Townhouses Report For April 2011

 Other Dutchess County Market Reports for April

Rhinebeck

Red Hook

Hyde Park

**Data for report obtained from Mid Hudson Multiple listing Services.  Deemed reliable but not guaranteed.

Copyright ©  Jennifer Fivelsdal, all rights reserved-Dutchess County NY Real Estate Market For  April 2011

     Dutchess County Real Estate Market Report February 2011 

The February 2011 Dutchess County single family home sales were not that much different from February 2010. There were only 2 additional sales. However more expensive homes sold this year. The average sale price last February was $297,415 and this year it jumped to $473,077, also, the median was up 6.3 percent to $244,500.

In January there were 13 more sales and the sales dollar volume was $25,00,980 yet in February it was  $36,900,025. Historically the sales dollar volume is larger in February.

  February 2011 Detail Report For Single Family Detached Homes in Dutchess County

Below I have also provided you with a chart and graph to show the February real estate peformance from 2003-2011

In the townhouse and condo market, also known as single family attached, 3 more units sold this February than last year same time.  Both median and average sale price fell, the median price reduction was 21.4 percent going from $192,000 last year to $151,000.

                           Condos And Townhouses Report For February 2011

**Data for report obtained from Mid Hudson Multiple listing Services.  Deemed reliable but not guaranteed.

Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Real Estate Market For February 2011

Thinking of buying a home in Dutchess County you might finds these related posts informative.

Buying a house in Dutchess County NY - What type of architecture can you expect to see?

Buying a house in Dutchess County NY - What do you do for fun around here part 7

Buying a house in Dutchess County NY - School Information  part 6

Buying a house in Dutchess County NY - Water and Waste water Concern part 5

Buying a house in Dutchess County NY - Tell me about the taxes  part 4

 Buying a house in Dutchess County NY - Do you need Privacy?  Part 3

Buying a house in Dutchess County NY - Where will you work?  Part 2

Buying a house in Dutchess County - What you should know -Part 1

SINGLE FAMILY DETACHED  DUTCHESS HOMES FOR JANUARY 2011  

 The January 2011 Dutchess County market report showed a drop in both median and average price when compared to same time last year.   The median price was down by $25,000.  9 less homes sold this January, and purchase offers at the beginning of the month was also down by 9.

What I wanted to do this month is to show you market trends in January from 2003- present.  The shift in the market can be seen by examining the median and average prices over the last 9 years.

Sometimes when I speak with potential sellers, they will tell me about some neighbor who sold their homes a few years ago for $x, so they they expect to get similar or even more.  This chart will be helpful to you whether you are buying or selling as it will give you a better understanding of the market.

                  January 2011 Detail Report For Single Family Detached Homes

The townhouse and condo market, otherwise referred to as single family attached had 1 more unit sale than same time last year.  However both average and median price fell; in the case of the median price by $27,000.   At the same time the days on market and inventory rose which resulted in a higher absorption rate.

                           Condos And Townhouses Report For January 2011

**Data for report obtained from Mid Hudson Multiple listing Services.  Deemed reliable but not guaranteed.

Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Real Estate Market For January 2011

This is the final market report for 2008.  A year that had many challenges; more inventory, fewer sales and an increase in short sales and foreclosures.

I thought it would be interesting to take a look at some of the numbers in December over the past 4 years.              

                                                             2005           2006          2007        2008

Number of sales                                   208             175            149             89

Absorption rate * ( months )                  8                11             14             22 

*(How long it would take to get rid of existing inventory)

A quick scan shows 2008 sales was less than half of 2005 and it would take almost 3 times as long to work off 2008 inventory.  You can also see the progression to a full blown buyer's market.

• A Buyer's market is 8 months and up.
• Normal market 5-7 months
• Less than 5 months Seller's Market.

   Breakdown of the numbers for single family Detached

Median Selling Price - $ 280,000 a decrease 9.7% from December 2007

Average Selling Price - $ 294,005 a decrease of  26.9% from December 2007

Closed sales - 89 a decrease of 40.3 % from December 2007

Inventory at beginning of month - 1957 a decrease of  7.6% over December 2007

Days on market - 126 a increase of  10.5% over December 2007

Absorption rate for December 2008 1957/89=  22 months to clear inventory

Take a look at the median and average sale price over the last 4 years.

                                 2005                 2006                  2007                  2008

Average                   $383,022         $412,119           $402,267            $294,005

Median                    $342,500         $349,900           $310,000            $280,000

 Breakdown of the numbers for single family Attached

Median Selling Price - $ 210,000 an increase of 2.4% over December 2007

Average Selling Price - $ 209,566 a decrease of  13.9% from December 2007

Closed sales - 27 a decrease of 35.0% from December 2007

Inventory at beginning of month - 362 an increase of  1.7% over December 2007

Days on market - 147 a increase of  26.7% over December 2007

Absorption rate for December 2008 362/27= 13.4 months to clear inventory

****Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Market Report  For December 2008