February, 2023

Market Pulse

Pacing to Spring Market

Greetings all!

Happy Anniversary to The Brick! Years before I got "official" about it, I started an email newsletter that was just a regular fully text email sent to each person separately because I didn't know how to group bcc. (not the most technically savvy lol)

"The Brick" got its name in tribute to construction roots in the Hudson Valley revolving around brick along with a logo and newsletter layout for official launch in February, 2020, the month before Covid took hold on our country. I interviewed Tom Mulroy, developer of the Bellefield project across from the CIA in Hyde Park for a special feature article in the launch edition.

Thank you to my early subscribers for sticking with me, my clients who encouraged me to get "official" with a newsletter (I have always had the best clients) and to all that have joined since. I am always open to feedback and suggestions for content you would like to see.

Here we go...

What's the Pulse?

Speculation is swirling for 2023. My latest listing in Pleasant Valley (further down) has realized no shortage in buyer interest. Is it the same as 2021 height of Covid frenzy? No, but still very healthy in buyer demand. Local buyers have been noticeably making their way back into the market since 2022.

The Adair Vineyard and Winery listing that went on the market in December, 2021 served as one of my "litmus tests" for Spring Market, 2022. After realizing an unprecedented level of showing demand around two major holidays (Christmas and New Years) mixed with other market intel, it became clear then that Spring Market, 2022 was going to be a doozy, which it was. This Pleasant Valley listing along with other seller and buyer activity and intel are providing a looking glass into Spring Market, 2023 barring wildcards coming to the table and altering market climate prior.

Eighteen showing requests in three days. That is the current count this Pleasant Valley listing has realized so far. This is noticeably higher than preCovid when five showings over the course of a week would have been considered healthy for this time of year and price point. It's also not 64 showings and 32 offers in four days as realized during the height of Covid at one of my Millbrook listings. Lost my voice a few times with that marathon.

Net Net = Buyer demand remains strong. There aren't as many buyers in the market as in the days of lower interest rates, but there are a healthy amount and still signifcantly higher than preCovid.Sellers waiting for Spring Market = we know what is now. Let me help you off that perch and get you the market.

The Days Ahead...

Dutchess County January, 2023 v. January, 2022 closed sales are down 30.6%, per Mid-Hudson multiple listing service. The market has seen sales down during Covid due to decreased inventory. However, while still nearly 50% below preCovid inventory levels of January, 2020, inventory was up 31.3% January 2023 v. January 2022, per Mid-Hudson MLS ("MHMLS".)

Up in inventory yet down in sales by nearly equal measure is a funky space. Initial signs of adjustment? Perhaps. Overpriced and ineffectively marketed listings tend to sit on the market (a/k/a "sitters") awaiting reduction or ultimately expire (do not sell during the term of the listing agreement.)

How much are those sitting homes contributing to "increased inventory?" The quandary with those sitters is they count as "active and available" inventory, yet sit on the shelf as buyers are deterred from overpriced listings and thereby those sitters contribute to both increased inventory and decreased sales. An adjustment is already in motion, but I predict there could also be confusion in the days ahead between what should be attributed to adjustment versus overpricing.

Realtor.com in a February 2, 2023 pep talk article to buyers entitled "2023 Housing Market is Looking Up: 3 Things That Should Give Homebuyers Real Hope," noted the "deluge" and a "glut" of inventory that has recently hit the market. That appears the case in other areas of the country, with Tennessee cited as an example in the same article, up 304.2% in inventory year over year. The Hudson Valley still has a way to go to just break even with preCovid inventory levels. With 70% of homeowners enjoying interest rates of 4% or less per ATTOM Data, the addition of enough inventory to make a market difference is dicey near term with many sellers opting to stay put with more favorable interest rates.

We are currently holding in an overall sellers market due to continued low supply/high demand in many price points. Spring Market is poised to be bustling based on current climate so long as we have inventory to sell and interest rates cooperate. It is always imperative to keep a solid pulse on the market for clients with the days ahead absolutely crucial in order to provide expert client counsel to both buyers and sellers.

Realtor expertise and demand for the particular properties they represent can vary widely. For those reasons, I fully expect the days ahead will see continued expired listings and price reductions while certain other properties enjoy multiple offers and/or swift sales. I expect a mix in the days ahead that will likely also sprinkle in increased seller concessions. With conventional mortgaged buyers struggling just to compete against cash, concessions were unheard of during the height of Covid frenzy.

To share preCovid trending for perspective on the current inventory situation, in January, 2020 (preCovid,) there were 898 listings available on the market in Dutchess County, per MHMLS. That was nearly 50% more than 441 available as of January, 2023. Inventory is still tight with well packaged (read: solidly priced and effectively marketed) properties realizing swift sales. Average days on market in Dutchess County decreased 11.8% from 85 to 75 days January 2023 v. January 2022, per Mid-Hudson multiple listing service, further demonstrating the hungry buyer market that continues to exist.

