Spring 2010 Vermont Market Update

Local Real Estate Market Showing Strong Increases

Residential home and condo sales in Chittenden County have increased by 25% through the end of April 2010 over the same period last year.  The average sale price remains stable at $299,000 for single family homes and $208,000 for condominiums, while inventories have increased 9%. These market conditions are favorable for both buyers and sellers as more homes are selling yet prices remain stable and interest rates are still historically low. 

Locally and nationally, buyers responding to the homebuyer tax credit and favorable affordability conditions have boosted existing-home sales, marking the beginning of an expected spring surge.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends.  "Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running," he said.  "The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices.  This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure."

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment.  "Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country," she said.

Despite the expiration of the Home Buyer Tax Incentive on April 30th, the real estate market is healthy and consumer confidence seems strong in Chittenden County. Some sellers have opted to continue their own version of the credit by participating in a Buyer Bonus incentive, exclusive to Coldwell Banker Hickok & Boardman Realty. To learn more about the Buyer Bonus and view participating properties, click here.

For a snapshot of the current Vermont real estate market in your town or for a specific property type click the link below: