Hudson Valley Musing

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Dutchess County Real Estate Market Report August 07

August again saw a drop in sales of single family detached homes. At the same time there was an increase in both inventory and days on the market.

On the other hand Condos and townhouses saw increase in the number of units sold and a reduction in the number of days on the market which does indicate that more people are buying these types of properties, and the sales are happening faster.  One reason for this could be these units are more affordable than single family detached properties.

General Montgomery House Rhinebeck, NY

 

MARKET REPORT 

AUGUST SINGLE FAMILY DETACHED

Average Price  $406,086 a 1.2%  increase over August 06

Median Price   $350,000 a .9% increase over August 06

Closed Sales  181 a 20.6% decrease over August 06, at that time 228 units were closed

Days on Market  133 a 13.7%  increase

 Purchase offer at the begining of month was 135 a 8.2% reduction over August 06

An increase was also noticed in the number of listings available at the beginning of the month - 2255 a 1.7%

 

AUGUST SINGLE FAMILY ATTACHED

Average Price  $238,983 a 10.8% increase over August 06

Median Price   $ 235,000 a 27.7% increase over August 06

Closed Sales  58 a 23.4% increase over August 06

Days on Market  92 a 6.1%  decrease

There was an increase in purchase offer at the beginning of the month from 25 in August 06 to 41 a 64%

An increase was also noticeable in the number of listing available at the beginning of the month - 415 a 13.7%

 

***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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Comment balloon 8 commentsJennifer Fivelsdal • September 16 2007 08:29PM

Comments

Jennifer even though the inventory is going up and the number of days on the market are going up, it does not seem that the sales price is dropping.  Maybe the media should look at this.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 13 years ago
Jennifer: It's getting tougher out there for sellers in our area.  It's our job to help get those DOM's down by being creative and helping them sell, sell, sell.
Posted by Diana Corcoran, Rhinebeck Real Estate (Berkshire Hathaway Home Services Hudson Valley Properties) about 13 years ago
good post! Thanks for the helpful information. Have a great one!
Posted by Hank Myers (Hank M. Real Estate) about 13 years ago
Jennifer, that is interesting that townhomes and condos are selling faster than single family homes.  You are right it must be the affordability.
Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 13 years ago
Jennifer - I am seeing more of the market reports written out and I like it. There may be more sales if the sellers make their home accessible, right?
Posted by Paula Henry, Realtor - Indianapolis Real Estate - 317-605-4174 (Home to Indy Team @ HomeSmart Realty Group) about 13 years ago

George- You were correc both average and median prices increased, but far less units sold.  This is not so surprising because both the low end and high end seems to be doing the best.  The problem is with the houses more likely to be purchased by the middle class.

Diana -  It is tough out there and creativity is a must.

Hank - Thanks for stopping by. Have a good night.

Marchel  - I think cost is one reason, the other probably involves seniors now downsizing.

Paula - better access would probably help to move some of these properties faster.

 

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 13 years ago
Thanks for the information. As usually you did a good job preparing this report.
Posted by DDR Realty, Orange County NY (DDR Realty) about 13 years ago
I think the increased popularity of condos and townhouses has a lot to do with price, and perhaps a bit to do with condition. There is generally less expense post-purchase.
Posted by Rosario Lewis, GRI, SRES - DDR Realty - Orange County, NY (DDR Realty) about 13 years ago

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