Vermont Real Estate November 2011 Market Statistics Released
According to the Northwestern Board of Realtors, there are some interesting market statistics which imply that the market is slowly starting to turn around. Currently the inventory level is down to levels not seen since 2007. If that is the case, that may start stabilizing the prices in our area. With price stabilization comes confidence, and with confidence comes a healthier market. We are encouraged to see that year-to-date closed sales are up compared to last year at this time.
Vermont real estate Inventory levels dropping.
The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.New listings increased 10.2 percent in the three counties, while inventory declined 13.8 percent and has returned to 2007 levels. Pending sales and closed sales were also down in the month-to-month comparison, but continue to be up year over year to date, 2.8 and 3.4 percent respectively.
Inventory declines were significant and could hint at a changing market in early 2012, said Kathleen Sweeten, executive vice president of the Northwestern Vermont Board of REALTORS. Interest rates hovering at historical lows and a declining inventory are indicators of a healthy market to come, barring any unanticipated shocks.
Chittenden County Real Estate Prices down 6.9%
While home prices are the most popular barometer of the real estate market, many factors play into the month-to-month data. These include purchase demand, market times, absorption rates, and the mix of homes in the market at any given time.
In Franklin County, the median home price was down 10.8 percent to $182,900.
Grand Isle County showed the largest increase in median sales price of $254,000, jumping 31.1 percent over last year at this time.
The Northwestern Vermont Board of REALTORS (NVBR) is the Voice for Real Estate, in northwestern Vermont representing over 600 members involved in all aspects of the residential and commercial real estate industries.
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Source: North Western Vermont Board of Realtors