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Real estate sales surged 11 percent in the fourth quarter in Dutchess County and finished 2015 up more than 24 percent, according to figures from Better Homes & Gardens Rand Realty.
The median selling price rose 5.1 percent in the fourth quarter in Dutchess County. For the year, the MSP rose just .1 percent, according to Rand’s fourth quarter report.
“As we come into 2016, we are now on the cusp of a new cycle,’’ Joe Rand, Managing Partner for Rand Realty, wrote in his company’s fourth quarter report. “It’s a seller’s market that has been slow to develop over the past few years, but is now showing real signs of taking off. “
There were 606 transactions in the fourth quarter, up from 546 in 2014 in Dutchess County. The median sale price in the fourth quarter for a Dutchess County home was $253,450.
For the year, Rand’s report counted 2,140 transactions in Dutchess County, compared to 1,720 in 2014.
Dutchess County’s condo market also did well in the fourth quarter. Sales surged 31.1 percent, and the median sale price shot up 23.3 percent to $209,605.
Sales also rose in Westchester, Putnam, Orange and Rockland counties. Rand believes 2016 will see continued momentum.
“The economy is in reasonably good shape, interest rates are still near historic lows, and homes are now priced pretty attractively given that they’re still at 2003-04 levels without adjustments for inflation,’’ the Rand report said. “So we see no reason why buyer demand would fall off from its current levels. And unless we see a flood of new inventory hitting the market, those buyers are going to be chasing a declining number of homes for sale, which is likely to drive prices up in a robust spring market and through the end of the year.”
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