This is an update to the print edition of the June article, now reflecting data through the end of May (the article was due May 15th). 2018 continues to be a very strong year for real estate activity in Tarrytown, with year to date transactions well ahead of the same time in 2017. But the pace has started to fall behind 2013, which is still the record year for activity. I think this is because the number of active listings is holding sales back. In 2013, the median # of active listings each month through May was roughly 60. In 2018 that number is under 35.
Some other observations:
- Looking at median sold pricing, price appreciation is essentially flat with 2017 through the same period
- Days on market is dropping significantly as well, at a median of 22 days vs. 55 in 2017
The below graph shows May active listings in MLS looking back 10 years. This captures the spike in listings during the recession, peaking in 2009 with 125 active listings in the neighborhood (not pictured, there were 14 transactions that month). May 2018 shows the decline in active listings to just 54 (down from 74 in 2017) and a total of 9 transactions in the month (vs. 13 in 2017). I think that the declining transactions are indicative of fewer available listings for buyers, and that is beginning to limit activity.
If you want to make sense of what’s going on in the market, or would like a better understanding of what your own home is worth, please contact me and I’d be happy to help you.
Note: All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through May 31, 2018.