- 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 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.
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