CENTURY 21 Advantage Market Update for Northwestern Vermont
As summer comes to a close and fall takes hold of Vermont , we have many things to be thankful for with our local real estate market. The following Vermont Real Estate Market Update will give you some insight to what our future may look like if you are thinking about buying or selling. According to the Northern New England Real Estate Network, the following information was provided to showwhat was happening in the Chittenden, Grand Isle and Franklin Counties as of August 2012.
- New listings: In the three-county region, decreased for the month by 7.8%. Overall year to date the inventory levels shrank by 19%. This reduction in the number of homes for sale can have a positive effect for those people trying to sell their homes.
- Pending home sales: for the same region were up 7.1 % in August compared to August of last year. With that, prices moved higher. The median sales price increased 5.4% to $259,900. This is at almost a two-year high according to our Executive Vice President for the Northwestern Vermont Board of Realtors.
- Closed sales: for the same region comparing year to date are up by 13.8%. So with the combination of fewer homes for sale, low interest rates the market is definitely rebounding in our area. With that said, the average days on market has increased in this same time period by 4.3% to 108 days on the market. Additionally, the average sales price to list price is 93.5% currently. So there is still some room to negotiate with some inventory.
We believe that the politicians cant even mess up thedirection of our local Vermont real estate market. At least not right now, because of the impending election. Therefore, now may be the best time to buy or sell. Currently the rates are extremely low and we predict that they must stay that way for the real estate market to continue to help the economy out of the recession. There are too many jobs to be lost if the interest rates are increased to cause the market to stagnate. With the information that has been obtained, the last quarter of this year and the first quarter of next, should prove to be a great time to buy or sell a home. Start your Vermont home search
today or contact us to discuss what your home is worth
in today's market.