This AP article outlines the current National Real Estate trends. The market in Vermont is improving with the number of active homes going down.  The peak in Chittenden County was over 595 and now is down to 582, and dropping.  The numbers of deposits is in line with the 2004 statistics and are showing signs of improvement.  The number of showings and offers are up and the bonus is that the Federal Reserve Board did not raise interest rates on Thursday.

How would I view the Vermont Real estate market?  “It is like spring, you can feel the sun is warmer, you can smell it in the air but you still have some time to go before it stops snowing and really warms up”.

I was speaking with Allen Domb one of the nations foremost Realtors, he and other national realtors I polled agree that the change is happening and the last two weeks have been most telling.  As Linda Sandlin, Realtor from Marco Island Florida said, “Our market certainly dropped but I feel like it has hit bottom and is turning upward”.

I did find this quote quite interesting, and certainly do agree,

"The worst is behind us as far as a market correction this is likely the trough for sales," said David Lereah, the Realtors' chief economist. "When consumers recognize that home sales are stabilizing, we'll see the buyers who've been on the sidelines get back into the market."

Good signs for things to come.

-Nancy

Existing Home Sales, Prices Off in Sept.
Sales of Existing Homes Fall Yet Again in September; Median Sales Price Drops by Record Amount

By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON Oct 25, 2006 (AP)

In further evidence of a sharp slowdown in the once-booming housing market, sales of existing homes fell for a sixth straight month in September and the median sales price dropped by a record amount.

The National Association of Realtors reported Wednesday that home sales fell by 1.9 percent in September to a seasonally adjusted annual rate of 6.18 million units, the slowest pace since January 2004.

The median price of a single-family home fell to $219,800 last month, a drop of 2.5 percent from the price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades. Home prices had also fallen in August and it marked the first back-to-back declines in 16 years. (read more)