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August 2013 Activity Snapshot
One-Year Change in One-Year Change inClosed Sales Median Sales Price
2
Monthly Indicators
+ 17.2% + 5.3% + 3.6%One-Year Change in
Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.
Homes for Sale
Residential activity in Dutchess County, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Activity Overview 23456789
101112
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Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing.
Pending SalesClosed SalesDays on Market Until SaleMedian Sales PriceAverage Sales PricePercent of List Price Received
New Listings were up 4.9 percent to 364. Pending Sales increased 3.4 percent to 153. Inventory grew 3.6 percent to 2,266 units.
Prices moved higher as the Median Sales Price was up 5.3 percent to $252,000. Days on Market decreased 4.5 percent to 169 days. Months Supply of Inventory was down 9.6 percent to 15.1 months, indicating that demand increased relative to supply.
Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
Activity OverviewNew Listings
Housing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory
Activity Overview
Key Metrics Historical Sparkbars 8-2012 8-2013 Percent Change YTD 2012 YTD 2013 Percent Change
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 347 364 + 4.9% 3,172 + 5.7%
Pending Sales 148 153 + 3.4% 1,119 1,229 + 9.8%
3,001
+ 19.3%
Days on Market 177 169 - 4.5% 189 184 - 2.6%
Closed Sales 169 198 + 17.2% 1,004 1,198
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
0.0%
Average Sales Price $260,749 $294,624 + 13.0% $283,938 $300,252 + 5.7%
Median Sales Price $239,422 $252,000 + 5.3% $240,000 $240,000
+ 0.3%
Affordability Index 178 158 - 11.2% 178 165 - 7.3%
Pct. of List Price Received 95.4% 94.8% - 0.6% 94.2% 94.5%
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
--
Months Supply 16.7 15.1 - 9.6% -- -- --
Homes for Sale 2,188 2,266 + 3.6% -- --
8 2010 8 2011 8 2012 8 2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
8-2010 8-2011 8-2012 8-2013
New Listings
Prior Year Percent Change
September 2012 343 321 +6.9%
October 2012 308 354 -13.0%
November 2012 224 252 -11.1%
December 2012 134 182 -26.4%
January 2013 302 309 -2.3%
February 2013 272 332 -18.1%
March 2013 367 437 -16.0%
April 2013 561 438 +28.1%
May 2013 471 417 +12.9%
June 2013 422 386 +9.3%
July 2013 413 335 +23.3%
August 2013 364 347 +4.9%
12-Month Avg 348 343 +1.5%
A count of the properties that have been newly listed on the market in a given month.
New Listings
331 347 364
2011 2012 2013
August
3,1633,001
3,172
2011 2012 2013
Year to Date
+ 5.7%+ 4.8% + 4.9% - 5.1%- 25.3% - 11.9%
Historical New Listings by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
2011 2012 2013
100
200
300
400
500
600
700
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Pending Sales
Prior Year Percent Change
September 2012 159 129 +23.3%
October 2012 139 119 +16.8%
November 2012 140 104 +34.6%
December 2012 136 97 +40.2%
January 2013 145 112 +29.5%
February 2013 101 95 +6.3%
March 2013 115 139 -17.3%
April 2013 169 146 +15.8%
May 2013 169 145 +16.6%
June 2013 193 182 +6.0%
July 2013 184 152 +21.1%
August 2013 153 148 +3.4%
12-Month Avg 150 131 +14.5%
A count of the properties on which offers have been accepted in a given month.
Pending Sales
171
148 153
2011 2012 2013
August
1,0121,119
1,229
2011 2012 2013
Year to Date
+ 9.8%- 13.5% + 3.4% + 10.6%+ 23.9% - 3.6%
Historical Pending Sales by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
2011 2012 2013
50
100
150
200
250
300
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Closed Sales
Prior Year Percent Change
September 2012 152 155 -1.9%
October 2012 122 136 -10.3%
November 2012 156 117 +33.3%
December 2012 172 122 +41.0%
January 2013 118 93 +26.9%
February 2013 102 91 +12.1%
March 2013 130 113 +15.0%
April 2013 125 112 +11.6%
May 2013 147 123 +19.5%
June 2013 176 148 +18.9%
July 2013 202 155 +30.3%
August 2013 198 169 +17.2%
12-Month Avg 150 128 +17.2%
A count of the actual sales that closed in a given month.
