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2013 Spring Real Estate Market Report for Chittenden County Vermont

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Happy Spring!

Vermont’s “April showers” were a little light this spring which has made the mud season drivers happy and perhaps some farmers who might want to plant early!

The spring market for real estate seems to be heating up earlier than last year translating to a strong showing for homes that are currently under deposit and ongoing buyer activity that appears to be stronger than last spring with multiple offer activity that I haven’t seen in a while.

This 2013 Spring Market Real Estate Report for Chittenden County Vermont is based on Chittenden County single family and condominium data from the Northern New England Real Estate Network (NNEREN).  If you would like more specific information for your area or town, or your home’s value, please feel free to give me a call.

ACTIVE LISTINGS/INVENTORY

There are approximately 482 active Chittenden County single family homes on the market at this time, which is down 15% from last year’s active inventory for the same time period.  Pending sales are strong at this time which accounts for part of the lack of inventory.  Otherwise, the lower inventory coming into the spring market could equate to a slight rise in home values.

INTEREST RATES

2013 1st Quarter Interest Rates

2013 1st Quarter Interest Rates

The 2013 interest rates shown above reflect a no point 30 year fixed rate program. As can be seen, fixed rates began the year around 3.5%, rose slightly to approx 3.625%, and have hovered around that number for the last few months.

Continued attractive interest rates combined with the most reasonable home pricing we’ve seen in years creates a winning combination for those looking to enter the housing market as first time home buyers or those looking to take advantage of the low rates and upgrade their current home.

MEDIAN SALES PRICE

The Median sales price of single family homes so far this year is $271,000, which is up 6% as compared to 2012, which showed a median sales price of $255,000. The median sales price of condominiums so far this year is $186,500, which is down approx. 3% over last year at this time.

You never know where the bottom of the market was until after it passed, but there are signs of prices going up in number of areas within the housing sector which may indicate we are beginning to regain some of the appreciation that was lost since 2008.

If 2013 is your year for a move, I would appreciate the opportunity to put my 27 years of experience to work for you!  Feel free to give me a call for a no obligation market analysis.

Enjoy the summer and stay posted for your next market update!

Best,

Dave Chenette Broker/Realtor


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