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NVBR October Statistics

News from the Northwestern Vermont Board of REALTORS! October 2012 Market Statistics The Northwestern Vermont Board of REALTORS has released its real estate market statistics for October 2012. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties. New listings in the northwestern Vermont region increased 18 percent to 166. Pending sales were up 37.1 percent to 144. Inventory levels continue to shrink, in October moving down 24.9 percent to 1,026 units. Prices were fairly stable. The median sales price decreased 0.6 percent to $247,500. Showing momentum in the marketplace, days-on-market was down 16.2 percent to 87 days. In addition, absorption rates improved as months supply of inventory was down 36.7 percent to 7.4 months. The economy is growing but at a slow pace. Economic growth in 2013 is expected to outpace 2012, said Kathy Sweeten, executive vice president of the Northwestern Vermont Board of REALTORS. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy.