It’s been awhile since I’ve blogged about the Vermont real estate market, so it’s time to bring you up to date. My business, Pleasant Valley Real Estate, serves the communities of Underhill, Jericho, Cambridge, Jeffersonville/Smugglers’ Notch, and Richmond. These towns are a good representation of overall real estate activity in rural Vermont.
This market report is for January through February, 2014, and comes from Northwestern Vermont Board of Realtors. It’s the most up-to-date report available. Overall, the economy’s health is improving, and so is the real estate market’s, which is gradually shifting from being a buyer’s market to a seller’s market. Here’s an overview of how things looked for the beginning of 2014:
- Comparing February, 2014, to February 2013, new listings were down 6.4 percent, from 266 to 249. This means there is less to choose from, and selling is competitive.
- Houses were on the market for a shorter period of time, down 16.4 percent to just over seven months. Since there are fewer houses to choose from, people are snatching them up more quickly.
- The average sale price is up .7 percent to $231,500. This most likely is because of the decrease in inventory, making it a seller’s market. People are not accepting low offers. In Underhill, where I work and live, the average sale price was $283,000.
- Pending Sales were up 15.8 percent to 176. These are the number of houses under contract, but not sold by press time for this report.
With inventory down and prices slowly rising, buyers are moving more quickly, and sellers know the demand is on the rise. Add to this the fact that mortgage interest rates are starting to climb means real estate is changing from a buyer’s market to a seller’s market.
So, if you have been thinking about selling your home, 2014 is a good time to put it on the market. And if you’ve been thinking about buying a house, you better hurry up. Now is the time to buy! Either way, selling or buying, contact me and I’ll help you close your deal!
Note: The above information comes from the Northwestern Vermont Board of Realtors, of which I am a member. The information is derived from data contained in the Northern New England real estate network and covers Chittenden, Franklin, and Grand Isle Counties.