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.
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
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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.