Dutchess County NY Real Estate Update October 2010
During October the real estate market in Dutchess County NY saw a decline in the number of sales, going
from 155 in October 2009 to 105. That's right, 50 less homes closed this year- that is more than 1/3 less homes sold. What could be the reason for this? Well, last year this time there was the government buyer incentive in place, and many rushed to beat that deadline. No such offer this year.
The average sale price saw a 7.7 percent increase going from $298,982 in October 2009 to $322,023 this October. The median on the other hand fell slightly by 1.9 percent from $265,000 last year to $259,900 this year.
Other noteworthy changes: The inventory was up 13.3 percent over last year but at the same time the purchase offers at the begining of the month were down 22.3 percent. Although the days on market were up over last year it was good to see they were 8 days less than last month.
You will find a more detailed report below including the absorption rate which is the number of months it will take to get rid of the existing inventory. As you can see we are nowhere near a normal market. It is still very much a buyer's market.
Since it is a buyer's market, if you are a seller you will have to make price adjustments and present your home in the best possible condition. Don't ignore any offers. Consider even a real low offer as a starting point.
Just this week, on the news there was a conversation on how people are forgoing job promotions and other opportunities in other parts of the country because they can't sell their home. If you make the adjustment on your home price you might be amazed that by moving to another market you might break even as the homes might be less expensive there. Okay, that's my two cents this month.
SINGLE FAMILY DETACHED SALES OCTOBER 2010 DUTCHESS COUNTY NY
| Year | Average Price | Median Price | # of Sales | DOM |
Inventory |
Absorption Rate | Purchase offer 1st of Month |
| Oct 09 | $298,982 | $265,000 | 155 | 128 | 2027 | 13.07 | 166 |
| Sept 10 | $289,317 | $264,000 | 115 | 141 | 2338 | 20.33 | 139 |
| Oct 10 | $322,023 | $259,900 | 105 | 133 | 2295 | 21.86 | 129 |
The condo and townhouse market, although up over last month, still showed a 36 percent decline when compared to last October.
Interestingly both the median and average price showed gains over last year. The median sale price this year was $212,5000 compared to $183,000 same time last year. The average sale price was $222,378 compared to last year $194,708.
Also worth noting, the days on market jumped 48.6 percent to 165 days. At the same time the inventory rose to 451, an increase of 16.8 percent over last year. Purchase offers at the begining of the month were down significantly - a whopping 42.4 percent.
SINGLE FAMILY ATTACHED SALES OCTOBER 2010 DUCHESS COUNTY NY
CONDOS AND TOWNHOUSES
| Year | Average Price | Median Price | # of Sales | DOM |
Inventory |
Absorption Rate | Purchase offer 1st of Month |
| Oct 09 | $194,708 | $183,000 | 25 | 111 | 386 | 15.44 | 33 |
| Sept 10 | $202,978 | $184,000 | 12 | 100 | 446 | 37.16 | 24 |
| Oct 10 | $222,378 | $212,500 | 16 | 165 | 451 | 28.18 | 19 |
***Data for report obtained from Mid Hudson Multiple listing Services. 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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Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Real Estate Update October 2010
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com
www.jfivehomes.com or www.midhudsonhomevalue.com
