Burlington Area Real Estate

The promised update for the first half of November’s home and condo sales results in Chittenden County, Vermont.

Continued Fantastic! Home and condo closings through the mls system – UP 73% vs the first half of  November, ‘08.

52 closings vs 30.

And for just condos – up 100%! Now that’s nice to see.  Homes up 49%. Nothing to complain about.  Well, except………

Prices sank again, as first time buyers and the move up buyers they are energizing are crowding the closing table with lower priced homes and condos.  So, the numbers have moved with them – Avg condo sold for $215k vs $264k last year. Homes – $250k vs $283k last November. Expect this trend to continue for some time, and remember not to worry!  Here’s why:

First time buyer credit of $8k, and the cool new $6500 credit for ‘move-up‘ buyers will help to move homes and condos at the $100’s, $200’s and $300’s right through the winter, at a faster pace then we’ve seen for a couple winters at least. That in turn will finally grease the upper ranges to at least get some action, and some sales improvement.  Maybe not all they want on the price scale – but at least something to work with.  What’s it all mean?

Too soon to tell, but………..I see a ‘recovering spring’ on the horizon.  Stable prices, some shortages of the hot prices ranges, developments, neighborhoods – the usual suspects!  A little more competition for the best places, and fewer bargain hunters.  But, my first point………stable prices – no return to a few years ago.  In my book that’s OK. Sustainable real estate is a good thing!

What do you see?