November 2011 Market Statistics
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The Northwestern Vermont Board of REALTORS® has released its real estate market statistics for November 2011. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
New listings increased 10.2 percent in the three counties, while inventory declined 13.8 percent and has returned to 2007 levels. Pending sales and closed sales were also down in the month to month comparison, but continue to be up year over year to date, 2.8 and 3.4 percent respectively.
“Inventory declines were significant and could hint at a changing market in early 2012,” said Kathleen Sweeten, executive vice president of the Northwestern Vermont Board of REALTORS®. Interest rates hovering at historical lows and a declining inventory are indicators of a healthy market to come, barring any unanticipated shocks.
While home prices are the most popular barometer of the real estate market, many factors play into the month to month data. These include purchase demand, market times, absorption rates, and the mix of homes in the market at any given time. The median home price in Chittenden County was $242,000 in November, down 6.9 percent over last year. In Franklin County the median home price was down 10.8 percent to $182,900. Grand Isle County showed the largest increase in median sales price of $254,000, jumping 31.1 percent over last year at this time.
The Northwestern Vermont Board of REALTORS® (NVBR) is the “Voice for Real Estate,” in northwestern Vermont representing over 600 members involved in all aspects of the residential and commercial real estate industries.
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