Dutchess County Real Estate Market Report - June 2009

I think there is  more optimism about the real estate market in Dutchess County.  We are definitely seeing more potential buyers entering the marketplace.  Could it be due to the fact there are more good buys out there ? or the time to take advantage of the $8000 tax credit is getting shorter?  I have also noticed that some sellers are now adjusting to the shift in the market and is pricing with that in mind.

• Good to see offers at the beginning of the month up by 13% over same time last year, going from 145 to 165
• Another noteworthy number is the sales dollar volume which is down 28.9% from same time last year, going from  $52,1666,238 to $37,114,625.  The big drop is also due to the fact that the majority of sales have been on the lower end of the inventory range and this is noticeable when you compare last year average and median price to this year.

   Breakdown of the numbers for single family Detached

Median Selling Price - $ 255,000 a decrease of 17.7% from June 2008 

Average Selling Price - $ 296,917 a decrease of  16.9% from June 2008

Closed sales - 125 an increase of 14.4% from June 2008

Inventory at beginning of month - 1983 a decrease of  12.6% from June 2008

Days on market - 128 a decrease of 2.3% over June 2008

Absorption rate for June 2009 1983/125= 15.86 months to clear inventory

  The condo townhouse market is doing well, sales is up a third over last year.  Unlike the single family detached home market, the sale dollar volume is up over last year.  This is not surprising as  the drop in the average price was only down 9.0% over last year  and sales was up.                      

 Breakdown of the numbers for single family Attached

Median Selling Price - $ 185,900 a decrease of  17.4% from June2008

Average Selling Price - $ 200,184  a decrease of  9.0% from June 2008

Closed sales - 32 an increase of 33.3% from June 2008

Inventory at beginning of month - 429 an increase of  11.7% over June 2008

Days on market - 133 a decrease of  15.8% over June 2008

Absorption rate for June 2009 429/32= 13.4 months to clear inventory

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

Other 2009 Market Reports

• Dutchess County Real Estate Market Report  - May 2009
• Dutchess County Real Estate Market Report  - April 2009
• Dutchess County Real Estate Market Report  - March 2009
• Dutchess County Real Estate Market Report  - February 2009
• Dutchess County Real Estate Market Report  - January 2009

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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           

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