August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change.
Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings were up 4.5 percent for single-family homes but decreased 8.1 percent for townhouse-condo properties. Pending Sales increased 18.4 percent for single-family homes and 6.6 percent for townhouse-condo properties.
This is a research tool provided by Vermont Realtors®. Percent changes are calculated using rounded figures.
The Median Sales Price was up 1.0 percent to $220,000 for single-family homes and 3.0 percent to $205,000 for townhouse-condo properties. Months Supply of Inventory decreased 22.5 percent for single-family units and 21.6 percent for townhouse-condo units.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
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