According to the Mortgage Bankers Association, loan originations took a hard 55% tumble in October, 2022. The first three weeks of January, 2023 saw a noticeable increase in loan originations, but the week of January 27 took another punch with a down of 9% from week prior, per mortgage industry news source Housing Wire. The demand for purchase loans decreased by 10% during the same period. This is regardless of lowered interest rates.

We remain in a volatile market with the National Association of Realtors sharing some encouraging words: “It seems we have already reached the bottom of the low home sales activity,” says Nadia Evangelou, senior economist and director of forecasting for the NAR. “And with mortgage rates stabilizing near 6%, we expect the housing market to turn around in 2023 … and rebound in 2024.” As far as really being fully in the rear view mirror, I'm more inclined to say 2025, but I would take 2024 for certain.

Latest Listing

Peaceful living at 712 Traver Road, Pleasant Valley.


  • Custom built 1987
  • 2,928 square feet
  • Two full (updated) and two half bathrooms
  • Three generous bedrooms plus office (all with large closets)
  • 5'x8' primary closet
  • Finished walk out basement includes wet bar, wood burning stove, half bathroom and separate TV/exercise room.
  • Unfinished walk out basement space for storage, utilities and wine cellar.
  • Screened in porch adjacent to grill deck.
  • Gas heat and cooktop
  • Three zones (living room/kitchen, bedrooms and basement)
  • Central AC
  • Updated kitchen
  • Extensive "no fuss" perennial gardens and fenced vegetable garden.

The original owners of this custom built jewel in the woods are passing the torch! This solid home exudes peace, quality craftsmanship and thoughtful attention to detail inside and out.

The true epitome of move-in ready with extensive list of updates and diligent maintenance. Offers will not be considered until February 12 to provide a window for buyers to see and appropriately consider this special offering.

See Full Listing Here

See the "Real Deal" video tour here.

Survey, update list available. Contact Sandi Park with questions and to schedule a viewing. 914-522-6282 or spark@hudsonvalleynest.com

Numbers don't lie...

I was updating my listing presentation and thought I'd share some stat updates for average days on market, expired listings and percentage of price sold to asking.


"Sandi sold our home in two weeks after being on the market for three years with two other realtors."

R. Cohen

Interest in the Latest in Kitchen Trends?

Take a tour with me at Leicht Kitchens in Mount Kisco for a two minute snapshot on the latest in kitchens!

This is the downstate version. I plan to compare trends with upstate. Do you have a fav kitchen business to suggest for spotlight? Reach out to me!

National Sales and Median Prices

According to the National Association of Realtors, the median existing home sales price nationally climbed 2.3% from 2021 to $366,900. Existing home sales were down 17.8% from 2021 as the escalating interest rate environment in 2022 weighed on the residential real estate market. All regions throughout the US experienced year end sales declines.

The median sale price in the Northeast was $391,400, an increase of 1.6% from 2021. The South realized an increase of 3.5% to $377,900 year over year. The West was nearly unchanged from 2021 at $557,900. The Midwest increased 2.9% in median price from December 2021 by 2.9% to $262,000.

Declutter for Dollars!

On these cold, rainy, snowy and windy days - now is the perfect time to declutter for dollars! This is one of the lowest cost improvements to a home that can make a significant difference in return. The cluttered room appears smaller than it is and makes buyers question how quick they will outgrow the home.

This was one of my first interviews. My face is red from bad lighting with half my head cut off. The first 15 seconds of intro - just fast forward past. The nuts and bolts of this interview provide insightful (and free!) tidbits and advice to get rolling from professional organizer, Ellen Kutner. A worthy watch to help get started and conquer!

Before putting money into changes in the house to prepare for market, reach out and I would be happy to offer candid suggestions.

Bargain Luxury Shoppers

It appears Ledgerock estate in Hyde Park is now on fire sale! Initially $45,000,000, the property has just reduced to $29,900,000.

Does that mean we're a go?

See full listing.

Scary Moments

Thank you Maria Fareri Children's Hospital/Westchester Medical Center for taking such knowledgable and thoughtful care of my child. That hospital saved my life at 15 and now my child was also spared under their wings.

The perfect storm centered on what we thought was nearly outgrown but, in fact latent...asthma. The high altitude in Colorado snowboarding, exercise and cold air (each no friend to asthma) swirled in with a virus caught when traveling and landed my 14 year old in ICU for several days on continuous oxygen.

All is well now, but that was a very scary time. I also hold gratitude for what once was thought of as an extravagant purchase in an Apple Watch for her birthday. That watch alerted to heart issues, which then prompted us to check her oxygen and get to the hospital. With a weakened shell, my child stayed strong at heart and fought their way back. xo

It's a wrap! Should you have any questions on the market, feel free to reach out. I post regular updates on Instagram (@HudsonValleyNest), follow along!

To those who have sent referrals, thank you again. For those who are considering, know that I appreciate the trust and will take very good care of those sent my way.




Pass The Brick on to a friend or colleague interested in the market!

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Sandi Park

Associate Real Estate Broker

Global Luxury Specialist

Hudson Valley Nest | Coldwell Banker Realty

M: 914-522-6282

Email:  spark@hudsonvalleynest.com

Serving the Hudson Valley and Global Luxury Markets