FACTS ABOUT THE REAL ESTATE MARKET IN DUTCHESS IN MARCH 2009

• When compared to last month, sales are trending upward.
• More properties had accepted offers
• About a quarter of the sales were short sales or REOs
• All of the short sales or REOs had multiple offers therefore if you made too low a bid you were not successful in finding a home.
• Some home owners are pricing more aggressive, realizing they are competing not just against other resales but also short sales and REOs
• First Time buyers are enthusiastic about the low mortgage rates and the $8000 tax credit, more inquires have been made.
• Since last month the days on market was reduced by 24 days, this is an indication properties are selling faster.

   Breakdown of the numbers for single family Detached

Median Selling Price - $ 252,000 a decrease 25.2% from March 2008 

Average Selling Price - $ 290,916  a decrease of  22.3% from March 2008

Closed sales - 81 a decrease of 2.4% from March 2008

Inventory at beginning of month - 1713 a decrease of  8.8% from March 2008

Days on market - 120 an decrease of  7.7% over March 2008

Absorption rate for March 2009 1713/81=  21.1  months to clear inventory

I was excited about the positive trend in the condo, townhouse market.  Last month there were 9 sales, this month 15 .  Days on market was reduced by 40 days and the median went from $115,000 to $174,000.

 Breakdown of the numbers for single family Attached

Median Selling Price - $ 174,290 an decrease of 7.2% from March 2008

Average Selling Price - $ 189,397 a decrease of  22.3% from March 2008

Closed sales - 15 a decrease of 31.8 % from March 2008

Inventory at beginning of month - 354 an increase of  6.6% over March 2008

Days on market - 154 a increase of  9.2% over March 2008

Absorption rate for March 2009 354/15= 23.6 months to clear inventory