Dutchess County Real Estate
The trend in February unfortunately did not hold. There was a significant drop of 39.9 percent in the number of single family detached homes sold this March when compared to last March. The situation was even worst in the townhouse/condo market a hefty 51.1 percent decrease.
So here is the breakdown for your consideration:
Breakdown of the numbers for single family Detached
Median Selling Price - $337,000 a decrease of 2.3% over March 2007
Average Selling Price - $374,227 a decrease of 8.3% over March 2007
Closed sales - 83 a decrease of 39.9% from March 2007
Inventory at beginning of month - 1878 an increase of 5.2 % over March 2007
Days on market - 130 a decrease of 5.8% over March 2007
Absorption rate for March 2008 1878/83= 22.62 months to clear inventory
Breakdown of the numbers for single family attached
Median Selling Price - $187,500 a decrease of 20.2% over March 2007
Average Selling Price - $ 243,678 an increase of 2.3% over March 2007
Closed sales - 22 a 51.1% decrease over March 2007
Inventory at beginning of month - 332 an increase of 1.5% from March 2007
Days on market - 141 an increase of 58.4% over March 2007
Absorption rate for March 2008 332/22= 15.09 months to clear inventory
Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)
Spring is here and the weather this week was more than we could have hoped for. It is my observation that this warm weather has brought out many buyers, from the first time home buyer to the person looking for a second home. Oddly enough although the inventory is high I am working with several clients who just can't find the right property, the point is don't hestitate to put your property on the market it might just be the right property for one of these buyers.
A question I have been asked very frequently is: Is anything Selling? and the answer to this is yes! speaking to other agents clients are making offer. Personally in the last 2 weeks I had 3 accepted offers.
Although the days on market is much longer than we would like it to be, the Mid Hudson Valley Region is very beautiful and still within commuting distance to Westchester and New York City. People priced out of those markets can find a nice home in this area.
Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com
www.jfivehomes.com or www.midhudsonhomevalue.com
Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County Real Estate Market Report March 2008
Comments(4)