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Burlington Prices Rise while Inventory Slumps

“It’s just super stressful that there’s not anything out there to look at. If you say, ‘I want to be in this neighborhood’, then you might wait six months.” Nic Anderson explained to The Nest about the current Real Estate market in Chittenden County. Homes for sale have dropped more than 24% country wide in the last year. In Burlington, the number of single family homes for sale remains low but not far from last year with 41 single-family homes available in April compared to 43 that were available in April of 2016.  While inventory is low in Burlington, the average sale prices are rising high, 37% higher than last year to be exact. The median price was also up 35% from last year. Steve Lipkin stated, “Disparity between high demand and low supply is unusually severe right now, particularly for home buyers looking to spend $200,000-$400,000. “Under half a million [dollars] is as tight as I’ve seen it in the past 20 years.” The recession made people warier of taking on mortgages they couldn’t afford which has caused less buyers to be looking at huge houses with price tags over $1 million. For the luxury market, there are more listings than buyers and the homes that are on market are sitting for longer. Steve points out “buyers who are willing to drive a litter farther from Burlington can often find decent deals in Franklin County and can stay close to interstate 89 for commuting.” The average sale prices in Franklin County decreased almost 5% in the last year.  “You’ve got to think outside of the box in this market, if you’ve got a buyer.” Steve said, which is exactly what he did for his buyers Nic and Amy Anderson who were having trouble finding a home that suited their needs within their price range. There are about 2,000 new homes being proposed and built but most are to be rental properties not condos for sale. The new apartments will help keep renting affordable in the Queen City and hopefully can ease up the market for single family homes but it won’t be in the next year. If you’re hoping to move, you need a Realtor like Steve Lipkin, to think outside the box to get you into your dream home. As always, if you’re wondering about the current market or thinking about buying or selling, visit us at www.lipvt.com

The Nest- Full Article 

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