MarketWatch
Welcome to my MarketWatch of market trends in Northern Dutchess and Southern Columbia Counties. Bookmark this report for monthly updates or send me an email with the subject line “add me to your MarketWatch" to chris.hackenbrock@hallenbeckrealestate.com and you’ll receive it every time it’s updated.
In the Northern Dutchess communities of Clinton, Milan, Pine Plains, Town and Villages of Rhinebeck and Red Hook, and Village of Tivoli there have been 68 new listings (excluding mobile homes and apartment rentals), 88 price changes, 28 awaiting offers, 15 accepted offers, 34 signed contracts, 20 have sold, and 8 offers have been withdrawn. The average new listing price for the period is $707,987, up 17% from the last update here. The average selling price for the same period was $261,482 - driven down by the recent sale of foreclosure properties in Milan and Red Hook. There are still nice new listings coming on the market as we head towards the end of summer and transaction activity remains good - a solid vote of confidence in this market. Though there are fewer new listings this report period, there are more accepted offers and signed contracts. Town and Village of Rhinebeck new listings that were priced fairly are already in contract or sold, including a few that sold. Homes that are fairly priced are receiving very fair offers, including full-price offers. As I have written many times, Rhinebeck is an area people love and many want to live here full time and as a vacation area. Anyone who has been here knows our population booms on weekends. There's a reason for that - a great area and great people!
In the Southern Columbia towns of Clermont, Gallatin, Germantown, and Livingston there have been 19 new listings, 26 price changes, 3 accepted offers, 5 signed contracts, 2 sales, and 7 withdrawn offers. The average new listing asking price is $368,742, down 8%. Asking prices are traditionally lower here and some homes tend to stay on the market a bit longer than in the Rhinebeck area, often purely because the commute to NYC is longer. For those looking for a deal and don't mind driving a little farther north, this is where you should look. There are lovely properties in Columbia County.
Remember – I can show you any MLS listings or get you more info. Email me at chris.hackenbrock@hallenbeckrealestate.com, check out our listings at www.chrishackenbrockrealestate.com, or call me at 845.876.7523.
The Northern Dutchess market continues to stay active and selling prices are stable. Though some homes are staying on the market longer, either because of price or the uniqueness of the listing, homes here are selling! New listings that are priced fairly are receiving offers quickly. If the Rhinebeck area is where you want to live or vacation then why wait? Rhinebeck and the surrounding communities continue to buck the trends and the news.Communities here are still in demand for weekend and vacation homes. I receive inquiries from serious buyers from the NY metro area all the time (its 95% of my business) and I'm obviously pleased to see this market remain strong. These are smart buyers who have done their homework - they know what type of home and location they want, what similar homes are selling for in the area they seek, they've gotten their mortgage pre-approval if they're financing, and they're making fair offers on their vacation or full-time home. So for those of you who are serious about buying a Rhinebeck area property this is a good time to call me. You've seen that prices here did not fall anywhere near the national average. Investing in real estate here is smart.
Well, the highly publicized Clinton wedding has come and gone, thank goodness. Traffic was back to normal until the Dutchess County Fair this past week - another Thursday through Sunday work from home stretch for me as one was unable to drive anywhere near the Village. Many thanks to all my customers for understanding and accepting my advice to NOT come here to see property during the Fair. Jane Fonda was here last Sunday with a film production company shooting scenes for her new movie at Upstate Films. 100 local 15 - 18 year olds hired as extras. Decent pocket money I hope! All seems quiet on the "northern front" today until the next event comes along.
Its so funny - I'm still receiving calls and email inquiries from people who have either "thought about buying in Rhinebeck" or even better - "I've never been to Rhinebeck but I want to come up and see homes." Wouldn't it make sense to spend a week or two or take a summer rental in an area where you think you may want to live part time or full time before you look at property? My most recent favorite is a couple from Nassau County who, though they've never been to Rhinebeck, had no idea what kinds of homes are here, had no idea on pricing but "will offer 25% under asking price because thats what the Wall Street Journal said homes are selling for," and needed the money to buy this Rhinebeck home from the proceeds of the sale of their home (thats not yet for sale), insisted on seeing homes on the weekend of the Dutchess County Fair. For those that don't know, there are usually 100,000 - 150,000 people at the Fair daily Saturday and Sunday. Needless to say, I didn't show them homes. They're simply not ready.
On the other hand, I have some new buyer customers who have been to the Rhinebeck area and also some who are new to the area who are coming up during their free time to explore and learn. The unfamiliar have asked me for information on and have been visiting our public mansions and estates, walking trails, museums, galleries, stores, restaurants, library, and neighborhoods. I will go out of my way to find all of them a lovely home because they are or will soon be ready.
Please do some research before you call or email for information or to request showings. Inquiries from buyers who haven't done their homework on the Rhinebeck area real estate market, especially in the Town and Village of Rhinebeck, aren't productive for anyone. You can easily look at the sold listings on this site, or Trulia, Zillow, or Realtor.com to get an idea of what you'll get for the price range you wish. Buyers who have unrealistic expectations are bound to be disappointed.You should also know there are few short-sales or foreclosures here. And please get your financing or mortgage pre-qualification done before you start looking at property. Any knowledgeable and experienced agent or broker will require this. Its for your benefit, not ours.
And finally - NO, I don't do short sales or foreclosures so please don't ask. Thanks! ;-)
Transaction data culled from and copyrighted by MID HudsonMLS, 2010. All information is deemed reliable but is not guaranteed and should be verified by personal inspection by and/or with the appropriate professional(s)
