Vermont Business Magazine Vermont home prices, which have struggled to gain ground even as the recovery continues, fell back again last month, even as the number of transactions increased again. Overall, the New England residential market remained steady through November 2015 with a 7.9 percent increase in sales over November 2014. Across the region, all six states saw an increase in sales while pending sales were up 15.1percent and average days on market decreased by seven days. Month-over-month, the New Englandmarket experienced a seasonal sales decrease of 21.7percent and an 18percent decrease in pending sales. Prices remained stable with a 0.8percent increase over November 2014 and a slight 1.9percent decrease over October 2015.
For Vermont, inventory and Days on Market fell (still remains relatively high), which could lead to demand pressure and an increase in prices. Winter, however, tends to be a very slow season for home sales in Vermont. Vermont median home prices ($193,700), which were third highest in New England (Massachusetts, Connecticut) during the hot real estate market just prior to the 2008 recession, have fallen well back and are now only ahead of Maine.
“Interest rates are still at historic lows and the recent hike by the Fed should not have a significant effect on the housing market,” said Dan Breault, RE/MAX INTEGRA, New England EVP/Regional Director. “Prices throughout New England have remained steady and inventory is at a healthy level in all but a few markets, so homebuyers in the market now should not be discouraged. Real estate is still one of the best and safest long-term investments.”
Year-over-year sales increased by 7.9percent according to TheRE/MAX INTEGRA, New England November Monthly Housing Report. Pending sales were up 15.1percent over November 2014 and days on market decreased from 108 days to 101 days.
· InConnecticut, the number of total transactions were up 4.3% year-over-year while median price decreased 5.6%. Pending sales were up 22.5% year-over-year,the second highest in New England behind ME.
· Massachusettsshowed an increase of 6.7% in total transactions year-over-year. The median price was up 5.2%. Pending sales were up 9.0% over November 2014.
· Maineshowed an increase of 22.1%in total transactions year-over-year,the highest percentage increase in New England. The median price increased 3.1% and pending sales were up 23.0%,the highest percentage increase in New England.
· InNew Hampshire, home transactions increased 10.1% year-over-year, and median price increased 2.3%. Pending sales were up 8.9% year-over-year.
· Rhode Islandhome transactions increased 10.1% year-over-year, while median price increased 4.3%. Pending sales were up 20.8% year-over-year.
· Vermonthome transactions were up 3.5% year-over-year, while median price decreased 5.5% year-over-year. Pending sales were up 7.3% year-over-year.
Transactions are the total number of closed residential (Single Family and Condo) transactions during the given month. Median Sales Price is the median price of all specified properties sold during the specified time period. MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. All raw data remains the intellectual property of each local MLS organization. © Copyright 2015 RE/MAX INTEGRA, New England.
SOURCE: Data compiled from Greater Fairfield County Consolidated MLS, Connecticut Multiple Listing Service, Maine Real Estate Information System, Inc. MLS, Property Information Network, Northern New England Real Estate Network, and Rhode Island State-Wide MLS and therefore only represents transactions reported to those MLS boards.