The latest RE/MAX New England Housing Report, which shows that Vermont has experienced the largest median home price jump in all of New England, up to $196,250, an 18.9 percent increase year-over-year ($165,000 in February 2012). Vermont transactions are also up 10.6 percent compared to this time last year.
RE/MAX of New England Executive Vice President and Regional Director Dan Breault says buyers hesitant to list their homes before spring are creating bidding wars in some pockets of New England as buyers compete to purchase a home.
‘ Sellers are still a little reluctant to list their home, forcing inventory to decrease as sellers wait for the temperature to rise and spring to set in,’ Breault said. ‘ The New England market is starting to see median prices uptick, as buyers are in bidding wars for the limited properties on the market. It’ s apparent that homeownership continues to be an important milestone for most Americans.’
The RE/MAX of New England February Monthly Housing Report indicates that the current trend of an improving housing market continues throughout the early months of 2013. For the first time in months, median prices are increasing instead of staying flat year-over-year.
While Vermont saw the largest increase in median price, it was followed by Massachusetts, New Hampshire and Rhode Island. In addition to median prices, units sold and pending sales are also up, while inventory is down 20 percent, year-over-year.