Happy November! Here is the latest news on the Tarrytown real estate market. Transactions are catching up after a very big September, but are still down ~13% vs. 2019. Sold prices are up significantly over last year, at least partly driven by larger homes sold, with the median square feet of a home this year up ~9% over the same period in 2019. Price per square foot is also up, though it has dropped off from last month to a little under $500 / sq ft on sold price / sq ft.
In September I mentioned I had heard of difficulties closing on time due to challenges with lenders and in particular with a backlog on appraisals. I speculated that may result in fewer transactions in August and more in September as lenders get caught up. It looks like that may be how things played out, as September was the most active in at least the last 8 years. Also, the time from contract acceptance to closing increased (on average) roughly 30% in September 2020 vs. September 2019.
Note: All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through October 31, 2020.