What a year it’s been. More than a two pack of Bounty paper towels made their way into the local supermarket for the first time in ten months. The little pleasures and conveniences that may have been taken for granted, including basic paper towels, now excite. I took my camera out!
Year End – How did we do?
With 865 contract deals in November, it wasn’t a shocker to see December closed sales hit 357 – up 84% versus December, 2019. The median sale price hit the 2020 high in November with a 26.7% increase over November, 2019. December realized a marginal adjustment to 26.5% with a median price of $369,000. The year closed out with a YTD median up 13.3% translating to $340,000 with the average up 25.4% to $424,298.
The county hit double digit percentage increase in monthly median sales in September and has maintained double digit growth since. For perspective, in May, 2020 (when the gates first opened after the shutdown and sales had not yet had the opportunity to close) the median was already up 6.5% versus May, 2019. This was actually down from pre-shutdown in February. The reality is Dutchess County was on a steady rise without Covid, albeit much more conservative than late summer to date closings. In February, the month prior to the shutdown, Dutchess County realized the strongest February on record with an 8.6% median increase over February, 2019. The Hudson Valley was strong in sales and tight in inventory in many price points before Covid hit. We were poised for the frenzy that hit a multitude of housing types, rentals and land if priced correctly and marketed properly.
I’d like to live nearby….
As 2020 unfolded and life became much more centered on home, the desire for country homes with a pool or pool site in a private setting increased exponentially. As evidenced in the market momentum reports I produce, towns surrounding or nearby the “go to” towns realized noticeable sales spikes. Inventory squeeze throughout the county (not enough homes to meet demand), cost containment by living outside of pricier “go to” towns combined with desire for privacy were driving factors to expanded search areas.
More during the webinar, but for the moment, out of all of the towns in Dutchess* quiet Stanford realized the largest spike in the county in homes sold year over year. I didn’t see that coming. Up a whooping 113%.
While Hyde Park did not make the top 10 list in homes sold percentage increase year over year, the town was up a respectable 20% overall and deserves recognition for an impressive market momentum report with consistent or increases in homes sold across the board in all price points with the exception of an inventory squeeze in the $750,000-$800,000 range. In fact, Hyde Park, Stanford and Northeast enjoyed consistent health in the market momentum reports across price points more than any other town in the County considering these combined factors: increase or consistency in homes sold per price point year over year, housing options across price points, contained absorption rates and the least amount of price points with inventory squeeze.
*Excluding Beacon – I don’t include Beacon in the market momentum reports as too many transactions happen outside of the MLS for conclusive analysis.
Data source: Mid-Hudson Multiple Listing Service
Top 10 towns in number of homes sold 2020 versus 2019:
1) Town of Stanford: up 113%
2) Village of Red Hook: up 92%
3) Town of Northeast: up 50%
4) Village of Rhinebeck: up 50%
5) Village of Tivoli: up 50%
6) Town of Pawling: up 46%
7) Town of Rhinebeck: up 40%
8) Town of Amenia: up 37%
9) Town of Pine Plains: up 32%
10) Town of Clinton: up 29%
Top 10 increases in homes sold by price point:
1) Town of Amenia – up 700%: $300,000-$350,000
2). Town of Pawling – up 700%: $450,000-$500,000
3). Town of Milan – up 600%: $1,000,000+
4). Town of Red Hook – up 400%: $450,000-$500,000
5). Town of Rhinebeck – up $400%:
$700,000-$750,000 AND $900,000-$1,000,000
6). Town of Stanford – up 400%: $450,000-$500,000
7). Town of Northeast – up 300%: $1,000,000+
8). Town of Clinton – up 300%: $400,000-$450,000
9). Town of Rhinebeck – up 300%: $750,000-$800,000
10) Town of Washington – up 300%: $300,000-$350,000
Hudson Valley Magazine
I’m excited to note Hudson Valley Magazine will be including excerpts from The Brick in their February issue. 😉