People ask us all the time; "is it a buyer's or a seller's market? ".
This is often a difficult question to answer. With that said, all indications point to BOTH! Having all of the conditions come together to create this scenario is rare.
Nationally, the housing market is the strongest it has been in the past 5 years. Indicators in existing home sales, available inventory and median sales price all point to a national housing market recovery.
The question for Vermont real estate buyers and sellers is how the national housing market translates to our market, especially in the resort areas, which can be very different than the primary home market.
While there is a notable increase in home sales in the entire state of Vermont, there are significant variations in the price categories. Homes between $500,000 and $1,000,000 sales increased 36%. Homes in excess of $1,000,000 sales increased 55% in the same time frame. These figures indicate that the luxury and higher end markets are becoming more robust than they have been in years. (Statistics pulled from NNEREN 2012-2013)
This higher end market in Vermont tends to be primarily second homes. The increase in sales in what is considered the luxury market is attributed to gains in consumer confidence, improved economy and improving job market. These factors make more Americans comfortable spending discretionary money on summer and winter vacation homes.
As Vermont's inventory continues to be absorbed, the pressure on the price points will be reduced and the market will continue to improve.
So if you've been waiting for the right time to dive into home ownership, all indications point to that time being now. With a combination of stable prices and low interest rates and reduced inventory, it really should be great for both buyers and sellers.
Give us a call today at Vermont Properties and Development. Representing both buyers and sellers, we are here to help you navigate this complex market to your advantage.