Earlier this month, the Northwestern Vermont Board of REALTORS® released its real estate market statistics report for December 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 in the Northwest Vermont region increased 24.3 percent. Pending Sales were up 41.3 percent. Inventory levels shrank 15.2 percent to 965 units, extending the trend of the later part of 2011.
Home prices finished the year on an up note. The Median Sales Price increased 3.3 percent to $248,000. Days on Market increased 18.7 percent to 124 days. Absorption rates improved as the Month’s Supply of Inventory was down 17.8 percent to 8.2 months.
“We are optimistic about the upcoming months for real estate in the three counties” said Kathleen Sweeten, executive vice president of the Northwestern Vermont Board of REALTORS®. “Sellers are beginning to see multiple offers on homes that are priced right with the market; buyers continue to see sub-4.0 percent loans; and, the supply-demand trends are more balanced.