The December '16 numbers are in - And, it's been another hot year for the Real Estate Market in Tarrytown, New York. In fact, prices are now matching the highs we saw before the Housing Crash of '09.
Just in the last five years home sale prices for single family homes have appreciated a whopping 27%! So if you bought Tarrytown real estate in 2011-2012... Good for you!
Let's take a look at the numbers...
As I alluded to earlier, things ended in positive territory on the real estate front for 2016.
Below you will find common metrics used to evaluate the real estate market.
Median Home Sale Price: $660,000
+10% over the previous 12 months. The median is, in my opinion, a better representation of the "typical" home sale. The Average Home Sales price in 2016 was actually $801,936. This is because several multi-million dollar luxury home sales skewed the numbers up.
Number of Homes Sold: 64
Down a little from the 69 closings we had in the previous 12 months. Could this be a sign of softening due to rising interest rates towards the end of the the year?
Average Days on Market: 37
In 2016 a single family home in Tarrytown New York, on average, only took 37 days to sell. This is historically very low.
It's all supply vs. demand. With low inventory and strong demand, home prices have risen and homes have been selling faster and faster.
In short, it's been a good year for sellers. In 2015 it took on average 77 days - A major decrease!
List/Sale price ratio: 100.5%
During 2016 homes in Tarrytown on average have sold 0.5% above their original asking price. Again, it's all supply vs. demand. Another great sign for sellers.
In December 2011, the median sale price of a single family home was $520,000. Five years later, in December 2016, the median sale price was $660,000 - a 27% appreciation rate over that five year time period. Wow!
In December 2006, the median sale price of a single family home was $615,000. 10 years later, in December 2016, the median sale price again, was $660,000 - a 7.32% appreciation over that ten year time period. Not bad, considering the circumstances of the Housing Crash.
So what can we draw from all this data? Well, one thing for sure: Tarrytown New York real estate has been a pretty good bet, even with the housing crash of '09.
Not many areas of Westchester
have fared so well.
Of course, the past does not spell the future. But we can likely see modest growth in housing prices in Tarrytown for 2017. I wouldn't expect another year of huge increases though.
Higher interest rates in effect since the November elections will limit the buying power of new home owners going forward.
But no matter, the allure of the majestic Hudson River, close
proximity to Manhattan, beautiful parks and homes, and a walkable downtown near the Train Station
will continue to make Tarrytown New York a very attractive place to live.
Especially for those getting priced out of Brooklyn.
Impact of the Tyler Technologies Tax Reassessment in 2017
After a controversial reassessment period, the new property taxes will take affect in 2017. Many older residents, who are living on a fixed income, and who have seen their property taxes suddenly go up - dramatically in some cases - will likely decide to move to more tax-friendly locales.
For that reason, more inventory could very well be hitting the market next year as compared to last year.
Is it time to cash-out of your Tarrytown New York home?
If you would like to know how I help clients sell their houses quickly and for top dollar - fill out the form below and I will get back to you within 24 hours.
To learn more about me, visit my Agent Website here.
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