Closed Sales
165 169
198
2011 2012 2013
August
964 1,004
1,198
2011 2012 2013
Year to Date
+ 19.3%+ 2.4% + 17.2% + 4.1%+ 10.7% - 6.5%
Historical Closed Sales by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
2011 2012 2013
50
100
150
200
250
300
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Days on Market Until Sale
Prior Year Percent Change
September 2012 164 189 -13.2%
October 2012 197 168 +17.3%
November 2012 179 187 -4.3%
December 2012 198 180 +10.0%
January 2013 201 230 -12.6%
February 2013 210 212 -0.9%
March 2013 217 188 +15.4%
April 2013 203 209 -2.9%
May 2013 169 182 -7.1%
June 2013 166 162 +2.5%
July 2013 170 182 -6.6%
August 2013 169 177 -4.5%
12-Month Avg* 184 186 -1.1%
Average number of days between when a property is listed and when an offer is accepted in a given month.
Days on Market
165177 169
2011 2012 2013
August
186 189 184
2011 2012 2013
Year to Date
- 2.6%+ 7.3% - 4.5% + 1.6%+ 1.9% + 10.7%
Historical Days on Market Until Sale by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
* Average Days on Market of all properties from September 2012 through August 2013. This is not the average of the individual figures above.
2011 2012 2013
120
140
160
180
200
220
240
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Median Sales Price
Prior Year Percent Change
September 2012 $245,000 $250,000 -2.0%
October 2012 $246,000 $225,000 +9.3%
November 2012 $243,750 $235,000 +3.7%
December 2012 $255,000 $250,000 +2.0%
January 2013 $224,250 $245,000 -8.5%
February 2013 $208,350 $235,000 -11.3%
March 2013 $241,500 $220,000 +9.8%
April 2013 $225,000 $231,000 -2.6%
May 2013 $236,000 $255,300 -7.6%
June 2013 $246,000 $240,000 +2.5%
July 2013 $260,750 $243,500 +7.1%
August 2013 $252,000 $239,422 +5.3%
12-Month Med* $242,000 $240,000 +0.8%
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Median Sales Price
$246,000 $239,422$252,000
2011 2012 2013
August
$250,000 $240,000 $240,000
2011 2012 2013
Year to Date
0.0%- 2.7% + 5.3% - 4.0%- 8.9% - 3.8%
Historical Median Sales Price by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7
* Median Sales Price of all properties from September 2012 through August 2013. This is not the average of the individual figures above.
2011 2012 2013
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Average Sales Price
Prior Year Percent Change
September 2012 $274,359 $309,337 -11.3%
October 2012 $298,263 $254,974 +17.0%
November 2012 $320,339 $270,872 +18.3%
December 2012 $314,278 $275,180 +14.2%
January 2013 $326,596 $294,576 +10.9%
February 2013 $226,274 $271,217 -16.6%
March 2013 $311,094 $259,090 +20.1%
April 2013 $283,199 $319,431 -11.3%
May 2013 $299,524 $290,525 +3.1%
June 2013 $289,499 $283,718 +2.0%
July 2013 $341,150 $297,892 +14.5%
August 2013 $294,624 $260,749 +13.0%
12-Month Avg* $301,028 $282,264 +6.6%
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Average Sales Price
$283,444$260,749
$294,624
2011 2012 2013
August
$331,111
$283,938$300,252
2011 2012 2013
Year to Date
+ 5.7%- 8.0% + 13.0% - 14.2%- 3.8% + 8.7%
Historical Average Sales Price by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
* Average Sales Price of all properties from September 2012 through August 2013. This is not the average of the individual figures above.
