The housing market is back and better than ever! It seems all signs are positive: low mortgage rates, sale prices are up, drop in foreclosures, increasing supply of homes for sale, and a growing builder confidence index.
According to a recent article published by CNN Money, "builder's say housing is back" and continuing to see upward trends! For the past seven years, the National Association of Builders' index has been below 50, corresponding to low confidence in the housing market. However, this June, builder confidence is at 52, meaning that there is strong assurance for future construction projects to come.
So what does this mean for Burlingtonians?
Simple. The housing market is strong! If you're a seller, homes are selling for more than previous years and taking less time to sell. If you're a buyer, you can walk down almost any street in Burlington and see new homes being fixed up and renovated, which is always a strong indication of confidence in the local real estate market. Whether you're interested in buying or selling, the market is hotter than ever! Even home price sales across the nation are up 12%, a five-year record high! Click here to view the 2013 Northwestern Vermont Market Report in Chittenden County.
According to Allen & Brooks 2013 Report, a grand total of 578 apartment units are either planned, pending, approved, or currently under construction in Burlington, 107 additional units in Colchester, 523 in Essex, 175 in South Burlington, 212 in Williston, and 150 in Winooski. In the end, a net total of 1,962 apartment projects will be expected to happen across Chittiden County.
Want to see some examples?
Well here are a few projects "under construction" in Burlington that you can check out!
189 St. Paul Street, Burlington, VT: Construction of 28 market rate units and 5 affordable units.
1189-1193 North Avenue, Burlington, VT: 33 units already completed in early 2012 (Phase 1). Phase 2 plans on adding an additional 36 units for affordable age-restricted applicants.
Thayer Commons 1193 North Avenue, Burlington, VT: 39 market rate units under construction and ready for occupancy this fall.
The biggest project pending will be the construction of 288 units at the former 32-acre SD Ireland concrete plant at 240 Grove Street, Burlington, VT.
With the final draft of planBTV approved on June 10th by the City Council, Burlington can expect a continuous growth in its housing industry. Whether you are a builder, a painter, an electrician or a homeowner, we can all plan to see 'green trends' in the housing market!
Remember to stay tuned to our blogs for the latest news, trends, and updates happening around Burlington. Want to sell/buy or have a question? Contact the Lipkin Investment Team!