Vermont Housing Market Update – September 2008

With a new President in our near future and extreme press about the entire economy, especially Real Estate, I think it is essential that everyone is kept up to date with what is going on in your local economy.  Vermont Real Estate has not seen the highs nor have we seen the lows that other sections of the US have experienced. 

In my opinion, what separates us from many other areas of the country are our Vermonters.   We tend to live within our means and are typically down to earth people who will not make a dollar to spend two.  This is reflected in Vermont ranking as one of lowest foreclosure rate states in the country. 

Although many developers in the past would complain about ACT 250, we can all be grateful for it right now.  Act 250, the state's development-control law, has "protected us" by making it more difficult to build massive housing developments.  Unlike many other states we do not have entire developments either sitting vacant or with foreclosure signs. 

After examining our Multiple Listing Service numbers from the past several years (see below for the actual numbers), there are some important facts to take away from these figures:

1. We are up 12.5% since 2004.
2. Although “Days on the Market” has increased from 43 to 83 days, things are still selling at a good rate.
3. Our average, sales price is only down 5% this year compared to last year.  While other sections of the US are down over 20%. 
4. Real Estate is LOCAL, not National. 

*These numbers are from January 1^st, 2008 through September 30, 2008 and do not reflect a full years worth of data.

** All information is taken from MLS and not guaranteed.