The December 2017 numbers are in for Tarrytown New York Real Estate, and after a red hot 2016, prices have indeed softened over the last twelve months.
But still, home sellers were the winners over all.
Let's take a look at the numbers...
When you look at the numbers, it appears that the Tarrytown Real Estate Market got a little soft over the past year.
But if you told that to most recent home sellers, they would probably look at you as if you were crazy.
After all, homes in Tarrytown on average, sold for nearly 1% over their original asking price this past year.
So what's going on?
Well, I chalk it up to the simple fact that 2016 was a tough act to follow, and that luxury homes are selling for less -- which pushes down overall averages.
Median Home Sale Price: $622,500
-0.7% 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 2017 was actually $735,000. This is down -8.2% over the prior twelve month average, and indicates higher end homes are selling for less.
Number of Homes Sold: 52
The number of sales this year declined, down from 64 home sales last year. I thought 2017 would bring a little more inventory and thus sales over 2016, but I was wrong.
Median Days on Market: 44
While still a low number by historical standards, this represents an increase from last year (37 DOM). The clearest sign of a cooling market.
Like magic, every time you see days on market go up, you will see home prices go down.
That's exactly what happened this past year.
Median days on market increased by 7 days, which isn't much really. And, the median home sale price declined by -0.7%.
List/Sale price ratio: 100.9%
During 2017, the 52 homes that sold in Tarrytown, on average, have sold for nearly 101% above their original asking price.
Obviously, the law of supply of demand still works. Econ 101: more buyers than sellers.
In December 2012, the median sale price of a single family home was $524,000. Five years later, in December 2017, the median sale price was $622,5000 representing an 18.7% appreciation rate over that five year time period.
In December 2007, the median sale price of a single family home was $627,500. Ten years later, in December 2017, the median sale price is $622,500.
This represents -0.7% appreciation rate over the past 10 years.
Now, before you get all depressed, please note that these figures are mere snapshots; and would only apply to you if you had actually bought and sold your home in the exact specified months.
Nevertheless, looking at this, one can conclude that the local market has not durably risen above its pre-crash heights.
In sum, the 2017 Tarrytown New York Real Estate Market has cooled off from the year prior, if you're focused on the average sale prices.
With The Tax Cuts and Jobs Act in effect for 2018, I fully expect homes over $1M with the highest tax burdens to continue to sell for less. This factor will really be what's pushing down the average price.
But how much will the tax law actually dampen prices? Who knows, really. Certainly, leadership at the National Association of Realtors is worried about it.
My take on it this is: people are always getting new jobs, getting married, divorced, having kids, having kids move out, etc. And only very few people move for tax reasons.
The bread and butter homes in the mid price range will continue be in demand and sell quickly in 2018. After all, Tarrytown is still beautiful, vibrant, and easily accessible to NYC.
I do business completely differently than all other real estate agents, and it virtually guarantees you two things: one is that your house will sell, and the other is that you will end up with WAY more money than you can get any other way.
Call me at 914-486-0534 and fill out the form below and I'll show you how it's done!
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