Blog :: 2015

APRIL UPDATE--SO, HOW'S THE MARKET

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Snapshot: Come on, are there really 115 houses for sale in Barre City? And with 82 sales over the past 12 months (which is a lot of sales), that’s 15 months worth of inventory. If you’re a buyer, you know you can get a great house at a good price. If you’re a seller, you know that you got that great house at a good price when you bought it. And people are buying. Of the eleven houses under deposit, Green Light Real Estate has three of them. Not a bad market share…

Totals

Active New March 2015 Under Contract Closed March 2015 Closed Last 12 Months
Barre City 115 16 11 3 82
Barre Town 62 15 13 9 97
Montpelier 54 12 8 8 75
U32 48 7 10 1 70
Northfield 60 5 8 5 45
339 55 50 26 369

Sale Price: Well, nothing super exciting, except a nice, steady, 3.5% increase in average sale price across the market here in Central Vermont. That’s fine with us. We’ll seek our excitement elsewhere.

March 13-March 14March 14- March 15% ChangeBarre CityBarre TownMontpelierU32NorthfieldAverage

$125,135 $120,802 -3.46%
$191,596 $182,029 -4.99%
$218,956 $233,125 6.47%
$222,454 $248,273 11.61%
$157,569 $169,811 7.77%
$182,528 $188,915 3.50%

Tech Edge Conference:

The National Association of Realtors (NAR) hosted this conference at the end of March in Burlington. It was a day of national speakers, thought leaders, and local and national experts in both real estate and technology. Every member of Green Light Real Estate attended, and we came away with great ideas, exciting apps, and even more energy.

A lot can change in a few weeks. We went from cold and covered in snow to snow and covered with mud. There are a couple of fun videos of mud season driving on our YouTube channel and our Facebook page, if you’re into that sort of thing.

We’re excited to introduce two new Green Light Real Estate agents--Brian and Marina

Brian Steinmetz has joined Green Light Real Estate as an agent, and we are psyched! His background in video and photography are major assets to our clients, plus he tells good jokes. Brian and his wife, Nikki, live in Montpelier with their two year-old daughter, Zara.

And, honestly, if you’re looking for a motivated real estate agent, it’s tough to beat the one with a two year-old daughter.

Marina Carleton has joined Green Light Real Estate as an agent, and it’s about time. Marina has a world of diverse experiences. What makes her a great real estate agent are the same things that made her great at everything else--she listens, asks questions, is reflective, and cares.

And you know how sometimes you want someone on your side who just kind of “gets it”? Where it’s direct, and there’s no BS? That’s Marina.


 

Trending in Montpelier/Barre Real Estate

Homes are starting to sell FAST. As in, lasting only a couple days on the market in some 

cases. This isn’t happening all of the time, but there is a growing population of buyers who are making quick decisions, trying to beat other buyers to get the house they want. TIP:  Get pre-approved, and then get looking at houses. Don’t wait two weeks to set up the second showing.

Escrow times are starting to get a little slower. Yeah, so there’s the rush and excitement of the offer and the negotiation. And then things slow down. Inspectors and appraisers are getting booked 7-10 days out. Make sure you have a realistic time frame for getting the inspection done, and for scheduling the actual closing. Hmmm...this seems like something that a good Realtor would be able to help with…

Sellers are making their houses even easier to buy than ever. They’re getting estimates on bigger projects (and sharing the estimates with buyers). They’re going through appraisal guidelines to make sure there that all the small repairs are done, and buyers will be able to get their loan. Yes, interesting side note--the house has to meet value, but for most loans, it also has to meet a number of safety / repair / finish standards.

March Sales--You Know You're Curious!

