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Dutchess County Real Estate Market Report For April 2008

By
Real Estate Broker/Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242

I found April's report very interesting.  Both median and average selling prices for single family detached homes took a big dip. The average price in April 2007 was $398,339 and for April 2008 it was $345,223 a drop of $53,116.  When compared to March 2008 the drop was $29,004. One can see a corelation in the drop in price and the increase in  sales- 46 more sales were closed in April over March.  There was also a drop in the median price; for April 2007 the median price was $345,000, for this April it was $310,000, a decrease of $35,000.  The drop from just March 2008 to April 2008 was also $27,000.  Another notewothy point is that the absorption rate in April dropped about 7 months.  In March we were looking at about 22 months worth of inventory for April it was just slightly over 15 months which again is attributed to 46 more sales closing in April than March.

So here is the breakdown for your consideration:

  Breakdown of the numbers for single family Detached

Median Selling Price - $310,000 a decrease of  10.1% over April 2007

Average Selling Price - $345,223 a decrease of 13.3%  over April 2007

Closed sales  - 129  a decrease of 7.9% from April 2007

Inventory at beginning of month - 1937 an increase of  4.8 % over April 2007

Days on market  - 127 a decrease of 7.3% over April 2007

Absorption rate for April 2008 1937/129= 15.02 months to clear inventory

 

Merritt Bookstore - Red Hook NY

The observation of the the townhouse/condo market also showed a significant drop in both the average and median selling price. For April 2007 the average price was $230,441 when compared to $ 175,000 this April- a drop of $54,782. For March 2008 it was $243,478  when compared to April 2008 avearge of $175,000 there is a drop of $68,019. The April 2007 median price was $216,300 in April 2008 it was $ 160,000 a drop of $56,000.  For March 2008  the median was $187,500  by April there was a drop of $27,5000 to $ 160,000.  There were no changes in the number of units sold from March to April 2008.

 

Breakdown of the numbers for single family attached

Median Selling Price - $160,000 a decrease of 26.00% over April 2007

Average Selling Price - $ 175,000 a decrease of  23.8%  over  April 2007

Closed sales  - 22 a 38.9% decrease over April 2007

Inventory at beginning of month - 342 a  decrease of  2.6 % from April 2007

Days on market  - 117 an increase of  33.0% over April 2007

Absorption rate for April 2008 342/22= 15.55 months to clear inventory

 

Source of data Mid-Hudson Multiple Listing Service Inc (MHMLS)

There is much in this report for sellers to consider.  First you need to know what is happening in the marketplace, who is your competition?  For example, I just posted about a new subdivision with homes priced competively. Consider, your home is a resale but the price in the subdivision is in line with yours, which house will the buyer go for? Of course, the buyer will want the new construction with the new appliances granite countertops etc.  You will also want to keep in mind not only new construction but foreclosures and short sales, these too will have an impact on how your property should be priced.

I continue to say, if a property is priced correctly it will likely sell even in this market. 

Addressing the local market, there are values to be found so it is a good time to buy  if you are in a position to do so.

 Whether you are looking to buy or sell I have many valuable tips to share and would be delighted to help you with the process.

   

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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Copyright © by Jennifer Fivelsdal, all rights reserved-Dutchess County Real Estate Market Report For April 2008

Comments (11)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jennifer sometimes we have to take a little bad along with the good.  Looks like you got a little of both here.

May 11, 2008 01:37 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Looks like things are still moving downward.  I am wondering what the trend will be over the next 3 months.  A very challenging market to say the least.

May 11, 2008 01:54 PM
Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow

We are starting to see a bit of a recovery in our area...the good news is that the homes are more affordable, that might have a positive effect for buyers sitting on the fence, and help them step up to buy.  Hey, the picture on this blog is beautiful, those trees are awesome.

May 11, 2008 02:04 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George- It is good to hear from you. 

If lower average and median sale price result in more sales that is a good thing

May 11, 2008 02:04 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Joan- I too want to see what the report will look like over the next 3 months, this should give an indication as to which direction we are heading.  I have noticed more buyer activity, and with price dropping I am hoping we will be seeing more sales transactions.

Kelly- Glad to hear things are improving in your marketplace.  With price coming own more people will buy and in turn this will get rid of some of the high inventory.

I too love that picture and that is why I share it, now is such a beautiful time of year.

May 11, 2008 02:22 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Jennifer, You are so right - any house that's priced right will sell. 90% of marketing is price!

May 11, 2008 04:34 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Well Jennifer, the only thing on this page pretty is the tree in full bloom. I'm sure I will have a ton of decreases too this month. ugggh, when will it all end?

May 11, 2008 11:14 PM
Patrice Estess
PB APPRAISALS - Kerhonkson, NY

Jennifer, great report, thanx.  i appraise quite a bit there and I had not reviewed statistics quite like that...hhhmmm, maybe i do need to start to call this a declining market, I like to say it is levelling off, not declining

May 12, 2008 01:31 AM
DDR Realty
DDR Realty - Newburgh, NY
Orange County NY

Despite the decreases from last year, there is still much activity in Dutchess County. Thanks for sharing.

May 12, 2008 03:08 AM
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama

Jennifer, I think this is a good looking report.  The prices may be down but if the sales are increasing then your market is moving.  There are a lot of areas that cannot say that.  Their prices are down to rock bottom and they are still not selling.  The decrease in your absorption rate is very telling as to what is happening as well.  The pricing will take care of itself as the inventory goes.

May 12, 2008 11:24 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Jennifer, Sorry to read that things are moving downward.Hope it improves soon.

May 21, 2008 11:50 PM