2010 vs 2011 -- The First Six Months

We have been busy in 2011 and our sense has been that the market is improving. But until we actually ran the numbers and compared average and median home sales prices from year to year, we had no confirmation.

Good news! The average and median prices for both single family homes and condos has gone up when comparing the period of January to June of 2010 to the same period in 2011. This data is taken from the Multiple Listing Service.

In 2011, the average sales price for a single family home in Chittenden County was up from $304, 229 in 2010 to $315,156 in 2011. This represents a 3.5% increase. The median price was up also, from $267,250 to $275,000 in 2011, or a 3% increase. Condo prices were up 2% on average and the median sales price was up 1.2%.

Days on market increased slightly in single family home sales from 94 average days on market in 2010 to 102 in 2011. Selling condos took significantly longer in 2011 -- 103 days compared to 79 days in 2010. It is important to remember that the tax incentive for first time buyers was in effect in 2010 and people were scrambling to make the buying deadline. Although the average and median prices increased in 2011, there was a decrease in number of sales compared to 2010, but that could possibly be attributed to the tax incentive.

There is also good news for Grand Isle County. Average sales price is up a whopping 14% from $247,356 in 2010 to $288, 459 in 2011. Median price is up 8.5% from $215,000 in 2010 to $234,900 in 2011. Interestingly, the average days on market increased significantly. It took 130 days average in 2010 and 185 in 2011. Of note is that the data is taken from 33 sales in 2010 and 37 sales in 2011. In 2006, there were 50 sales during the first six months and the number diminished through 2009. Currently, there are 199 homes listed in Grand Isle County, priced between $39,900 and $3,900,000!

For our friends in Franklin County, we looked at the following towns: Fairfax, Georgia, Highgate, St. Albans town and city, and Swanton. The average price was up 4% and the median was up 5%.

All in all, we are feeling good about the market. Sellers still need to pay close attention to pricing and have property showing ready. We say, "It's a price war and a beauty contest!" Buyers have many properties to choose from so it is important for property to look its best.