TownAddressOriginal ListFinal ListFinal to OriginalSelling PriceSale to Final ListDOM

Barre City 26 Berlin Street 129,900 $89,900 69% 74,000 82% 459
Barre City 36 Berlin Street 107,560 $20,000 19% 20,000 100% 499
Barre City 20 Garfield Ave 114,500 $89,900 79% 76,000 85% 272
Barre Town 26 Meadowcrest Lane 165,000 $149,000 90% 134,400 90% 117
Barre Town 38 Middle Road 175,000 $175,000 100% 167,144 96% 113
Barre Town 91 Waterman Street 189,900 $189,900 100% 176,000 93% 28
Barre Town 349 East Montpelier Road 193,000 $193,000 100% 187,000 97% 148
Barre Town 64 Miller Road Extension 225,000 $225,000 100% 215,000 96% 18
Barre Town 303 Camp Street 275,000 $250,000 91% 238,000 95% 111
Barre Town Lot #2 Cummings Road 289,900 $289,900 100% 381,573 132% 172
Barre Town 311 Beckley Hill Road 335,000 $319,000 95% 300,000 94% 151
Barre Town 40 Phelps Road 330,000 $319,900 97% 300,000 94% 217
Montpelier 77 Hill Street 174,000 $165,000 95% 155,000 94% 126
Montpelier 9 Pearl Street 185,000 $174,700 94% 160,000 92% 106
Montpelier 179 River Street 225,000 $225,000 100% 208,000 92% 187
Montpelier 64 Terrace Street 269,000 $269,000 100% 270,000 100% 7
Montpelier 2 North Park Drive 352,000 $297,000 84% 295,500 99% 631
Montpelier 2 Summer Street 471,500 $359,000 76% 340,000 95% 668
Montpelier 56 Independence Green 155,000 $155,000 100% 152,500 98% 14
Montpelier 330 Cityside Drive #74 320,000 $320,000 100% 280,000 88% 39
Berlin 99 Hideaway Drive #16 239,800 $230,000 96% 220,000 96% 879
Northfield 1257 Route 12 89,900 $27,000 30% 21,000 78% 895
Northfield 390 Dickinson Drive 149,900 $85,500 57% 79,200 93% 958
Northfield 1677 Hallstrom Road *Entry Only 284,000 $284,000 100% 284,000 100% 123
Northfield 334 Vine Street 242,000 $242,000 100% 236,600 98% 358
Northfield 3839 Steele Hill Road 61,500 $55,000 89% 52,000 95% 49

 

FEBRUARY NUMBERS FOR MONTPELIER/BARRE/NORTHFIELD/U32 REAL ESTATE MARKET

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January, by the numbers:

Active

New January 2015

Under Contract

Sold January 2015

Sold Last 12 Months

Barre City

64

9

5

4

75

Barre Town

46

6

8

3

84

Montpelier

34

5

8

2

51

U32

37

6

7

3

62

Northfield

34

3

7

2

35

Totals

215

29

35

14

307


 

Looking just at the total number of houses on the market and the twelve month sales, there is roughly nine months of inventory right now. That might sound like a lot. I mean, come on, nine months of anything sounds like a big supply. But it really isn't. Especially when you notice that every single town had more sales than are active right now. That shows that each town is getting rid of inventory.


 

Cold Winter? Not In This Real Estate Market: We've had a very busy January! If Vermont winters were supposed to hinder the market, you'd never know it at Green Light Real Estate. The market is coming back to its former glory pre-2008. Comparatively, in January 2013 there were 14 houses that went under contract in the Central Vermont market. In 2014 there were 13. January 2015 saw 22 houses go under contract! At GLRE, we're very excited to assist eager buyers find their dream homes, and to help anxious sellers feel at ease.


Email GLRE for more details or with questions about anything that's on this market report.

Sales By Month: And how about this one? We've seen this before, with the most sales happening in May, and then peaking again in September and October. To tell the truth, we just think this is interesting. There's never a month where there are zero sales. And buyers work within time frames that work best for them. Some people want to be in their new house at the beginning of spring, while others are just starting their search then (those are the July-October sales). And those dozen sales in February? Those folks got into contract between Thanksgiving and Christmas. Those are our kind of people!




