Real Estate Market Trends

Residential real estate sales activity in Dutchess County has continued to increase, and we're headed for the best sales year in many years.

Let's look at Single Family Detached homes separately from Single Family Attached homes to get a more detailed overview of how the different segments are performing.  We will be comparing the first four months of 2016 compared to the same period last year.

Dutchess County Single Family Detached Homes

Sales of single family detached homes in Dutchess County increased by a whopping 26.4%.  There were 604 closed sales by the end of April of this year compared to 478 last year.

Let's summarize some of the more important statistics from the latest real estate market report from the New York State Association of REALTORS®.  We're going to take a look at New York State, and then drill down to Dutchess and Ulster Counties numbers.

Overall the real estate market is healthy and it is a good time to sell and buy.  Because inventories of available homes are low, it is a sellers market, but so far this situation has not led to significant increases in sales prices.

State of New York - Year-to-date through February 2016, compared to the same period last year:

     • 7.9% more listings came on the market, but the inventory is still low in certain areas.

     • Pending contracts were up 19.6%.  These are properties that have accepted contracts but have not yet closed.

     • Closed sales were also up this year by 18.7%.  Based on the increase in pending contracts, it looks like we will also see a significant increase in closed sales for March.