The Northwestern Vermont Board of Realtors recently released its real estate market report for May 2014, and the news is very good for Chittenden, Franklin, and Grand Isle counties. Comparing January through May 2013 to January through May 2014, new listings increased 6.5 percent to 521; median sales price increased 8.5 percent to $248,950; the number of days a house is on the market is down 16.8 percent to 91 days; and inventory grew 3.9 percent to 1,714 units. What this means is more people are selling rural Vermont homes, and more people are buying rural Vermont homes, a very good indication that the economy is improving!
Underhill Vermont Real Estate Market
Here in Underhill, where my business, Pleasant Valley Real Estate, is located, the real estate market looks very similar, except the median closing price is down nearly 10 percent—from $277,500 to $250,000—when comparing January through May 2013 to the same period in 2014. This suggests that people are selling their smaller, lower-priced houses and moving up, while buyers are either getting into their first homes or scaling back.
The good news for buyers is that inventory has increased significantly in the same time period, from 19 homes in the market in 2013 to 31 in 2014, which means they have a lot more to chose from and prices will be competitive. What’s not to like about that? Meanwhile, the good news for sellers is they are getting close to their asking prices—97.6 percent in 2014 compared to 89.7 in 2013, an increase of 8.8 percent. Also, the number of days their homes are on the market has decreased from 122 to 103. So buyers note: act quickly or the home you are eyeballing will be someone else’s!
In nearby Jericho, the market looks very different. During the same time periods (January through May, 2013 and 2014), the median closing price went UP, from $225,500 to $267,500, a whopping 18.6 percent increase! New listings increased from 40 to 50, and sellers are receiving 96.7 percent of their asking price, a slight increase over 2013. However, it’s taking longer to sell their homes: 60 days in 2013 and 79 in 2014. This is not surprising, since it usually takes longer to sell a house that costs more.
In summary, inventory is moving, and I have never been as busy as I am now!