Blog :: 02-2015

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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