Okay so this morning you turned on your favorite TV station or scanned the headlines in your Google reader and were happy to here that existing home sales were up 5.5 percent as reported by NAR.

This is a great example to show that real estate is truly local.  This increase was not nationwide.  On further examination, a large part of this increase was because of foreclosures and short sales in States such as California and Florida.

So in a nutshell, here is the breakdown by regions

• In the Northeast sales were down 1.2 percent and the median price of $246,800 was a drop of 5.4 % from September 2007
• In the South sales increased 2.2 percent however the median price fell 4.1 percent from September 2007 to $167,200
• The Midwest  saw an increase in sales of 4.4 percent but the median price fell 7.9 percent from September 2007 to $152,500
• The West also enjoyed an increase in sales of 16.8 percent however the median priced dropped a whopping 18.5 percent from last September 2007 to $253,600

So the point to take away from this is that with the right pricing your property will sell.  With our high inventory in Dutchess County to move some of this inventory it will probably require more price reductions.  Keep in mind your property is really only worth what someone will pay for it and, with such a changing market, adjustments will be necessary.

****Satistical data obtained from NAR.

If you would like more in-depth information please contact Jennifer Fivelsdal, Associate Broker, Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com  and www.jfivehomes.com

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