Real Estate Market Trends

Real Estate Market Trends - Why Homeowners Are Not Selling

Submitted by Joseph Pettinella on June 18, 2015 - 2:14pm

Real Estate Market Trends

As we move through the Spring season, we keep getting more good news. Nationally most the real estate news is good, and the Mid-Hudson Valley is conservatively following the same pattern as the nation. The only negative news seems to be the continued low inventory levels that are keeping the numbers down to a lower level than they would otherwise be.

I was reading a survey that was conducted by an Association of REALTORS® in a Midwestern state (not New York) that showed that the reasons that homeowners are not selling have drastically changed over the past few years.

In 2012, the most common reason for not selling was that homeowners were waiting to sell for a higher price, with 59% selecting this response. The next most common answer, concerns about the economy, came in a close second with 56%. 50% indicated that would-be sellers' homes were underwater. In a distant fourth, only 16% of survey participants indicated that potential sellers weren't selling due to a lack of homes to buy after selling their home.

Compare the 2012 responses with those from last month's survey, and the changing attitudes are dramatic:

Dutchess County Real Estate Market Update April 2015

Submitted by Joseph Pettinella on May 12, 2015 - 2:20pm

Real Estate Market Trends

Dutchess County real estate market statistics through the end of April show that the market continues to move in the right direction.

There were 584 sales of single family homes (attached and detached) for the first four months of 2015 compared to 517 in 2014, an increase in the number of closed sales of 11.5%. Sales in the month of April 2015 were 33.3% higher than in April 2014, so perhaps an even more robust trend is emerging . . . it's too early to tell.

The average selling price is approximately $280,000 for detached single family homes, and they are taking, on average, 149 days to sell. Condos and townhomes are selling at an average price of approximately $175,000 and are taking 123 days, on average, to sell. These averages are very similar to last year's statistics.

Dutchess County Real Estate Market Update March 2015

Submitted by Joseph Pettinella on April 10, 2015 - 2:54pm

Real Estate Market Trends

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)

Joseph Pettinella's blog

Dutchess County NY Real Estate Market February 2015 - Single-Family Detached Homes

Submitted by Joseph Pettinella on March 9, 2015 - 6:25pm

Real Estate Market Trends

We looked at the real estate market statistics for single-family detached homes in Dutchess County for year-to-date February 2015 compared to the same period last year. This is how they compare.

Closed sales were up 4.5%.

↔ The average sale price was about the same, with a slight uptick of .5%.

Last year it took an average of 152 days to get a home sold, and this year it was down to 136 days.

Housing Sales Down? Arctic Weather is a Big Factor

Submitted by Joseph Pettinella on February 26, 2015 - 3:04pm

Real Estate Market Trends

The weather has definitely been a big factor affecting home sales in the mid-Hudson Valley in January and February. It has been difficult to show homes because of the snow, ice, and just plain frigid temperatures.

It is a challenge for sellers to keep all the areas of their property accessible to buyers for showings, such as walkways, garages, patios, and other outdoor areas. Some sellers have taken their homes off the market temporarily to repair damage caused by ice backups. Does this photo look familiar? There are also factors delaying closings, such as inspectors inability to inspect roofs, septics, and other outdoor major elements.

Hello Spring . . . can't wait till you get here . . . please give us a sign!

Does Real Estate Have the Winter Blues? - The harsh winter weather throughout the country is shuttering open houses, delaying closings, and keeping some home buyers out of the market.

[NAR Daily News Magazine]