2011 2012 2013
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Percent of List Price Received
Prior Year Percent Change
September 2012 94.0% 93.7% +0.3%
October 2012 94.8% 93.1% +1.8%
November 2012 93.5% 93.0% +0.5%
December 2012 93.5% 93.7% -0.2%
January 2013 93.5% 93.4% +0.1%
February 2013 92.8% 93.9% -1.2%
March 2013 93.7% 92.3% +1.5%
April 2013 94.0% 94.1% -0.1%
May 2013 95.5% 94.5% +1.1%
June 2013 95.4% 94.2% +1.3%
July 2013 95.1% 94.8% +0.3%
August 2013 94.8% 95.4% -0.6%
12-Month Avg* 94.3% 93.9% +0.4%
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
Pct. of List Price Received
94.9% 95.4% 94.8%
2011 2012 2013
August
94.5% 94.2% 94.5%
2011 2012 2013
Year to Date
+ 0.3%+ 0.5% - 0.6% - 0.3%+ 0.4% 0.0%
Historical Percent of List Price Received by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
* Average Pct. of List Price Received for all properties from September 2012 through August 2013. This is not the average of the individual figures above.
2011 2012 2013
92%
93%
94%
95%
96%
97%
98%
99%
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Housing Affordability Index
Prior Year Percent Change
September 2012 178 164 +8.5%
October 2012 176 178 -1.1%
November 2012 178 173 +2.9%
December 2012 173 164 +5.5%
January 2013 194 168 +15.5%
February 2013 202 175 +15.4%
March 2013 178 183 -2.7%
April 2013 192 179 +7.3%
May 2013 178 166 +7.2%
June 2013 162 176 -8.0%
July 2013 155 176 -11.9%
August 2013 158 178 -11.2%
12-Month Avg 177 173 +2.2%
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Affordability Index
164178
158
2011 2012 2013
August
162178
165
2011 2012 2013
Year to Date
- 7.3%+ 8.5% - 11.2% + 9.9%+ 14.7% + 10.2%
Historical Housing Affordability Index by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
2011 2012 2013
80
100
120
140
160
180
200
220
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
2011 2012 2013
Inventory of Homes for Sale
Prior Year Percent Change
September 2012 2,107 2,245 -6.1%
October 2012 2,035 2,203 -7.6%
November 2012 1,883 2,071 -9.1%
December 2012 1,632 1,863 -12.4%
January 2013 1,609 1,855 -13.3%
February 2013 1,630 1,909 -14.6%
March 2013 1,722 2,014 -14.5%
April 2013 1,950 2,116 -7.8%
May 2013 2,097 2,190 -4.2%
June 2013 2,186 2,165 +1.0%
July 2013 2,245 2,179 +3.0%
August 2013 2,266 2,188 +3.6%
12-Month Avg 1,947 2,083 -6.5%
The number of properties available for sale in active status at the end of a given month.
Homes for Sale
2,3242,188 2,266
2011 2012 2013
August
- 5.9% + 3.6%- 7.8%
Historical Inventory of Homes for Sale by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
2011 2012 2013
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Months Supply of Inventory
Prior Year Percent Change
September 2012 15.8 17.9 -11.7%
October 2012 15.1 17.6 -14.2%
November 2012 13.7 16.8 -18.5%
December 2012 11.6 15.3 -24.2%
January 2013 11.2 15.1 -25.8%
February 2013 11.3 15.5 -27.1%
March 2013 12.1 16.1 -24.8%
April 2013 13.5 16.5 -18.2%
May 2013 14.3 16.7 -14.4%
June 2013 14.9 16.3 -8.6%
July 2013 15.0 16.4 -8.5%
August 2013 15.1 16.7 -9.6%
12-Month Avg 13.6 16.4 -17.1%
The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Months Supply
18.516.7
15.1
2011 2012 2013
August
- 9.7% - 9.6%- 0.5%
Historical Months Supply of Inventory by Month
Current as of September 10, 2013. All data from the Mid-Hudson MLS. Provided by the New York State Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12
2011 2012 2013
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
