Home Prices in Dutchess County for October 2014
Real estate market data for Dutchess County, NY provided by Debbie Allan of Houlihan Lawrence.
Dutchess County Home Prices
According to Sandy Tambone, Executive Officer of Mid Hudson Multiple Listing Service,
"October Dutchess County, NY Home Sales “All Treat no Trick”
October presented a treat of remarkable sales of single family detached homes in Dutchess County. There were 193 closed units in October up a stellar 27.8% above last October 151 units sold.
The year-to-date unit sales volume is showing a bounce back being down only 1.3% from last year. This year’s closed sales are 1449 units from 1468 last year. This boost is a result of a good September which was up 16.4% along with the 27.8% rise in October. It has been a tough recovery for the market after being down 9.6% at the ends of the first quarter.
The year-to-date median price continues to be relatively flat showing a 0.2% increase above last year $246,997 from $246,553. There appears to be a trend in price reductions which may be partly responsible in getting properties closed. Also, with inflation just at 1.5% the Federal Reserve will not look at raising interest rates in the near future.
Inventory is slightly above last year which remains historically high. Purchase offers accepted are up 16.5% at 198 from 170."
There are 3 very positive aspects to the local housing market right now.
- 1. There are still extremely low interest rates - hovering in the low 4% range.
- 2. We have plenty of excellent homes for sale (homes, condos and townhouses), well priced with motivated sellers ready to sell.
- 3. Even though there was talk early in the year about prices starting to rise, that just has not happened. Dutchess County real estate pricing is fairly stable. Home prices are still relatively low. These 3 elements make for a very good buyer's market and therefore it is truly a great time to buy.
There is plenty to choose from in Dutchess County housing market
3,495 Available Homes
If y
ou are interested in current homes on the market in Dutchess County you can find that information
by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in Dutchess County, single family homes have a current median time of 117 days on the market before they sell and single family attached (condos & townhomes) current median days on market is at 187 days to sell.
This would suggest that buyers are in a great position to make an aggresive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers.
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