The long winter has given way to warmer days, buds on the trees and I know that we are all ready to go out and enjoy Vermont in one of its most beautiful seasons. The real estate market started off cool in Northeast Vermont but was in great stride for March as 111 single family homes went under deposit up from 105 in March 2016. Sales of condominiums were also up for 2017 with 58 pending this year compared to 48 last year.
It is always hard to listen to the national home sales news and bring it back to our “neck of the woods”. The National Association of Realtors (NAR) announced that nationally pending home sales were up by 5.5% for February. Seattle led the nation with an increase in pending sales over 13 percent! The Pending Home Sales Index for the Northeast rose 3.4 percent. Vermont was actually down slightly by 10 deposits for single family homes in February, but we did not have the early spring that a lot of the nation has enjoyed.
Our March looks more like their February with increases of 5.7% for deposits and 15% for homes sold as compared to 2016.
Lawrence Yun, NAR chief economist, says February’s convincing bump in pending sales is proof that demand is rising with spring on the doorstep. “Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” he said. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”
I also took a look at our available homes which remains low with only 346 single family homes and 126
condominiums available as of April 1. It is always interesting to look at the historical data to give us some
perspective. In 2001 there were 217 SFH and 43 Condos and that fell to 186 homes in 2005, which turned
out to be the top of our market. By 2006 we were up to 365 and climbed to 608 in 2010. In the years following April 1st has seen the total number of listings in the mid-500 range with the exception of 2013 which had 472.
This shortage of homes and condominiums is an indicator that our market is heating up and with 30 year fixed rate mortgage interest rates in the low 4% range, demand will remain strong. Homes are coming on the market in increasing numbers and here at Nancy Jenkins Real Estate we placed 19 properties on the market in March and are adding new properties each week. Check out www.nancyjenkins.com to catch the newest listings as they arrive for you to view.
This is not the lowest inventory we have seen but it is a tight market especially below $400,000. The majority of buyers are looking in that range and it has the fewest homes and properties available. This is the best time to put your home on the market and I urge buyers to take advantage of the low rates and be in the market to secure the new home or property that best fits their needs. There are many options for a buyer to consider in the new construction arena and the smell of new wood and the ability to add your personal touches make building a wonderful alternative.
Call us today to let us help you market your property and to find the new one that fits your needs today.
Nancy and The Jenkins Team ©2017 Nancy Jenkins Real Estate