What a difference a year makes! The US housing market likely hit bottom in 2009 and Vermont housing is poised to enter recovery in 2010 according to Gus Faucher, Director of Macro Economics at Moody's Analytics. Also of note, Vermont continues to be one of three states with the lowest foreclosure rates in the country. Predictions are for a steady improvement in the economy with the recession over.
At year end there were 510 single family homes and 220 condominiums available in Chittenden County which is considered a stable supply. Take advantage of the Federal Tax Credit of $8,000 for First Time Buyers or $6,500 for “Move Up” Buyers who have owned their home for 5 years or more. 30 year fixed rates have hovered around 5% and the Federal Reserve is not expected to begin raising the Fed Funds rate until first quarter of 2011 which is also good news for mortgage rates.
2009 The Year in Review – Average Single Family Home Prices by County
(Statistics per VREIN)
| Addison |
$237,934 |
down 9.0% |
| Chittenden |
$305,773 |
down 4.5% |
| Franklin |
$181,972 |
down 5.7% |
| Grand Isle |
$299,998 |
down 7.4% |
| Lamoille |
$298,211 |
down 4.9% |
The highest average sale prices were recorded in Charlotte (at $672,179) Shelburne (at $470,063) and South Hero (at $457,783) due to the impact of high end and lakefront sales. Average prices rose in Bolton, Essex Junction, South Burlington, Westford and Williston. The number of new housing permits has dropped from over 3000 in 2005 to 1115 through November 2009. If you are considering building a home, this may be the best time in over a decade as land prices are adjusting, and builders are looking for new projects. In the recession the construction sector lost 23% of the total jobs lost here in Vermont.
In my opinion I am seeing that prices have adjusted 10-20% from the peak in early 2007 and the steady slide in prices has some people selling for less than they purchased for during the peak years. The average sale price is improving, rising to $211,600 through November 2009 although 5.5% below the November 2008 average sales price of $223,900.
Here at the Jenkins Team, we all look forward to a great year helping you achieve your real estate goals. If this is your year for a move we are here to help you, your family, co-workers, and friends. Give us a call or check out our newly improved website www.nancyjenkins.com for your new home!
We are blessed to enjoy the natural beauty of our area, the lakes, streams, mountains and forests. The farmers markets, parks, beaches, orchards, farms and villages combine to offer a truly wonderful place to live.
Our best wishes to you for a safe, happy and prosperous 2010!