• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Joseph Pettinella's blog

Dutchess County Real Estate Market Update March 2015

The real estate market is picking up, as expected, at the start of the Spring selling season.  

Here is how the First Quarter of 2015 stacked up compared to the 1st Quarter of 2014 for single family detached homes in Dutchess County.  

  1st Qtr 2014 1st Qtr 2015 Change
Closed Sales 300 334 +11.3%
Median Sales Price 236,125 237,250 +0.5%
Average Days on the Market 144 138 -4.2%
Purchase Offers at 1st of the Month 159 189 +18.9%

Sales are up from last year so far by 11.3%, which is good . . . and pending sales are up significantly at 18.9%.  That is a good indication that we will have an improved market this year.  The median sales price was about the same, which is pretty much what we expected.

Please don't hesitate to contact us if you have any questions about the local Dutchess County real estate market and how the present conditions affect the value of your home.  We're here to help!

Source:  Mid-Hudson Multiple Listing Service Inc (MHMLS)     

A Day in New Paltz, NY - A Cool Village in the Hudson Valley

This is a fun video highlighting an amazing day in New Paltz.  We now have an office location here, and are enjoying the people and places more than ever before.  Spring is (almost) here, so plan to visit New Paltz some weekend soon.

Freddie Mac Expects 2015 Will Be Best in 8 Years for the Real Estate Industry

Freddie Mac economists and forecasters are expecting 2015 to be the best year for home sales and new home construction since 2007!

According to Freddie Mac's U. S. Economic and Housing Market Outlook for March, job market improvements have resulted in millenial generation, ages 25 to 34, now being 76.8 percent employed.

Freddie Mac economists predict that rents will rise at or above inflation this year, which will likely push more prospective buyers into home ownership. Rents are up nearly 11 percent over the last three years, according to Freddie Mac’s report.

They also expect that the 30-year fixed-rate mortgage will rise slightly this year to a 4 percent average. The 30-year fixed-rate mortgage averaged 3.86 percent this week.   

For more details, read the Freddie Mac March 2015 U.S. Economic and Housing Market Outlook.