Today’s edition of Trumansburg Tuesday focuses on the Village of Trumansburg residential real estate market.

Let’s take a look back over 10 years and see what the average sold price is for a residential property in the Village along with the # of units sold.

Stats courtesy Ithaca Board of REALTORS mls

From looking at these stats, the village is a diverse residential neighborhood.  Some years the average sold price is up and some years it’s down.  Only a few years saw a higher number of units sold.  The 2010 first time home buyer tax credit propped up the market creating a buying rush, thus the # of residential properties sold was up that year (the highest to date).

Typically with the more inventory or residences available for sale, the lower the list/sale price; basic economics – more supply, lower prices because of competition. Less supply to meet the demand and prices go up.  Supply and quality supply, fluctuates every year but demand seems to remain steady from what I hear and experience with helping buyers.

I’ve included the lowest sold price over the years to point out that there are affordable housing options within the village.  Now, there may be some arguments about the standard of quality of those affordable options, but from what I have seen and sold, they are nice and mostly move-in ready units that may need some cosmetic updates.

I can tell you that in 2013 the bump in average sold price is due to higher priced residences selling that year as opposed to lower to middle priced ones.   On average though, the value of residential homes within the village remains steady or slowly increases each year.

Currently there are 4 properties listed for sale in the Village and they range from $99,900 to $395,000.  Not a lot of diversity right now.  If you are considering selling and you live inside the Village, it might be a good time!

If you are curious what your home may be worth on the open market , I would be happy to meet and offer a free market valuation report.

As always…