Trumansburg Village Real Estate Market Update…

Trumansburg has been growing!  More properties have been sold in the Village each year starting in 2010.

Ithaca Board of REALTORs MLS data

2009 was a small year for Village residential property sales.  Only 10 residences sold.  The average days on market was 103 and sellers, on average, were able to get 96% of their list price.

Starting in 2010 ($8000 first time home buyer tax credit year) residential sales skyrocketed! 25 residences within the village limits sold and sellers realized 95% of their asking price at closing.  The average sold price also went up 11% from the year prior.  However, the amount of days a property spent on the market also went up by almost 18% ( i.e. took longer for houses to sell in 2010.)

2011 saw 20 residences sell with the average sale price of $184k dipping below the year prior by 15%. Those properties also spent more time on the market with an average DOM of 138. A 10% increase over the prior year.

2012 saw (ytd) 21 residences within the village limits sell with an average sales price of $188k, just a 3% increase over the 2011, with seller’s getting 93.5% of their list price. And the time spent on market was the longest yet at 159 days.

The data is clear: more people are buying property in the Village of Trumansburg.  First time home-buyers are finding it  affordable; more houses are selling each year at a lower average sales price.

If the trend continues, I think we can expect 2013 prices to be a little lower and the days on market to be a little higher.  It could turn out to be a buyers market.

If you are gearing up to sell in the spring of 2013 it is imperative to price the property right the first time and have it in mint showing condition.   If not, you can most likely expect the property to sit longer on the market and in turn, net less at the closing table.

*(It is interesting to notice that the longer the days on market, the lower the average sales price.)