Real Estate Market Report in Dutchess County NY During May 2010
During May there were 18 less single family homes sold than same time last year. However both the median and average sale price were higher this year.
Last May the absorption rate was 15.24 which is the number of months it would take to work of the existing inventory, this May it is up to 19.59 if you look at the chart you will see the reason for this. The inventory in May 2010 was 187 more than same time last year.
See the chart below for more details.
Fishkill is in Southern Dutchess County NY this photo shows intersection of Routes 52 and 9
SINGLE FAMILY DETACHED SALES MAY 2010
DUTCHESS COUNTY NY
| Year | Average Price | Median Price | # of Sales | DOM |
Inventory |
Absorption Rate | Purchase offer 1st of Month |
| May 09 | $312,489 | $270,000 | 124 | 127 | 1890 | 15.24 | 150 |
| April. 10 | $285,324 | $250,000 | 123 | 122 | 1927 | 15.66 | 142 |
| May 10 | $348,110 | $295,000 | 106 | 132 | 2077 | 19.59 | 164 |
In the townhouse/condo market there was a 55.6 percent increase in the number of units sold, going from 18 last May to 28 this May. The absorption rate went from 22.38 last May to 11.83 a significant drop; you could clearly see the co-relation between the number of sales and the absorption rate.
There was a drop of 4.3 percent in the average sales price when compared to same time last year. However the median price was higher than last year by 9.2 percent. The norm is to see the average price higher than the median price however take a look at the number below and you will see this May the median price is higher than the average price.
SINGLE FAMILY ATTACHED SALES May 2010
(Condos & Townhouses)
DUTCHESS COUNTY NY
| Year | Average Price | Median Price | # of Sales | DOM |
Inventory |
Absorption Rate | Purchase offer 1st of Month |
| May 09 | $228,633 | $211,900 | 18 | 138 | 403 | 22.38 | 28 |
| April 10 | $233,019 | $225,000 | 31 | 123 | 367 | 11.83 | 36 |
| May 10 | $218,771 | $231,500 | 28 | 139 | 375 | 13.93 | 39 |
Tip for Sellers
- Because of the high inventory level and the longer period properties are on the market, coupled with short sales and foreclosures many buyers are looking for a good deal. With that in mind many buyers will start with a low offer; don't just dismiss the offer, use the opportunity to negotiate and just maybe there will be a meeting of the mind.
Buyers
Getting a mortgage is much harder these days. It is impossible to buy a house without cash or a mortgage, therefore before staringt that home search find out just how much money a bank would be willing to lend you. Don't set yourself up for disappointment by finding a house and then not being able to secure financing.
Copyright © by Jennifer Fivelsdal, all rights reserved-Real Estate Market Report in Dutchess County NY During May 2010
***Data for report obtained from Mid-Hudson Multiple listing Service. Deemed reliable but not guaranteed
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com
www.jfivehomes.com or www.midhudsonhomevalue.com
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