October Market Report--Montpelier, Barre, U32, and Northfield

Here are October's numbers for Montpelier, Barre, U32, and Northfield.

Market Commentary-- Montpelier's inventory keeps going down, which, through simple supply and demand is ultimately is going to help stabilize prices.  Looking at the Active to Closed ratio (that's properties that have closed in the last 12 months), we're seeing a pretty efficient market.  Marshfield and Plainfield had slower sales than one might expect, but the biggest markets in the area are actually doing ok. 

Point of interest-- See that one sale in Northfield?  That was me.  I don't mind bragging just a little bit every now and then.

Where is the market going?  I once heard that if you lined up all the economists in the world end to end, they still wouldn't reach a conclusion.  So I'm looking elsewhere for answers.  Our office is seeing a noticeable uptick in the number of cash buyers.  By "cash", I mean buyers who are either putting down the whole amount without a loan, or are at least putting a good chunk of money into the sale.  That tells me that people are starting to feel comfortable putting their own money on the line-which tells me that buyers may be starting to feel a little more optimistic about real estate.

It's not uncommon to see cash buyers lead the market. 

Timing-- As winter approaches, some sellers are just plain frustrated.  Maybe there haven't been very many showings.  Maybe there haven't been any showings.  Some sellers are taking their houses off the market for the winter.  In some cases, that can be effective.  But let's play this through-as homes come off the market, inventory will reduce.  For ready, willing, and able buyers, there are fewer homes to choose from, and they may well just settle.

Then, come spring (when many of these properties will come back on the market), we may see a flood of re-listed homes in addition to the regular spring new listings.  Sellers run the risk of getting lost in the crowd, and competing with a lot of other houses.  If you're a seller, and aren't sure what to do, you should definitely talk to a real estate professional and map out a strategy.

All Real Estate is Local--While we're not in what would be called a "Sellers' Market", there is at least one pocket of the market that is:  Murray Hill in Montpelier.  A couple of months ago, there were three condos on the market on Murray Hill.  I've got one under contract, I put a very good offer on another (the sellers pulled the unit off the market), and one more is under contract.  So now no condos are available.  But I have at least two very interested buyers.  So, if you know people on Murray Hill who are thinking of selling, have them call me.  This is also a lesson on how the Montpelier and Barre real estate markets can change quickly-on a hyper local level.

Halloween Costume Contest--Thanks to everyone who sent in pictures.  My goal is to get them up on the website on Friday, and send out the link. 

Remember--The holidays are coming.  Don't forget about your favorite Realtor!  I'm kidding, but if you know of someone who's thinking of buying or selling, please keep me in mind.  I'm always happy to help.

For more about the local market, visit www.MontpelierBarreRealEstate.com.

Be smart.  Remember Ray.