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City Sees Housing Market Improvements

City Sees Housing Market Improvements

Gains in Total Numbers of Sales & Time-On-Market Data

Following similar trends state-wide, the City of Poughkeepsie housing market has seen appreciable improvements in the key metrics of ‘number of sales’ and ‘time-on-market’.

According to data compiled by the Mid-Hudson Multiple Listing Service annual sales of single family homes increased from 93 in 2013 to 159 in 2017, a 71% increase. Multifamily home annual sales also increased in the same period, from 52 to 88 – a 69% increase.

“Local housing sales data is a leading economic indicator for us and clearly a robust local housing market is important news for our homeowners and taxpayers, who have seen values decline significantly over the last ten years”, said Mayor Rob Rolison.

Average days-on-market, the time it takes a property to sell once listed, declined from 183 to 100 for multifamily homes between 2013 and 2017, an improvement of 45% – while sales of single family homes spent an average of 113 days on the market in 2017, an improvement of 4.2%

“We’re talking with our local real estate professionals regularly and listening carefully to their ideas and concerns. Improving access to information, streamlining application processes, and making local government easier to work with are all important objectives at City Hall. If we keep our local realtors aware of planned improvements, such as what we’re doing at our Department of Public Works, our water and sewer plant improvements, our investment in our Fire and Police Departments and in our sanitation division, then obviously their marketing efforts become all the more engaging”, said Mayor Rolison. Sandy Tambone of the Mid-Hudson Multiple Listing Service said “there is growing optimism on the part of sellers, and increasing interest on the part of buyers, and clearly the City is an increasingly attractive market.”