Hudson Valley Musing

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Dutchess County NY Market Report For December 2008

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

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Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County NY Market Report  For December 2008

 

 

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  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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Comment balloon 14 commentsJennifer Fivelsdal • January 10 2009 11:53PM

Comments

Hi Jennifer,

Wow, 22 months for absorption rate, yikes! BTW, you're working very late tonight!

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) almost 11 years ago

Lynda, yes we have a lot of work to do, could you send us some buyers?  Working late to try and catch up. 

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) almost 11 years ago

I don't see your MeMe yet.... ;-)

Posted by Susie Blackmon, Ocala, Horses, Western Wear, Horse Farms, Marketing almost 11 years ago

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!

Posted by Laurie Mindnich almost 11 years ago

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.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

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.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 11 years ago

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.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) almost 11 years ago

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.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 11 years ago

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.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 11 years ago

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

Posted by Ann Cummings, Portsmouth NH Real Estate Preferrable Agent (RE/MAX Shoreline - NH and Maine) almost 11 years ago

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.

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) almost 11 years ago

great use of market statistics to reach out to your cilents and prospective customers. Hope business is good and have a great day

Posted by James Wexler (wexzilla.com) almost 11 years ago

Numbers tell the story. 22 months of inventory has got to force change!

Posted by Ann Heitland, Retired from Flagstaff Real Estate Sales (Retired from RE/MAX Peak Properties) almost 11 years ago

Jennifer - The best statistic of all is that purchase offers submitted were up almost 40% in December - probably due to the great interest rates!

Posted by Carol Culkin, Overland Park (Reece & Nichols) almost 11 years ago

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