November Market Report in Dutchess County

"Market Recovering from Dark ‘n Stormy Start of Year"

"After a first quarter deficit of 9.6% in sales of single family detached homes in Dutchess County the market is poised to at least post the same or close to the same number of units sold as last year. November sales of single family detached homes are 12.1% greater than last year. November 2014 logged 148 units which is 16 units above last year’s 132. The net effect has brought the year-to-date sales up to 1607 this year versus 1612 from last year which is only 0.3% off. The past three year’s unit sales total surpassed the previous and it is hopeful this year will make four years in a row.

Although the higher unit volume is at the cost of long term price stagnation and slightly declining year-to-date- average and median selling price. There has not been any appreciable increase in selling price for some time. The Y-T-D average selling price is down 2.7% to $296,134 from $304,257 and the Y-T-D median selling price is down just 0.1% to $246,997 from $247,250.

The number of available single family detached homes for sale in Dutchess County and the purchase offers on listed homes are both up 6.9% and 5.3%, respectively. The concern of increasing mortgage rate may be tempered by the inflation rate being only 1.5% over last year. The Federal Reserve is under no pressure to raise rates."