Posted by: Clayton-Paul Cormier, Jr. | July 9, 2012

Mercurial Improvement. Q1 Q2 2012 Vermont Real Estate Markets in Review

Summer 2012.

Looking back over an historic first six moths of 2012: interest rates, in spite of predictions of rising tides, continued to tumble. Just this week, they hit an astounding 3.62 per cent on a 30 year note. Here’s a good article on exercising your option to refinance. It’s not just the weather that’s been breaking records.

Looking back over the last three years, there’s been lots of hurt in this empire of dirt.

In spite of national woes and seemingly ever present naysayers, Vermont’s real estate market is on the rise. A Maple Sweet Real Estate listing, just on the market, sparked a bidding war ending up in an above asking price contract. All the elements are in place for dramatic leaps forward.

May pending sales, according to the North Western Vermont Board of realtors, rose relative to years past. Inventory continued to shrink in May, down 13.9 percent to 1,137 units. Prices moved higher. The median sales price increased 4.3 percent to $245,000.

Over the last six months, 2,070 residential properties have sold in Vermont. Comparing the same time period in 2011, just 1,770 properties sold.

For a sampling of properties sold in the first two 2012 quarters:

15 Mad River Valley sales

9 in Stowe

36 in and around Burlington

9 in Addison County

9 in and around Montpelier

8 in Woodstock

Rismedia reported: “sales in Vermont increased by slightly over 10 percent in the first quarter of 2012. Compared to last year, MLS data for 2012 shows 955 sales while the first quarter of 2011 saw total sales of 867. This increase can be attributed to increased buyer confidence that the housing market is starting to return to equilibrium after 2008’s “Great Recession”.

Two outstanding Mad River Valley recent land sales bring hope the land market is on the mend too. These two sales, of 77 and 92 acres, each closed over a million.

Last month the commerce department reported “new home sales jumping almost 8 percent from April. Year-over-year, sales were a whopping 20 percent higher” and that ” economists are confident that the housing market has “hit bottom” after more than five years of steady home price declines and anemic demand.””

From US News, “our view that housing is in a moderate recovery phase” Michael Gapen of Barclays wrote in a note to clients.

Harvard’s Joint Center for Housing Studies released a report forecasting sales are poised to improve including a surge in rental demand. “At some point, renters are going to realize they’re losing money each month they continue to rent.”

Here’s Fed chairman Ben Bernanke on the improving market:

Mercurial but improving. Maple Sweet Real Estate has seen steadily improving market conditions and expects the 3rd and 4th quarters to be fertile and productive.

Connect to, e-mail or call toll-free 1-800-525-7965 to list your property, arrange for showings, or look further into Vermont’s real estate market.

If your property is already listed for sale with another real estate agency, this is not intended as a solicitation of that agency’s listing.
Vermont Required Consumer Information Disclosure: please note Vermont  real estate agencies represent Sellers directly or indirectly. Buyer representation can be gained for properties not already listed by Maple Sweet Real Estate. To better understand the merits of or arrange for buyer representation, please email or call for further details.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: