Tuesday, March 16th, 2010
Tha age old factors of condition, price and location are influencing our market more so now than in recent memory.
Just a few years ago, Sellers were enjoying multiple offers in all price ranges. Today, the part of the market that is humming along is everything essentially under $300,000. That is the sweet spot in the market for sure.
In Burlington, Charlotte, Colchester, Essex Junction, Essex Town, Milton, Shelburne, South Burlington, and Williston sales for all of 2009 show the average sale to list price ratio being at or above 95%. Of course, much depends on the three factors listed at the outset of this article but on average 95%.
Recent data compiled by Vermont Real Estate Information Network (VREIN), shows the condo market on average across all the towns comprising Chittenden County (i.e. Burlington, Bolton, Charlotte, Colchester, Essex Town, Essex Junction, Hinesburg, Huntington, Jericho, Milton, Richmond, St. George, Shelburne, Underhill, Westford, Williston) have shown prices increasing by 10.8% between the period from February 2009 until last month.
Conversely, single family homes on average across all the towns comprising Chittenden County have fallen 6.6%. The data shows that in February of 2009, the average sale price was $319,024. In February 2010, the average sales price had fallen to $297,874 with sales picking up.
Conventional wisdom suggests that the recent surge in activity has come as a result of pent up demand, low interest rates, and the tax credits made available to first time homebuyers ($8,000) and for repeat homebuyers who have not bought or sold their primary residence in the past 5 years ($6,500).
Against the national and regional averages Vermont continues to hold its own.The Mortgage Bankers Association's National Delinquent Survey found 4.8% of mortgages in Vermont were seriously delinquent or in foreclosure during the last quarter of 2009. Compare that to the national average at 9.7% or the New England region at 8%.
Vermont ranked 46th out of 50 states with fewest delinquencies and foreclosures initiated during the last quarter of 2009.
Of course, location weighs heavily on the average sale price figures. It is important to compare prices in the town and immediate neighborhood you are considering purchasing to best understand what a given house should sell for. The age old adage "all real estate is local" remains the watch word.
If you are considering listing your home for sale or buying a home, condominium or other real estate in Burlington, Vermont or in Chittenden County, please give me a call or email me to discuss representing you, our current market conditions and your needs/wants in a new home and community. I would be delighted to assist you. I can be reached on my direct line at 802.238.5256 or email me at Chris@ChrisHurdVT.com
As always, please feel free to post any thoughts and comments right here on Hurd's The Word
Armed with solid numbers, buyers and sellers alike can manage their expectations and the current realities of our local market.