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Dutchess County Real Estate Market Report May 2008

By Jennifer Fivelsdal

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

June 06, 2008 12:59 AM

Dutchess County Real Estate

In Dutchess County during May the number of properties available for sale continued to grow. At the same time the number of sales dropped 31.1 % over same time last year. It was also noted that there were 20 less sales in May 2008 than in April 2008. Another noteworthy fact was that the current sales dollar volume was off by 37.5% over same time last year. In May 2007 the current sales dollar volume was: $65,839,390 this May it was $41,148,917

Breakdown of the numbers for single family Detached

Median Selling Price - $325,000 a decrease of 5.8 % over May 2007

Average Selling Price - $377,513 a decrease of 9.4% over May 2007

Closed sales - 109 a decrease of 31.0% from May2007

Inventory at beginning of month - 2105 an increase of 4.8 % over May 2007

Days on market - 130 a decrease of 3.0% over May 2007

Absorption rate for May 2008 2105/109= 19.31 months to clear inventory

Ro- Jan is stocked with trout each year for fishing - Dutchess County NY

The observation of the the townhouse/condo market was that the number of closed sales dropped 37.0% over same time last year. Last year there were 54 sales this May only 34. There was also a significant drop of 43.2% in the current sales dollar volume from $11,670,156 to $6,631,326.

Breakdown of the numbers for single family attached

Median Selling Price - $195,000 a decrease of 1.1% over May 2007

Average Selling Price - $ 195,039 a decrease of 9.8% over May 2007

Closed sales - 34 a 37.0% decrease over May 2007

Inventory at beginning of month - 362 a decrease of 5.7 % from May 2007

Days on market - 118 an increase of 1.7% over May 2007

Absorption rate for May 2008 362/34= 10.65 months to clear inventory

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

Due to life changing events, real estate will always be a part of our world. So if you have a need to sell a house this can still be achieved in this market with the assistance of an agent who is informed about the market. Please call or email me for tips on how to get your property sold in a challenging market.

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 May 2008

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Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Jennifer, that absorption rate is significantly high as the listings increase. Hopefully you will stabilize soon with more buyers coming into the market.

Jun 06, 2008 03:28 AM

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

Gary - That is true, we really need more buyers in the marketplace.

Jun 06, 2008 03:49 AM

Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

Jennifer, I'm surprised to read this, I thought buyers were purchasing in your lovely area....I wonder if the unusally colder temperatures have anything to do with it....

Jun 06, 2008 04:06 AM

Carol Culkin

Diamond Partners Inc - Overland Park, KS

Overland Park Residential Real Estate

Jennifer, A client of mine is selling her first home and asked me today if the market will ever get better. I told her at some point in a down market it always gets better but as far as recovering from a down market the mystery is WHEN!

Jun 06, 2008 06:48 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Jennifer those figures do not look good, let's hope you have better results over there in June.

Jun 06, 2008 07:38 AM

Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Jennifer,

That's a beautiful photo of your community. Looks like your absorbtion rate is a little longer than I would have expected. Yet, I guess not as long as some places, right?

Jun 06, 2008 08:20 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi Jennifer - what a beautiful picture that is!

Buyers everywhere need to hear, and understand, that there really may never be a better time to jump into the real estate market and buy that new home or condo they've been eyeing for awhile now. They've already been doing that here in my areas, and I hope they do in yours soon as well.

Ann

Jun 06, 2008 10:59 AM

Kim Sellers

Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA

Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow

Yikes... Jennifer, I hope the sales pick up in your area. How big is the population?

Jun 06, 2008 12:25 PM

Carole - That is true, but we are hoping with the warm weather we will have more sales. From what I have seen and heard more buyers are looking but still taking longer to make a decision.

Carol - That was the best answer you could give, who knows.

George - I think we should see improvement over the summer, much is riding on June-August.

Lynda - Glad you like the photo. The absorption rate is higher than we would like it but it could be worst.

Ann - Thank you. Yes for buyers it is a good time to buy. I think some people are trying to time the market but in doing so could miss the boat.

Jun 06, 2008 02:26 PM

Kim - I am sure this is the month it will pick up. My next report will tell the story. The population as of 2006 census is 295,146 http://quickfacts.census.gov/qfd/states/36/36027.html

Jun 06, 2008 02:34 PM

Dutchess County Real Estate Market Report May 2008

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Jennifer Fivelsdal

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