 

Average Sale Prices Over the Past Two Years

Jan13-Jan 14

Jan 14- Jan 15

% Change

Barre City

$126,886

$123,162

-2.93%

Barre Town

$190,642

$175,829

-7.77%

Montpelier

$218,802

$231,429

5.77%

U32

$219,032

$244,875

11.80%

Northfield

$157,277

$169,278

7.63%

Average

$182,528

$188,915

3.50%


 

All signs point to healthy. The Central Vermont market, taken as a whole shows 3.5% price appreciation, although there certainly are some variances between the different towns. Interestingly, 3.5% isn't too far off from historic inflation levels. And there is a school of thought that says that home prices should reflect inflation levels, over the long term. Yeah, I know. We're just a bunch of egg heads here.

What's trending right now?

Detailed Inspections: At the suggestion of good, conscientious, and forward thinking Realtors (ahem...), buyers and sellers are getting in front of potential inspection issues. Have a house with old wiring? Well, get an estimate early in the process. Has the furnace or boiler been serviced lately? If not, get that done with the inspection, or even before it. That kind of foresight can speed things up, and make for smoother closings. And everyone likes smoother.


 

Common Appraisal Stumbling Blocks: Honestly, in this market, we don't see too many problems with houses appraising for the contract price. We can attribute that to professional appraisers, and also with accurate pricing and good negotiation. It takes a village. However, there are a couple common items that get flagged, especially when buyers are making a small down payment. Hand rails, location of well and septic system, and badly deteriorated roofs get called out. Since we're rocket scientists here...let's get those items taken care beforehand. Why not?

Let us know if you think you want to get ahead of inspection and appraisal concerns. We're always happy to help!
 

Interesting Decision Making: Oh yes, our old childhood friend the Magic 8 Ball showed up recently during a house search. "Should we buy this house?" was the question. I won't tell you exactly what the afterlife said (is a toy factory an after life??). But I can say that the buyers are happily pursuing a different property. Maybe if they had consulted a Ouija Board...



 

January's Sales--You know you're curious!

Town

Address

Original List

Final List

Final to Original

Selling Price

Sale to Final List

DOM

Barre City

7 Palmisano Plaza

65,500

$51,500

79%

48,500

94%

91

Barre City

201 Fairview

110,000

$62,900

57%

62,900

100%

291

Barre City

53 Hill Street

100,000

$100,000

100%

95,000

95%

579

Barre City

15 Division Street

117,000

$119,000

102%

110,975

93%

72

Barre Town

18 Cardinal Circle

149,900

$149,900

100%

145,000

97%

65

Barre Town

247 Beckley Hill

169,500

$169,500

100%

155,000

91%

58

Barre Town

220 Miller Road

225,000

$225,000

100%

215,000

96%

27

Montpelier

579 Gallison Hill Road

80,000

$80,000

100%

50,000

63%

236

Montpelier

103 Sherwood Drive

158,900

$154,900

97%

152,000

98%

105

Calais

416 Gosselin Hill Road

275,000

$250,000

91%

238,000

95%

201

East Montpelier

45 Casavant Road

225,000

$225,000

100%

215,000

96%

13

Worcester

151 Gould Hill Road

449,000

$379,000

84%

345,000

91%

1285

Northfield

98 King Street

159,000

$159,000

100%

150,000

94%

14

Northfield

88 Alpine Drive

390,000

$229,000

59%

229,000

100%

894

Tons More on Facebook: Make sure to check out Green Light Real Estate's facebook page. Sometimes helpful. Sometimes quirky. Always interesting. One of our favorites is the "Strange Houses" link and video. Let's just say that it takes all types...


As always, if you know someone who's thinking of buying or selling OR if you or someone you know is thinking of a career in real estate, keep Green Light Real Estate in mind.

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