Hudson Valley Musing

Is the real estate market getting better in Dutchess County NY? You decide.

During August 2011 in Dutchess County NY 147 single family homes were sold according to data provided by the  Multiple Listing Service.  This was an increase over August 2010 of 12 sales and a slight increase in the average price was also noted.  The days on market was also 3 less than last August.

Most of the available inventory is under $300,000, however, there was one property for $7,322,000 that comes with a farm house from 1890 and 418 acres.

Take a look at the graph below as it clearly shows how the Dutchess County real estate market average and median prices trended during the period from 2003-2011. The month of August both during 2010 and 2011 seems to be the lowest point.

Single Family Detached Homes Sales in Dutchess County in August 2011

Condos And Townhouses Report For August 2011

Dutchess County Single Family Detached homes sold June 2011

Looking at the market report for June I was immediately struck by the drop in the number of single family detached homes sold this June when compared to same time last year.  There were 205 in June 2010 and only  125 in June 2011, a significant drop of 40 percent.  Looking at it from a different angle, when comparing the  sales dollar volume this June to last June it was off by $21,871,005.  However, when you look at the year to date the sales dollar volume is up by $1,838,641 this year; this could have been due to a few large multi-million dollar sales since the number of units sold year to date was down by 91.

So, how is the Dutchess County Real Estate Market?  Homes are still selling but remaining on the market over a longer period.  Days on market this June increased by 16 days.  So, homes are on the market for an average of 5 months before selling, some for much longer and others for just a few days.

What can a seller do? Pay attention to the market and make a price reduction when necessary.  This June, the median price is down $17,000 when compared to same time last year.

Buyers, this is your opportunity to get into the market.  I have assisted several first time buyers this year find their first home for very good price and a with a large inventory to pick from.

Condos And Townhouses Report For JUNE 2011

Sales in the condo townhouse market also saw a decline in the number of sales when compared to last year; there were 14 less sales.

The average price was stable however the median price went from $153,750 to $177,000 probably due to sales of more upscale townhouses.  At the same time the sales dollar volume dropped $2,473,780 when compared to last June.

The days on the market, like in the single family detached market, rose by 43 days.

     Dutchess County Real Estate Market Report March 2011 

In Dutchess County during March there was an increase of 21.7 percent in the number of homes sold when compared to the same time last year.  The average price increased by 50.1 percent going from $316,955 to $475,840.  Sounds great. However, this is due to a few multi-million dollar sales, one listing in the Town of Washington went for $18,375,000 and another in Tivoli for $4,391,600.  The median sales price gives a more realistic view of the sale price in the county and for March it was $242,450.

Looking closely at the properties that sold and it is clear that most of the homes sold were under $300,000.  7 sold for more than the original asking price, 3 sold for the asking price and the rest all saw some sort of price reduction, even, the home that sold for $18,375,000 came down over $7,000,000.

Inventory is down slightly,  so is the absorption rate which went from 23.03 months in February to 15.45 months in March.

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

In the townhouse and condo market, also known as single family attached, 5 less units sold which is a 20 percent drop when compared to last year same time.  Both average and median price fell, see chart below.

 At the same time there was an increase in days on market as well as available inventory.                                                        

                           Condos And Townhouses Report For March 2011

**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  March 2011

Dutchess County Real Estate

In Dutchess County during May the number of properties available for sale continued to grow.  At the same time the number of sales dropped 31.1 % over same time last year.  It was also noted that there were 20 less sales in May 2008 than in April 2008. Another noteworthy fact was that the current sales dollar volume was off by 37.5% over same time last year.  In May 2007 the current sales dollar volume was: $65,839,390 this May it was $41,148,917

  Breakdown of the numbers for single family Detached

Median Selling Price - $325,000 a decrease of  5.8 % over May 2007

Average Selling Price - $377,513 a decrease of 9.4%  over May 2007

Closed sales  - 109  a decrease of 31.0% from May2007

Inventory at beginning of month - 2105 an increase of  4.8 % over May 2007

Days on market  - 130 a decrease of 3.0% over May 2007

Absorption rate for May 2008 2105/109= 19.31 months to clear inventory

The observation of the the townhouse/condo market was that the number of closed sales dropped 37.0% over same time last year.  Last year there were 54 sales this May only 34.  There was also a significant drop of 43.2% in the current sales dollar volume from $11,670,156 to $6,631,326.

Breakdown of the numbers for single family attached

Median Selling Price - $195,000 a decrease of 1.1% over May 2007

Average Selling Price - $ 195,039 a decrease of  9.8%  over  May 2007

Closed sales  - 34 a 37.0% decrease over May 2007

Inventory at beginning of month - 362 a decrease of  5.7 % from May 2007

Days on market  - 118 an increase of  1.7% over May 2007

Absorption rate for May 2008 362/34= 10.65 months to clear inventory

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

Due to life changing events, real estate will always be a part of our world.  So if you have a need to sell a house this can still be achieved in this market with the assistance of an agent who is informed about the market.  Please call or email me for tips on how to get your property sold in a challenging market.

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

 Dutchess County Real Estate

The trend in February unfortunately did not hold.  There was a significant drop of 39.9 percent in the number of single family detached homes sold this March when compared to last March.  The situation was even worst in the townhouse/condo market a hefty 51.1 percent decrease.

So here is the breakdown for your consideration:

 Breakdown of the numbers for single family Detached

Median Selling Price - $337,000 a decrease of  2.3% over March 2007

Average Selling Price - $374,227 a decrease of 8.3%  over March 2007

Closed sales  - 83  a decrease of 39.9% from March 2007

Inventory at beginning of month - 1878 an increase of  5.2 % over March 2007

Days on market  - 130 a decrease of 5.8% over March 2007

Absorption rate for March 2008 1878/83= 22.62 months to clear inventory

Breakdown of the numbers for single family attached

Median Selling Price - $187,500 a decrease of  20.2% over March 2007

Average Selling Price - $ 243,678 an increase of  2.3%  over  March 2007

Closed sales  - 22 a 51.1% decrease over March 2007

Inventory at beginning of month - 332 an increase of  1.5% from March 2007

Days on market  - 141 an increase of 58.4% over March 2007

Absorption rate for March 2008 332/22= 15.09 months to clear inventory

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

Spring is here and the weather this week was more than we could have hoped for.  It is my observation that this warm weather has brought out many buyers, from the first time home buyer to the person looking for a second home.  Oddly enough although the inventory is high I am working with several clients who just can't find the right property, the point is don't hestitate to put your property on the market it might just be the right property for one of these buyers.

A question I have been asked very frequently is: Is anything Selling? and the answer to this is yes!  speaking to other agents clients are making offer.  Personally in the last 2 weeks I had 3 accepted  offers.

Although the days on market is much longer than we would like it to be, the Mid Hudson Valley Region is very beautiful and still within commuting distance to Westchester and  New York City.  People priced out of those markets can find a nice home in this area.

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 Real Estate Market Report  March 2008

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.

MARKET REPORT 

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- jennifer@jfivehomes.com 

www.jfivehomes.com  or www.midhudsonhomevalue.com

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