Back to School! I have always seen the real estate market perk up as soon as the back to school advertising starts. We have enjoyed a wonderful long summer with great sunshine, beach days, hiking and biking. Soon the annual harvest markets, celebrations at Shelburne Farms, the Underhill Corn Roast and the Champlain Valley Fair will be here!
The real estate market here in Northwest Vermont has had a good run this summer. The first of August sees continued lower levels of available homes with only 512 single family homes and 177 condominiums totaling 689 combined properties currently on the market in Chittenden County. This is compared to 2015 with 691 homes and 240 condos totaling 931 combined properties for sale, a 26% reduction from last year.
The number of single family homes under deposit reached 892 as of August 1st an increase of 10.8% over the 805 deposits from 2015. Condominiums are also up with 415 units pending up from 405 last year. We saw a 7% increase in closed condominiums with 380 closed by end of July 2016. Single family homes are down 9.4% through July with 685 homes closed year to date. As deposits are up I expect the number of homes closed this year will exceed last year’s total of 1284 closed, by more than 5%.
We are looking forward to a strong fall with historically low mortgage rates, continued lower inventory levels, and high demand. Buyers are taking advantage of these conditions in anticipation of higher interest rates looming on the horizon.
The Nancy Jenkins Team is proud to announce the addition of Andrea Hossley to our team as a Buyer Specialist! Andrea comes with a background of sales and customer service. She looks forward to helping you find the perfect home! Our experienced team is ready to assist you in reaching your goals both for your home, investment property or even a vacation home.
Enjoy the rest of our warm, sunny days and call us for all your real estate needs.
©2016 Nancy Jenkins Real Estate