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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.

A View at Montgomery Place a Histolrical Site

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

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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.

Posted by Jennifer Fivelsdal, Fishkill NY on 07/09/2009 08:18 AM

Comments (9)

Duchess County Real Estate Market Report in the Real Estate Market Channel

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

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9 Comments on Dutchess County Real Estate Market Report - June 2009

JUL

Hi Jennifer

I love the outlay of your report. It looks like things are changing in your area.

I also took a look at your slide show...Great Job... I sure would buy from you.. once I visit your site.....

Donna - Yes there is more activity in the market. I really believe the First Time Buyer are trying to make that deadline to get the tax credit and those in a good financial position can get good buy at this time.

As usual Jennifer nice job keeping everyone up to speed on the local Real Estate stats for the month!

Jennifer the $8,000 tax credit is definitely becoming more and more of a motivator for first time homebuyers as we approach that December 1st deadline.

Jennifer--Very nice marketing report for Dutchess County! Good information here!

Hi Jennifer,

Good info, especially the 2008/2009 comparisions. And I'd agree about the time on the $8,000 tax credit nearing in Nov. At this point we're writing so many offers just getting one accepted is a big deal now. Not sure if I was a home buyer I'd want to wait around.

Jennifer - the # of days on the market decreasing and the rate of closed sales increasing - that says a lot. All this with fallen home prices....why wouldn't this be a good indicator that the time to buy is NOW. Especially with the $8000 first time buyer tax credit??? These are all positives.