Vermont Real Estate Market Slowing Down
Vermont’s run as the last hot housing market in New England is coming to an end according to experts in the state. The market has sustained when most of New England’s real estate sales slumped drastically. Now we all know Vermont is it’s own entity and the real estate sales may have been propped up by vacation and second home sales.
If that is the case, could the state be facing the same issues as Northern Florida’s vacation home sales where the buyers are backing off? That could explain Vermont’s strong sales as it’s neighbors slowed down.
That’s what real estate brokers say they’re seeing on the street, and the consensus is backed up by statistics gathered by Allen & Brooks, a Burlington-area firm that analysis Vermont’s housing market.
“The prices reached a point where they didn’t make sense,” Steve Allen of Allen & Brooks said of the run-up in home prices that appears to have peaked.
Statewide, prices have grown slightly from 2006 to this year, according to the firm’s latest study, from a median for a single-family home of $205,000 growing to $210,000. via the Bennington Banner
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Comment by Jim Johnson CRS on 5 July 2008:
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