Real Estate Blog - Dutchess County NY Real Estate Market Report

Home : Blogs : Jennifer Fivelsdal, Fishkill NY : Jennifer 's Mid-Hudson Valley New York Real Estate

Dutchess County NY Real Estate Market Report - February 2009

A careful examination of the statistics for Dutchess County NY shows a decrease in both the median and average price in the single family detached homes. Since there has been some shorts sales in the marketplace as well as consideration of the rule of supply and demand this is understandable.

The numbers in the townhouse, condo market did get my attention there was a significant drop in the number of sales as well as the median price. Could it be that with the price reduction buyers are purchasing single family detached homes instead? Then again the numbers were also down in that category.

It will be rather fascinating to watch the evolution of the market this year.

Dutchess County First Time Buyers this year offers many opportunities so if you are considering a purchase do so by December 1 2009 to make use of the $8000 tax credit.
Having problem meeting your financial obligations? do you know the difference between a short sales and foreclosure, and the effect on your credit?
Sellers, competition is stiff so make sure you do everything to gain the edge. Most of all price it right, this could mean pricing it under market value. The question is: how motivated are you to sell?
Most of all have a great spring.

Butterfly on Butterfly Bush in Red Hook NY

Breakdown of the numbers for single family Detached

Median Selling Price - $ 283,000 a decrease 10.2% from February 2008

Average Selling Price - $ 297,226 a decrease of 23.7% from February 2008

Closed sales - 71 a decrease of 39.3% from February 2008

Inventory at beginning of month - 1678 a decrease of 8.4% over February 2008

Days on market - 144 an decrease of 0.7% over February 2008

Absorption rate for February 2009 1678/71= 23.6 months to clear inventory

Breakdown of the numbers for single family Attached

Median Selling Price - $ 115,000 an decrease of 47.2% from February 2008

Average Selling Price - $ 153,933 a decrease of 13.9% from February 2008

Closed sales - 9 a decrease of 72.7 % from February 2008

Inventory at beginning of month - 342 an increase of 12.9% over February 2008

Days on market - 194 a increase of 18.3% over February

Absorption rate for February 2009 342/9= 38 months to clear inventory

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

If you are looking to buy or sell real estate in the Hudson Valley ,or to get an answer to a real estate question please contact me.

Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com and www.jfivehomes.com

SEARCH FOR A HOME IN THE MID HUDSON VALLEY

Posted by Jennifer Fivelsdal, Fishkill NY on 03/12/2009 11:53 PM

Comments (8)

Market Reports in the Real Estate Market Channel

dutchess county ny market report, homes for sale in dutchess county, dutchess realtor, dutchess county

Originally posted at: Rhinebeck Living: Dutchess County NY Real Estate Market Report - February 2009

This post has been included in New York Information Dutchess County, NY Information
Post is included in group: Keller Williams
Post is included in group: Hudson Valley Real Estate and Mortgage Professionals

8 Comments on Dutchess County NY Real Estate Market Report - February 2009

MAR

Hi Jennifer,

You know I couldn't agree with you more about "It will be rather fascinating to watch the evolution of the market this year" so true.

And I'm in agreement with you about the $8,000 tax credit, rolled back prices, and 40 year low rates, I cannot begin to imagine a better time to be first-time home buyer.

Jennfier - I noticed today the huge difference between the detached and attached housing market.

Jennifer another timely market report to keep everyone up to speed with what is going on the Real Estate market. I am sure the locals really appreciate it.

Jennifer a great report. It will be interesting to find out what happens in the market. I recently was talking with a loan originator who told me that the condo market has been hit a lot harder than the single family home market in terms of purchases. This apparently is because many of the lenders are requiring 10% or more down. We will have to see if that trend continues to have an impact.

Hi Jennifer, we'll both have to celebrate when the market changes. Great report for your readers. Have a great weekend.

Jennifer you pose a good question "Could it be that with the price reduction buyers are purchasing single family detached homes instead?"

I know that if I was a first time buyer and single family homes were close to the price of condo's that I would be more incline to purchase the single family home. But in my case I am looking forward to not cutting any more grass or shovel snow, so a condo sounds pretty good :)

MAR

Lynda - We will talk about this come next January. Yes it a great time to buy for those who are in a position to do so.

Carol - That's a dramatic shift and I truly believe what's happening in the single family detached may be related to this.

Bill - I few people did let me know they look forward to this, and based on the number of people looking at the page I think that is true.

Joan - Thanks for that information. I did not realize that on the mortgage side they were looking for more of a down-payment.

Susie - Sounds like an excellent idea.

George - I am also looking forward to getting away from some of those chores, however I would prefer a small ranch.

Jennifer - You made a great point about the decrease in the sales of condos. We're seeing a bit of the same here. I've spoken to a number of buyers lately who can now purchase a single family home instead of a condo now that they are more affordable than ever.

This blog does not allow anonymous comments