Tarrytown Real Estate Market Update – December 2017

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Tarrytown Real Estate Market Update – December 2017

Per my note in my print article in the December newsletter, here is an updated version through the end of December.  Some highlights / notables:

  • Transactions are down only slightly year to date and the decline is lower than in previous years
  • List and sold prices are up double digits vs. 2016, with median sold prices up 18-19%, driven at least in part by median home sizes increasing 19% from 2,475 sq ft to 2,944 sq ft
  • Price / sq ft is up 2% for both list and sold values
  • Days on market for 2017 YTD is up 40% compared to 2016 to roughly 56 days, so even though the number of sales is not much lower, it is taking longer to sell

When I submitted my report on the 15th, I commented on the fact that there has been talk of a slow-down and my observation was that things had slowed down, but were consistent with previous years.  At that time, aggregate sales for the August to mid-November time period were very close to identical: 2017 and 2016 both had 31 sales, and in 2015 there were 34.

But the last two weeks of November did start to tell a different story, and while in the previous two years the month had a strong finish with 6-7 transaction in the last two weeks of the month, this year there were only 3.  So the total for the August to November time period is down more than 10% from the previous two years.

 

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