Vermont home sellers had a rough month in January, as total sales were down, and, even worse, median prices were also well off from a year ago, according to RE/MAX of New England. The one bit of good news is that pending sales are well ahead, suggesting that February could reveal much better results.
For the region as a whole, the data shows that Vermont had similar to rest of New England. Year-over-year sales decreased by -3.0 percent according to TheRE/MAX of New England January Monthly Housing Report. Pending sales were up 9.4 percent over January 2014, but down -2.3 percent over December 2014. Across the region, homes are staying on the market an average of two days less than this time last year and pricing remains flat.
The New England housing market felt the effects of historical or near-historical levels of snowfall across much of the region in January. Many states accumulated more than 60 inches of snow in a two-week period, forcing potential homebuyers to put their plans on hold. Month-over-month, home sales reflected the inclement weather with a decrease of 34.7 percent. Year-over-year, home sales declined 3.0 percent.
Across New England, median prices remained relatively flat with a bright spot in Rhode Island, which experienced a 6.3 percent increase year-over-year. Month-over-month, prices decreased 5.0 percent on average.
“Record levels of snow have certainly stalled potential homebuyers’ plans in January,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “The Boston area broke records with more than 62 inches of snow reported since January 15th. As New Englanders continue to dig out, we are all counting down the days until spring.”
·Vermont home transactions were down -3.5% year-over-year, while median price decreased -5.8% year-over-year. Pending sales were up 15.9% year-over-year.
·In Connecticut, the number of total transactions is down -5.5% year-over-year and median price is down -4.9%. Pending sales were up 16.6% year-over-year.
·Massachusetts showed a decrease of -6.1% in total transactions year-over-year. The median price increased 3.2%. Pending sales were down -1.3% over January 2014.
·Maine showed an increase of 5.9% in total transactions year-over-year. The median price decreased -4.3%. Pending sales were up 18.2%.
·In New Hampshire, home transactions increased 6.3% year-over-year, and median price increased 3.5%. Pending sales were up 6.9% year-over-year.
·Rhode Island home transactions increased 1.7% year-over-year, while median price increased 6.3%, the highest in New England. Pending sales were up a whopping 21.3% year-over-year, the highest in New England.
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.
Source: RE/MAX of New England. 2.23.2015