It’s Tuesday, you know what that means… Trumansburg real estate market update!

You may have been hearing how the real estate market is heating up in our area in spite of the dropping temperatures and mounting snow, well, it’s true, it’s true.   Demand is up but supply is down.  (Hint: Sellers, don’t wait until April to list your house!)   Qualified buyers are out in full force and it’s a good time to borrow money because interest rates are still historically low, but predicted to rise this spring/summer along with list prices.  Buyers are jumping into the market earlier this year to avoid the spring rush and Trumansburg continues to be in demand.

Let’s look at the stats… this is a 10 year history of Sold statistics for the area that serves the Trumansburg School District.   These are residential SOLD statistics.

Statistics Courtesy of Ithaca Board of REALTORS mls.

This chart lends some perspective to the Trumansburg Residential Real Estate Market.   When inventory is high (2011) sale price tends to drop and when inventory is low (2009) sale price tends to be higher in relation. Of course there are other factors affecting the market, but supply and demand is a great indicator of future trends.  For the past three (3) years, sold inventory has remained stable at 60 units and the average sale price hasn’t fluctuated by much.  I would predict that for 2015, Trumansburg won’t see a huge difference in the average sale price from last year; it will continue to hover in the $200,000 range.  If supply of solid housing in the $150-$175,000 range hits the market to meet the demand, then Tburg will see more units sold and most likely, the average sales price dip below $190,000.

If you are thinking of selling this year, you may want to consider listing sooner rather than later to meet the demand and beat out the spring market flood of competition.

Currently there are 16 properties on the market in Trumansburg.  Just 16! Ranging from $124,500 to $875,000.   For a list of those properties currently active, visit http://www.HartandHomes.com

As always, real estate is hyper-local and if you want information on a specific market, please contact a local real estate agent.  And if you would like a complimentary market analysis of your property, please contact me!

“Hart is Where Your Home is”