POUGHKEEPSIE – The Dutchess County real estate market just missed posting its fourth consecutive year of higher than previous units sold of single family detached homes by only three units, statistically by 0.2 percent. The number of units sold in 2013 was 1790 and in 2014 the market posted 1787. December’s closed sales were equal to last year with 168 units closed.
Each year since 2011 the number of single family detached homes sold has increased above previous year. The number of closed sales in 2011 was 1435 and for 2014 the number has increased to 1787, or an increase of 24.5 percent in units sold in that timeframe.
The year-to-date median sale price has remained flat over the same period. In 2014 the median selling price was $246,997. The 2011 median price was $250,000, so the change over the four year period is only down 1.2 percent and compared to 2014’s $248,000, down 0.5 percent.
The flat median price may on the surface appear a market hindrance in having a modest and slow price appreciation. In reality, it indicates a stable market and defines the market price point. It facilitates an environment where more buyers can afford to purchase and existing home owners are able to build wealth via home equity according to Sandy Tambone, Executive Officer of Mid-Hudson Multiple Listing Service.
