Unlike previous months the Dutchess County Real Estate Market in November showed a drop in both the average and median selling price for single family detached homes. This is more in line with what I would expect to see considering all the price reduction I have observed on the Multiple Listing Systems. There was also a noticeable drop in the days on market for the properties that did sell; it fell below 100 days a 16.1% decrease. The trend still continued with inventory climbing and the number of sales declining.
Breakdown of the numbers for single family detached
Median Selling Price - $310,000 a decrease of 5.8% from November 2006
Average Selling Price - $380,711 a decrease of 8.1 % from November 2006
Closed sales - 122 a decrease of 8.3% from November 2006
Inventory at beginning of month - 2199 an increase of 6.2% over November 2006
Days on market - 99 a decrease of 16.1% from November 2006
Absorption rate for November 2199/122 = 18.2 months to clear inventory
The single family attached homes which consisted of condos, Co-op and townhouses saw the average and median selling price dropped significantly. Last month the median was $240,000 and the average $254,344. Sale really decreased to less than half of what it was a year ago, this is a switch from the increases observed in the previous months.
Breakdown of the numbers for single family attached
Median Selling Price - $ 177,000 a decrease of 13.7% from November 2006
Average Selling Price - $ 207,749 a decrease of 0.9% from November 2006
Closed sales - 22 a 52.2% drop from November 2006
Inventory at beginning of month - 379 an increase of 4.7% over November 2006
Days on market - 123 a increase of 17.1% over November 2006
Absorption rate for November 379/22= 17.22 months to clear inventory
****Data used to compile report obtained from Midhudson Multiple listing Service.
This is truly a buyer's market, don't sit on the fence there are still many good mortgage products and sellers waiting for offers.
If you would like more specific data on your location please call or email me. Jennifer Fivelsdal 845-758-6842 or jfivelsdal@hvc.rr.com
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