"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 housing news over the past six months has been mostly negative, with headlines forecasting a national real estate bubble. Some speculative markets which had seen multi year double digit increases are now experiencing a correction. How have prices reacted in Vermont? According to Vermont Economy Newsletter, the median residential sales price in Vermont will show a 3-4% increase over 2006.
At year end there was 570 single family homes and 288 condominiums available in Chittenden County, a significant increase in both numbers from year end 2006. Current mortgage interest rates are nearing the lows that we experienced in 2005, and the Federal Reserve has stated that they will continue to lower rates as needed to stimulate the economy.
2007 THE YEAR IN REVIEW
Average Single Family Home Prices
| Addison County |
$264,601 |
down 1% |
| Chittenden County |
$333,118 |
up 1% |
| Franklin County |
$202,417 |
down 1% |
| Grand Isle County |
$276,931 |
up 3% |
| Lamoille County |
$347,495 |
up 3% |
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Congratulations to last months contest winner: Maggie Collins
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The highest average sale prices were again recorded in Charlotte (at $711,416) and Shelburne (at $557,542) due to the impact of high end and lakefront sales. Average sales prices rose in Colchester, Essex, Hinesburg, Huntington, South Burlington and Underhill. There were minor declines in average sale price for: Burlington, Essex Junction, Milton, Richmond, Westford and Williston.
2007 saw a 1.74% increase in homes sold, and a 3.37% increase in condominiums sold for Chittenden County. The average sale price for condos showed a 3% increase, although with available inventory averaging 298 units over the past six months, prices are beginning to soften.
Unlike many parts of the nation, Vermont did not experience a sharp run up of prices like those markets fueled by speculation; and we have always been conservative with our mortgage choices. We should top the number of homes sold in 2007 and our prices should remain just above 2007 levels. Foreclosures are not a problem here as we have one of the lowest foreclosure rates in the country. As mortgage rates continue to fall through 2008, and as inventory returns to normal levels, this could be the best time to buy since 2004.
Here at The Jenkins Team, we all look towards a great year helping families find homes. If you have thought about moving, buying a new home, lakefront property or purchasing a rental property, give us a call. We are here to help you.
Our best wishes for a safe, happy, and prosperous 2008!
Nancy & The Nancy Jenkins Team
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TOLL FREE: 888-567-4049