Vermont Business Magazine Home sales, which lagged considerably during the winter and for much of the post-recession years in Vermont, are now well ahead of numbers from April and last May. Pending homes sales are up by double digits. Home prices, however, are increasing at a slower rate. This can be expected to grow, as the number of sales increases against a smaller inventory.
There were 661 homes sales in May in Vermont, up from 489 in April and from 616 in May 2014. The median price in May was $212,000, unchanged from April and slightly ahead of last May's $207,750. The price lag can also be seen in Vermont's "Days on Market" data, which is the highest in New England at 183.
In New England, year-over-year sales increased by 0.5% according to TheRE/MAX INTEGRA, New England May Monthly Housing Report. Pending sales were up 15.2% over May 2014 and up 12.6% over April 2015.The consistent spring weather helped to propel the New England housing market forward in May, according to RE/MAX. Month-over-month, home sales were up 29.2% over April’s numbers, and year-over-year, home sales totaled 14,960 units.
Across New England, median prices were on the incline in every state in the region, except Massachusetts, showing modest price appreciation over May 2014’s figures. On average, home prices rose 3.4% year-over-year. Most notably, Rhode Island experienced an 8.3% increase over May 2014’s numbers and 13.8% increase month-over-month.
·In Connecticut, the number of total transactions were up 5.0% year-over-year and median price is up 1.3%. Pending sales were up 18.3% year-over-year.
·Massachusetts showed a decrease of -6.4% in total transactions year-over-year. The median price remained the same. Pending sales were up 9.5% over May 2014.
·Maine showed an increase of 2.6%in total transactions year-over-year. The median price increased 7.6% and pending sales were up 19.9%.
·In New Hampshire, home transactions increased 8.3% year-over-year, and median price increased 4.5%. Pending sales were up 12.5% year-over-year.
·Rhode Island home transactions increased 4.9% year-over-year, while median price increased 8.3%. Pending sales were up 33.4% year-over-year, the highest in New England.
·Vermont home transactions were up 7.3% year-over-year, while median price increased 2.0% year-over-year. Pending sales were up 14.7% year-over-year.
“Warm, sunny days are certainly doing wonders for the region’s housing market with homes staying on the market two weeks less than in April,” said Dan Breault, EVP/Regional Director of RE/MAX INTEGRA, New England. “We’re seeing heightened consumer demand reflected by strong growth in pending sales.”
Source: REMAX. 6.23.2015. DOM is Days on Market.