"I will provide the best service possible for every client I represent... I will always remember that to have a winning relationship with my clients, we must always have a mutual goal. I will never lose sight that my integrity, loyalty, understanding, accountability and creativity are what make me stand out from the real estate masses."
Nancy Jenkins, CRB, CRS
PRUDENTIAL REALTY MART
120 Kimball Ave., Suite 110
South Burlington, VT 05403 |
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The difference between ordinary and extraordinary--is that something extra.
The Vermont economy is tracking right along with the larger US economy as per the experts at the Vermont Economic Outlook Conference. Our unemployment rate is low, and our economy is healthy. The national housing correction was also experienced by Vermont. The rise in Federal Reserve rates in the last
two years combined with prices pushing past affordability corrected an inventory problem for new construction and existing homes. Chittenden County’s 2006 inventory peaked in mid fall with over 597 single-family homes available.
The current 440 single-family home inventory is encouraging for the 2007 market and also typical of other national markets. There has not been evidence of major price declines because many sellers have chosen to take their homes off the market rather than accept a lower price. What does all this mean to the average buyer and seller in the market today? Cathy Minehan, CEO and President of Federal Reserve Bank Boston, said she is cautiously optimistic that the housing market has experienced a soft landing and expects moderate growth through 2007.
2006 THE YEAR IN REVIEW • Average Single Family Home Prices
| Chittenden County |
$329,951 |
up 0.68% (from 2005) |
| Addison County |
$267,146 |
up 4.78% |
| Franklin County |
$204,793 |
up 10.5%% |
| Lamoille County |
$337,421 |
up 5.37% |
| Grand Isle County |
$268,020 |
up 0.26% |
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Congratulations to
Tammy Benoit,
our December
giveaway winner. |
In 2006, we saw a stable market with 966 single family homes closed in Chittenden County versus 964 in 2005. The average price increased 0.68% over 2005. Average condo prices increased 6.2%, and closed units decreased 5.8% over 2005.
Higher average sale prices were again recorded in Charlotte at $622,984 followed by Shelburne at $539,558 and South Hero at $532,632, indicating again the effect of higher-priced lakefront sales on average home prices. Lakefront sales are reaching new levels all over our market, including a new state record of $8.4 million for an estate in Ferrisburgh. The suburban markets of South Burlington, Williston, and Richmond experienced increases in average sales prices ($346,494, $341,763, and $312,942 respectively). Colchester, Underhill, Jericho, and Burlington saw average prices drop. The towns of South Burlington, Grand Isle, Fairfax and St. Albans town had population increases while Burlington, Richmond, and St. Albans City experienced population decreases. In 2007, we should see an increase in the number of home, condo, and multi- family closings and a slight increase in average prices.
Unlike much of the nation, Vermont has been rewarded with many second-home buyers. We are the state with
the 2nd highest number of houses owned by out-of-state residents. As a result, the average price of homes has been maintained and even measured some appreciation. Investors have helped to drive our market during the last 5 years, and they will find some good options for purchases this year with both lower prices and lower interest rates. If this is your year to move up, down, or over, your home may sell for a bit less than you may have expected in past years, but your new home will be priced lower as well—couple that with lower mortgage rates and your prognosis for rewards are good.
Here at the Jenkins team we all look forward to helping you with your real estate needs. We have a good number of buyers relocating into Vermont, looking for country homes as well as city and suburban settings. Many buyers are looking for second homes, retirement homes, and vacation homes. If you need professional real estate information or assistance or if 2007 is your year for a new home, condo, investment, or vacation home, please give The Nancy Jenkins Team a call. We look forward to working with you, your friends, co-workers, and family.
Our best wishes for a safe, happy, and prosperous 2007!
Nancy & The Nancy Jenkins Team
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TOLL FREE: 888-567-4049