The real estate market activity during this past month is bustling. Our office has had two near record months in a row. First time home buyers are still leading the charge in an attempt to capitalize on the $8,000 federal tax credit which is due to expire this November 30th. So, if you know of anyone on the fence tell them the need to get off quick because time is running out!
According to our local Multiple Listing Service (MLS), there are currently 981 homes for sale in Chittenden County (697 single family and 284 condos). The current average list price for a single family home is $473,000 and condos are $269,000.
552 Single family homes have been sold this year at an average of $315,000 which is only slightly less than 2008's total (+1%) with a list to sale ratio of only -4%. Meanwhile 323 Condos have been sold this year at an average of $214,000 which is about 3.6% less than 2008 with a list to sale ratio of only -2.7%.
The current absorption rate (the amount of time it would take to sell every home for sale based on the current rate of sales) for single family homes is just over 8 months and condos are only 6.5 months. Between 0 and 6 months is considered a good absorption rate so given the economy I'd say we're doing pretty well.