Happy humpday from all of us here at the Vermont Mortgage Company! We hope you’re enjoying the nice weather we are having here in Vermont. It almost feels like Spring is around the corner! Thanks to the good people at the Northwestern Vermont Board of Realtors, we have a snapshot of the current housing market for 2017. We will give you an overview of the statistics to show what the market is doing, and what to look out for in the future.
The market so far is continuing similar trends to 2016. While the market itself seems healthy enough, inventory continues to dwindle. New listings fell 15.1% for single family homes, and 10% for condos. Meanwhile, median prices fell slightly for homes by 1.4% ($246,400), but increased in condo prices by 16.4% ($259,624).
With the new calendar year, the market has a fresh batch of buyers with a renewed enthusiasm. However, due to the lower inventory and pricing, this could push out potential buyers who simply cannot compete with the current market. Houses are staying on the market for shorter amounts of time as well. Condos on average fell 35% from the previous year, and single family houses a whopping 48.5%.
While this picture may look a little grim, there are some silver linings. With unemployment remaining relatively steady, and wages on the up and up, it’ll be easier for Americans to deal with the increasing mortgage rates. The local housing market is becoming ripe for buyers, what is needed most right now is more inventory.
So, to recap, the market is growing at a slow and steady pace. Houses and condos are staying on the market for shorter periods of time, meaning you should act quickly! You don’t want to miss out on that dream house because of hesitation. Remain hopeful, as things are on the upward trend. The one thing we need right now in Vermont is more houses for sale! With more houses, the average prices will drop, creating a healthy market for buyers and sellers alike.
We hope this brief overview of the current trends served you well! We’d like to once again thank the NVBR for providing us with the data. If you have any questions about this, feel free to contact our office at 802-863-2020! Also, if you’d like to get the ball rolling on a new house, get pre-qualified today! Swing by our office or visit us at our website!