VT: Real Estate in a Holding Pattern

While much of the rest of the nation faces a double dip in single-family home prices, with sales of foreclosed and bank-owned properties pushing prices below previous lows in March 2009, Vermont is once again the exception to the rule, as it was in the foreclosure crisis.

“Our experience has certainly been more favorable than the national trends in terms of pricing,” said Steve Allen of Allen & Brooks, Inc., a real estate advisory firm in South Burlington. “We did see nominal declines from say, 2006 to 2009, but in 2010 the median price regained that ground.”

Allen said the median price of a single-family house in Chittenden County was up 4 percent in 2010 to $265,000, although it has dropped to $256,000 in 2011 according to statistics through April 30. That’s down about 3.5 percent, moving it back closer to the 2009 median value of $255,000. Allen attributes the uptick in median price in 2010 to stricter lending requirements that eliminated many of the buyers in the low end of the housing market, shifting a larger proportion of sales to more expensive houses, and boosting the median price.

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Full Story from The Burlington Free Press

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