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Dutchess County NY Market Report For December 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

January 10, 2009 03:53 PM

This is the final market report for 2008. A year that had many challenges; more inventory, fewer sales and an increase in short sales and foreclosures.

I thought it would be interesting to take a look at some of the numbers in December over the past 4 years.

2005 2006 2007 2008

Number of sales 208 175 149 89

Absorption rate * ( months ) 8 11 14 22

*(How long it would take to get rid of existing inventory)

A quick scan shows 2008 sales was less than half of 2005 and it would take almost 3 times as long to work off 2008 inventory. You can also see the progression to a full blown buyer's market.

A Buyer's market is 8 months and up.
Normal market 5-7 months
Less than 5 months Seller's Market.

Breakdown of the numbers for single family Detached

Median Selling Price - $ 280,000 a decrease 9.7% from December 2007

Average Selling Price - $ 294,005 a decrease of 26.9% from December 2007

Closed sales - 89 a decrease of 40.3 % from December 2007

Inventory at beginning of month - 1957 a decrease of 7.6% over December 2007

Days on market - 126 a increase of 10.5% over December 2007

Absorption rate for December 2008 1957/89= 22 months to clear inventory

Take a look at the median and average sale price over the last 4 years.

2005 2006 2007 2008

Average $383,022 $412,119 $402,267 $294,005

Median $342,500 $349,900 $310,000 $280,000

Breakdown of the numbers for single family Attached

Median Selling Price - $ 210,000 an increase of 2.4% over December 2007

Average Selling Price - $ 209,566 a decrease of 13.9% from December 2007

Closed sales - 27 a decrease of 35.0% from December 2007

Inventory at beginning of month - 362 an increase of 1.7% over December 2007

Days on market - 147 a increase of 26.7% over December 2007

Absorption rate for December 2008 362/27= 13.4 months to clear inventory

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

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

www.jfivehomes.com or www.midhudsonhomevalue.com

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Lynda Eisenmann

Preferred Home Brokers - Brea, CA

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

Hi Jennifer,

Wow, 22 months for absorption rate, yikes! BTW, you're working very late tonight!

Jan 10, 2009 03:57 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

Lynda, yes we have a lot of work to do, could you send us some buyers? Working late to try and catch up.

Jan 10, 2009 04:07 PM

Susie Blackmon

Ocala, FL

Ocala, Horses, Western Wear, Horse Farms, Marketing

I don't see your MeMe yet.... ;-)

Jan 10, 2009 08:17 PM

Laurie Mindnich

Centennial, CO

Jennifer, thank you for putting up our NY REALITY- while it isn't pretty, it's very helpful to sellers and buyers that need to know what's really going on! It's gotten a bit more difficult to share market info, at least for me, but would be highly remiss not to.

Except, I can't WAIT until the news is finally good- much more fun to post those figures!

Jan 10, 2009 11:36 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Jennifer nice break down of what is going on in the local Real Estate market for Dutchess County. I hope your market starts to show more improvement.

Jan 11, 2009 01:35 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Jennifer those stat's are scary. Yikes the amount of homes sold is terrible in comparison. We are selling pretty close to the same amount of houses but the price has come down so much. Our inventory has been declining the last 1/2 of the year.

Jan 11, 2009 02:02 AM

Lanre-"THE REAL ESTATE FARMER" Folayan

Samson Properties - Bowie, MD

I don't make promises.I deliver results.SOLD HOMES

Jennifer I really like your breakdown of the Dutchess County New York Real Estate Market Report for 2008. Home buyers like to see numbers and as usual you do a great job of breaking it down with this report. Enjoy the rest of your weekend. Great post.

Jan 11, 2009 06:57 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Jennifer -- the news is interesting, but it is not all bad. With interest rates staying down, the FHA program and the tax credit (for those who qualify) -- this may be a great time for buyers to buyer (and that helps sellers as well). I think out industry sometimes just looks at things from the sellers; point of view! There are great opportunities for buyers.

Jan 11, 2009 07:43 AM

George Souto

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

Your Connecticut Mortgage Expert

Jennifer, does not look like 2008 is a year that you guys would want to repeat. Hope things start back up in the other direction in 2009.

Jan 11, 2009 11:49 AM

Ann Cummings

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

Portsmouth NH Real Estate Preferrable Agent

Hi Jennifer - while the numbers aren't what you'd like them to be, they are reality and consumers in your area I'm sure appreciate seeing the facts. That just helps them to be better educated consumers, and they can act with knowledge of the market when they read your reports.

Ann

Jan 11, 2009 01:40 PM

Susie - I have been Memed 3 times I will get to it soon.

Laurie - This is reality and it is best to confront it. i know you would understand.

Bill - I hope it will happen sooner than later

Lanre - Thank you, you are always so encouraging

Joan - You are correct from a buyer's standpoint it is a good market and there are some attractive programs out there.

George- That is my hope.

Ann - That is my feeling, this will educate the consumers about the market and this can help them in their decision making.

Eloise - This is truly a national situation.

Jan 12, 2009 03:42 PM

James Wexler

wexzilla.com - Scottsdale, AZ

great use of market statistics to reach out to your cilents and prospective customers. Hope business is good and have a great day

Jan 14, 2009 03:50 AM

Ann Heitland

Retired from RE/MAX Peak Properties - Flagstaff, AZ

Retired from Flagstaff Real Estate Sales

Numbers tell the story. 22 months of inventory has got to force change!

Jan 15, 2009 12:39 AM

Carol Culkin

Diamond Partners Inc - Overland Park, KS

Overland Park Residential Real Estate

Jennifer - The best statistic of all is that purchase offers submitted were up almost 40% in December - probably due to the great interest rates!

Jan 16, 2009 03:56 AM

Dutchess County NY Market Report For December 2008

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Jennifer Fivelsdal

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