May 2012 Market Statistics

Northwestern Vermont Board of REALTORS Releases May 2012 Market Statistics The Northwestern Vermont Board of REALTORS has released its real estate market statistics for May 2012. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties. Pending sales are up over last year 22.1 percent. Inventory levels continue to shrink in May down 13.9 percent to 1,137 units. Prices moved higher. The median sales price increased 4.3 percent to $245,000. May 2012 Quick Facts Monthly Indicators Current as of June 11, 2012. Data is refreshed regularly to capture changes in market activity, so figures shown may be different than previously reported. All data from NNEREN. + 4.3% 1-Yr Change in Median Sales Price Combined with reliable sales volumes, fewer active listings have translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed some homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines mask regional variability. With fewer distressed properties selling, prices are effectively melting up due to less downward pressure. May looks pretty good all around. New Listings in the Northwest Vermont region decreased 7.5 percent to 310. Pending Sales were up 22.1 percent to 182. Inventory levels shrank 13.9 percent to 1,137 units. Prices moved higher. The Median Sales Price increased 4.3 percent to $245,000. Days on Market was up 3.8 percent to 116 days. The supply-demand balance stabilized as Months Supply of Inventory was down 27.3 percent to 8.9 months. In economic news, May's jobs report was disappointing, and there's a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.