Vermont Business Magazine With the median price heading back up toward $200,000, Vermont's housing market finally showed some strength in February, in a year-over-year analysis. The number of homes sold was also up, according to the RE/MAX of New England February Monthly Housing Report. However, the effects of record-snowfalls during the first two months of 2015 reverberated throughout New England’s housing market. Month-over-month, home sales again reflected the inclement weather with a decrease of 13.5 percent over January’s numbers across New England.
However, as with Vermont, year-over-year home sales increased by 2.1 percent in the region with 7,817 recorded sales. Median prices were on the incline with every state in the region showing modest price appreciation over February 2014’s figures. On average, home prices rose 5.6 percent year-over-year (Vermont 5.4 percent). Most notably, New Hampshire experienced a 10.3 percent increase over February 2014’s numbers and 4.4 percent increase month-over-month. Throughout the region, pending sales were up 4.5 percent year-over-year and 3.3 percent over January 2015’s numbers.
In New England overall, “The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “With parking bans, power losses and dangerous road conditions, many consumers have sidelined their home search, content to wait for warmer weather. Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”
Across the region, homes are staying on the market an average of two days less than this time last year and pricing remains flat.
·Vermont home transactions were up 7.1% year-over-year, while median price increased 5.4% year-over-year. Pending sales were up 5.5% year-over-year.
·In Connecticut, the number of total transactions is up 6.4% year-over-year and median price is up 2.7%. Pending sales were up 23.7% year-over-year– the highest in New England.
·Massachusetts showed a decrease of 2.3% in total transactions year-over-year. The median price increased 7.4%. Pending sales were down 9.8% over February 2014.
·Maine showed a decrease of 1.2% in total transactions year-over-year. The median price increased 5.1%. Pending sales were down 4.1%.
·In New Hampshire, home transactions increased 0.5% year-over-year, and median price increased 10.3%,the highest in New England. Pending sales were up 2.2% year-over-year.
·Rhode Island home transactions increased 12.0% year-over-year,the highest in New England, while median price increased 2.1%. Pending sales were up 15.3% 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.
Source: © Copyright 2015 RE/MAX INTEGRA, New England. 3.18.2015