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Dutchess County Real Estate Market Report - April 2009

When compared to last month, sales are still trending upward.
Offers at the begining of the month were 138 this was a 20% increase over last year but keep in mind not all of these will turn into closed sales.
About a quarter of the sales were short sales or REOs in the single family detached home sector.
The number of months it will take to get rid of the inventory is getting better but still much work to be done.
Great news for First Time Buyers according to HUD info you could possible get the $8000 prior to filing a tax return . Money to be advanced by approved lenders this money cannot be used for the 3.5% downpayment required by FHA but can be applied to closing cost or for additional downpayment read the HUD press release

Irises Irises in all colors can be found all over Dutchess County at this time.

Breakdown of the numbers for single family Detached

Median Selling Price - $ 265,000 a decrease 14.5% from April 2008

Average Selling Price - $ 312,484 a decrease of 9.5% from April 2008

Closed sales - 105 a decrease of 18.6% from April 2008

Inventory at beginning of month - 1769 a decrease of 8.7% from April 2008

Days on market - 138 an increase of 8.7% over April 2008

Absorption rate for April 2009 1769/105= 16.84 months to clear inventory

In the single family attached market there was a slight increase in average and median price although a sizable drop in closed sales. I also noticed one unit sold was short sale/REO.

Breakdown of the numbers for single family Attached

Median Selling Price - $ 162,000 an increase of 1.3% from April 2008

Average Selling Price - $ 181,222 an increase of 3.2% from April 2008

Closed sales - 18 a decrease of 18.2 % from April 2008

Inventory at beginning of month - 366 an increase of 7.0% over April 2008

Days on market - 107 a decrease of 8.5% over April 2008

Absorption rate for April 2009 366/18= 20.33 months to clear inventory

****Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)

If you are looking to buy or sell real estate in the Hudson Valley ,or to get an answer to a real estate question please contact me.

Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com and www.jfivehomes.com

SEARCH FOR A HOME IN THE MID HUDSON VALLEY

**** Informational only; deemed reliable but is not guaranteed.

Posted by Jennifer Fivelsdal, Fishkill NY on 05/30/2009 03:43 PM

Comments (11)

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Originally posted at: Rhinebeck Living: Dutchess County Real Estate Market Report - April 2009

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11 Comments on Dutchess County Real Estate Market Report - April 2009

MAY

Jennifer, even though all those offers will not turn into sales, it is a very positive sign in my opinion.

As far as the advance on the $8,000 Tax Credit goes, Buyers need to be very, very careful in proceeding with this. This latest change is PRIME for the Con Artist out there to take advantage of these people. They need to deal with reputable Lenders and Bankers when it comes to this, and right now I have not heard of any who have announced participation in this program.

George - Yes I am happy to see positive trends in the market.

The advance of the $8000 can be very helpful to those who can't come up with the closing cost. But as you rightly state caution has to be exercised since there are too many scams out there. The buyer should work closely with his or her Realtor to identify legitimate sources for the advance.

Jennifer -- a nicely done market report. There are glimmers of hope in the markets and we will keep our fingers crossed that these are signs of better things to come. I ready George's recent blog and I am going to put this on hold until we get more clarification.

Wonderful report and I see that sign in a lot of market now..a positive sign!

Jennifer, I love the way you write the market reports. Nice picture of irises.

MAY

Jennifer--Nice report on Dutchess County home sales...You know your market well!

I've been rolling that HUD press release around in my mind for a couple of days, deciding whether I think it's a good thing or a bad thing and what to say about it in my blog. Hmmm

JUN

Great information Jennifer. We are also seeing an upward turn in our market.

JUN

Jennifer - Great market update. We are all hoping this is the bottom. But, we won't know until the bottom is just another monthly or quarterly statistic.

Joan - Yes we are seeing some positive trend and the hope is that it will continue.

Sally - I too have seen market reports from other areas showing positive trends.

Gita - Thank you. Did you click on the link, there were irises of many colors.

Teri - I work at it ,because I want to keep the consumers informed.

Ann - It is a good thing if the lender will do the advance. I am hoping I will have a few names to share with the next report.

Kim - That is great news.

Carol I suppose by the time we figure out that it is the bottom the market will be on the way up.

Hi Jennifer -- I really like how you placed an inviting, natural photo in with the stats, what a creative way to break up #s...

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