While sellers remain optimistic about the real estate market showing more activity, in reality the number of closed residential sales in  2009 to date in Windham County remains well below (almost 20%) the number of closed sales for the same period in 2008.   Buyers looking to take advantage of the $8,000 tax credit are a force in the market for residences well below the area median price of $250,000.

While there is no measurable increase in sales volume, one interesting trend has appeared from the
February sales in the Mount Snow area - the houses and condos that sold during February were, on average, on the market for only 97 days.  This is a much-shortened time frame and indicates that sellers listing properties now are much more attuned to the value of having the correct listing price.   As in the 2008 sales data, the average ratio of sale price to list price is 93%.

Last week I saw an update for the snow totals we’ve had so far this winter in Wilmington - at the wastewater treatment plant on Fairview Avenue to be specific:  87 inches as of January 29th.  Way above the 60 inches last year and the 13 inches two years ago.    Considering that we have averaged over 21″ of snow in February and 19″ in March for the past twenty years, we are looking at a very very snowy winter.   thanks to John Lazelle for keeping track of snowfalls.

And speaking of numbers, right now there are 12 houses and condominiums pending sale in Dover and Wilmington.  Last year at this time:  36.   so the slow pace of sales continues although there are more customers looking and, with an increasing inventory, a greater selection of properties in all price ranges.

Whatever portion of the “stimulus” package targets real estate - for instance in the form of a permanent tax credit for new buyers as opposed to the $7,500 tax credit that must be repaid over 15 years - will have an immediate and noticeable effect in most markets.

It’s great to live in an area where so many outdoor recreation events happen - Mount Snow hosted the 2nd stop on the “Dew Tour” this past weekend for top snowboarders and freestyle skiiers.  While the crowds weren’t enormous, they were enthusiastic in spite of our January cold snap and just seeing so many top athletes competing was a thrill - especially when our area’s own Kelly Clark took top honors in womens snowboarding.

It seems like the wintry weather and snow are here to stay - but that’s fine and part of the challenge of being in the real estate business in this part of the country - walkway not shoveled?  bring your shovel on showings!  house freezing cold?   visit the house early and turn up the heat!    and while you’re doing that, enjoy the beauty that surrounds us.

It was great to see our area really busy over the holidays - Mount Snow should be happy with the number of boarders and skiiers after the last few warm Decembers. Mount Snow has made a smart move in converting the Carinthia slopes into an “all-terrain” park - I’ve heard that the word is out among snowboarders to the south that Mount Snow “created a new mountain” - so that’s good publicity. I had a chance to stop at several of the restaurants that are under new ownership and it’s very encouraging to see the upgrading and attention to customer service that’s present.

I was catching up on some real estate reading. It amazes me that so many of the same columnists who were eager to have buyers rush into purchases no matter the price three years ago are now sure that the real estate market will be in the doldrums for years to come. The best and simplest way of seeing a change in the market is comparing the current inventory in your market to the inventory last year at this time - if the inventory at this point in 2009 is higher, rest assured that it’s still a buyers market. But at more attractive mortgage rates than this time last year.

However, there is some useful advice out there - not new but worth repeating: be realistic about the market! If you’re thinking of selling, have a Realtor do a market analysis for you that looks no further back than 12 months (6 months is better). There’s no point in tormenting yourself with thoughts of what could have been in 2005. And if you decide to sell, do all that you can to get your house in the best condition possible - if it’s better than what buyers expect, your house may be the one they will choose over the less attractive competition. If you’re buying, ask for comparable sales information over the past 6-12 months. A good Realtor can help you analyze what you might expect to find in terms of a “good buy” at a variety of price points.

I heard a financial analyst on one of the business networks (sorry but I can’t remember who or I’d give him credit!) explain that if the real estate sales statistics from California, Florida, Nevada, Detroit and Cleveland were taken out of the number-crunching,national real estate appreciation in price would look about the same as it always has - about 1% over the annual inflation rate. Interesting to ponder.

Sales data from Windham County (the southeastern corner of Vermont) shows that the total number of residential sales during all of 2008 of single family homes and condominiums was 475 sales (taken from the Vermont Real Estate Information Network’s multiple listing system - about 95% of all sales data is recorded in this system). The average sale price was $260,000 while the median sale price was $210,000. Both of these categories reflected a 93% sale price to listing price ratio. Average time on market was between 123 days (for median priced homes) to 176 days (for average priced homes).

This total number of sales compares to 555 sales in 2007, 603 in 2006, 758 in 2005 and 776 in 2004. Interestingly, the average sale price in 2004 was $238,000 but the average number of days on the market was 103.

So the volume of sales for 2008 was off by 40% from the peak volume year of 2004 but the average sale price was up by 9%.

What will 2009 bring? Right now the inventory of available homes and condominiums on the market is 754, or about 2 years worth of inventory at the 2008 pace. Also, the average list price of active listings is at $475,000 which indicates that the higher priced part of the market is oversupplied compared to the actual sales price during the past 5 years.

Welcome to Meg Streeter’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Wilmington.