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
Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Market Report For December 2008
162 Deer Run Road, Red Hook NY 12571| 845-758-6842| Cell 845-594-9947
Jennifer Fivelsdal | Real Estate Broker | jennifer@jfivehomes.com www.jfivehomes.com
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Hi Jennifer,
Wow, 22 months for absorption rate, yikes! BTW, you're working very late tonight!
Lynda, yes we have a lot of work to do, could you send us some buyers? Working late to try and catch up.
I don't see your MeMe yet.... ;-)
Jennifer, thank you for putting up our NY REALITY- while it isn't pretty, it's very helpful to sellers and buyers that need to know what's really going on! It's gotten a bit more difficult to share market info, at least for me, but would be highly remiss not to.
Except, I can't WAIT until the news is finally good- much more fun to post those figures!
Jennifer nice break down of what is going on in the local Real Estate market for Dutchess County. I hope your market starts to show more improvement.
Jennifer those stat's are scary. Yikes the amount of homes sold is terrible in comparison. We are selling pretty close to the same amount of houses but the price has come down so much. Our inventory has been declining the last 1/2 of the year.
Jennifer I really like your breakdown of the Dutchess County New York Real Estate Market Report for 2008. Home buyers like to see numbers and as usual you do a great job of breaking it down with this report. Enjoy the rest of your weekend. Great post.
Jennifer -- the news is interesting, but it is not all bad. With interest rates staying down, the FHA program and the tax credit (for those who qualify) -- this may be a great time for buyers to buyer (and that helps sellers as well). I think out industry sometimes just looks at things from the sellers; point of view! There are great opportunities for buyers.
Jennifer, does not look like 2008 is a year that you guys would want to repeat. Hope things start back up in the other direction in 2009.
Hi Jennifer - while the numbers aren't what you'd like them to be, they are reality and consumers in your area I'm sure appreciate seeing the facts. That just helps them to be better educated consumers, and they can act with knowledge of the market when they read your reports.
Ann
Susie - I have been Memed 3 times I will get to it soon.
Laurie - This is reality and it is best to confront it. i know you would understand.
Bill - I hope it will happen sooner than later
Lanre - Thank you, you are always so encouraging
Joan - You are correct from a buyer's standpoint it is a good market and there are some attractive programs out there.
George- That is my hope.
Ann - That is my feeling, this will educate the consumers about the market and this can help them in their decision making.
Eloise - This is truly a national situation.
great use of market statistics to reach out to your cilents and prospective customers. Hope business is good and have a great day
Numbers tell the story. 22 months of inventory has got to force change!
Jennifer - The best statistic of all is that purchase offers submitted were up almost 40% in December - probably due to the great interest rates!