Dutchess County NY market report for January 2012

Dutchess County real estate market report

This is the first report for the new year and with this usually comes high expectations for the coming year.

During the month of January 88 single family homes sold, ranging from $50,000 for a short sale in Poughkeepsie to an 1820 estate for $1,225,000 in Clinton. There was also the sale of a historic farmstead from 1733 for $1,200,000 in Red Hook. Most of the properties sold were under $400,000, of the 88 only 16 were above $400,000.

How did this compare to last year same time?

Last year 91 single family homes sold just 3 more than this year.

Average price increased by 9.9% over last year going from $274,780 to $301,983

Median price decreased by 3.8% going from $262,000 to $252,050

Another number to watch is the days on market which increased by 32.2% going from 146 days to 193

Single Family Detached Homes Sales in Dutchess County in January 2012

Year	Average Price	Median Price	# of Sales	DOM	Inventory	Absorption Rate	Purchase offer 1st of Month
Jan 11	$274,780	$262,000	91	146	1790	19.67	117
Dec 11	$284,794	$252,000	112	152	1892	16.89	121
Jan 12	$301,983	$252,050	88	193	1671	18.99	125

In the single family attached market (condos townhouses and co-ops) there was a drop of 21.4% going from 14 units in January 2011 to 11 this year. More significantly January sales were less than a third of last month's (December 2011) sales.

Average price increased 14.9% going from $174.031 in 2011 to $199,914 in 2012

The median saw a decrese of 17.2% going from $190,750 to $158,000.

Condos And Townhouses Report For January 2012

Year	Average Price	Median Price	# of Sales	DOM	Inventory	Absorption Rate	Purchase offer 1st of Mon
Jan 11	$174,031	$190,750	14	130	399	28.5	25
Dec 11	$207,990	$171,000	31	147	403	13.00	20
Jan 12	$199,914	$158,000	11	141	369	33.54	17

Things Dutchess County home sellers should consider.

• Wth the days on market increasing 32.2% in the single family detached market, it is important to price your home correctly. How can you do this? look at the supporting data provided to you by your agent, the market doesn't lie. It might shock you but those numbers represent what buyers are currently paying in the existing market.
• We have had an unusually mild winter,and as a result buyers are out shopping. For some, the existing inventory is stale, so if you are thinking of selling your home don't wait for the official start of spring; get a headstart to avoid a more competitive market when everyone else decides to put their house on the market.

Buyer's Market

What a great time to be a buyer;the interest rate is low, recently under 4%, and prices on many homes have fallen. I have had the opportunity to help several first time buyers purchase homes they can now afford.

If you are looking for a home in Dutchess County I would welcome the opportunity to help you find that home.

Call today to get started 845-758-6842