Mid-Year Market Report - Vermont Real Estate

Flowering Crab Apple Tree in Landgrove, VT

Here is a mid-year report on today’s south/south-central Vermont real estate market . . .

It’s a great time to buy! Especially for locals, first-time home-buyers and buyers looking for investment properties.

There has been a significant increase in the number of houses listed under $250,000.  My reports in October 2010 and January 2011 showed 24% and 23% of the listings in that price range, while this most recent report shows fully 35% of our listings are priced under $250,000.

As of today (June 1, 2011), there are approximately 646 residential properties on the market within a 15+/-mile radius of Weston, Vermont (our home base). This number does not include condominiums.    

• 225 (35%) are priced between $69,000 and $250,000
• 238 (37%) are priced between $250,001 and $500,000
• 129 (20%) are priced between $500,001 and $1 million, and
• 54 (8%) are priced over $1 million.

There are currently 46 properties under contract, pending sale.  Of the properties under contract, exactly one-half are priced under $250,000 and one-half of the total is priced over $250,001. 

In the same 15-mile radius, 96 properties have been transferred (closed) since January 1, 2011 and 281 have transferred in the past 12 months.  Of the closings in the past 12 months

• 26 properties (9%) sold for less than $100,000
• 155 properties (55%) sold for between $100,000 and $300,000
• 59 properties (21%) sold for between $300,001 and $500,000
• 25 properties (9%) sold for between $500,001 and $1 million
• 17 properties (6%) sold for more than $1 million

The Mary Mitchell Miller Real Estate website (www.mmmrealestate.com) features information on all properties for sale in south-central Vermont.  Our default search includes the towns of Andover, Chester, Dorset, Jamaica, Landgrove, Londonderry, Ludlow, Manchester, Mount Holly, Peru, Stratton, Weston, Windham and Winhall.  Use the Advanced Search feature to search for properties throughout Vermont.

Survival of the Fittest

Survival of the Fittest

There’s been a book circulating the “airwaves” in the world of real estate marketing and management that has been intriguing to me.  It’s not exactly an ideal template for my business model, but it offers some interesting analysis of business in general and real estate in particular. 

Surviving the Serengeti by Stefan Swanepoel compares the brutal yet tender life in the Serengeti to what we face as business owners and managers.  “As a brutal business environment meets a soft economy, business leaders and managers are looking for sources of both inspiration and survival. This compelling new fable offers a riveting tale of life in Africa’s Serengeti and what lessons it holds for today’s beleaguered business people and struggling society."

The author encourages people to take a quiz to determine their business strategy and leadership style.  According to the author, “The wildebeest rely on stubborn endurance and support from the herd to survive; the alligator is opportunistic; the cheetah ruthlessly effective; the giraffe embodies grace, the lion a master strategist, the mongoose is a risk-taker, the elephant is an excellent communicator.”

So what animal am I?  Surprisingly, I am the Graceful Giraffe.  

 From Surviving the Serengeti by Stefan Swanepoel:  “The giraffe symbolizes the broad meaning of the word “grace”. While some see grace in human terms as one’s elegance or charm, for others it’s divine in origin and represents that indispensable gift for the development, improvement and expansion of one’s character and the ability to rise above the negative events of time.

The word “grace” tends to vary in meaning from one person or situation to another, often depending upon the context in which it is used. While many see the grace of the giraffe in human-like terms such as elegance, charm, or a positive attitude, others consider it to be divine in origin. They believe that it represents that indispensable gift for the development, improvement, and expansion of one’s character.

No matter how you see it, grace is a disposition that requires compassion toward others and the desire to extend goodwill. It incorporates the exercise of love and kindness—most importantly, to those who may not deserve it. Grace is as crucial in business as it is in life.

This truth is embedded in the fiber of who we are, what we believe, our appreciation, and the contribution we make to society. Gracious people exhibit the following characteristics:

• They seek to make others feel like they’re the most important person with whom they can spend time, and always put the needs of others first.
• They live according to personal standards that are higher than any given code of conduct, and incorporate dignity, honor, and respect in extending grace to others—even when things have not gone their way.

Whether it’s in our job or in personal matters, grace can open up a richer and more fulfilling life. It’s not an inherent quality that some people have and others do not; rather, grace is learned and acquired by observation and practice. It is first and foremost a skill that is centered on others—how we treat them and how we put their needs above our own without any consideration or expectation of a return in kind.

Our ability to develop grace isn’t based on what we have or don’t have. What matters in terms of grace is whether or not we appreciate what we do have, and how we interact with those around us.

Swanepoel breaks down styles and skills into seven “Serengeti Skills” and believes all seven are critical for businesses (and ecosystems) to survive and thrive. 

After 20,000 people have taken the quiz: 31% are Crocs; 24% Giraffes; 13% Elephants; 10% Lions; 8% Cheetahs; 7% Wildebeest and 7% Mongoose.

Take the quiz at http://whatanimalami.com. 

The book is widely available at bookstores and online.

The Vermont Property Owners Report

I always refer new property owners to the Vermont Property Owners Report. Consider it the best $50 you’ve invested in your property!

This bimonthly subscription newsletter is chock-full of invaluable information for property owners (of both homes and land), people thinking about buying or selling property and anyone with an interest in Vermont real estate.

The current issue was particularly informative as it provided an update on our new Governor’s budget and plans for his first few months in office and recommendations from the state’s Blue Ribbon Tax Structure Commission. There were also articles on

• septic and well “overshadowing”
• Fannie Mae’s concerns about private roads
• proposed reforms to Vermont’s Current Use tax policy
• an explanation on the state’s new capital gains tax policy, and
• several articles about propane gas, including warnings to homeowners to keep their service lines and regulators free from falling snow and ice.

Of particular interest to me as a REALTOR, but also as a property and homeowner, is the 2010 Real Estate Review, a multi-page summary of the state’s real estate market, our ups and downs, means and medians, and a snapshot of what’s to come. Each issue provides statistical information about the real estate market but the year-end summary is always especially interesting.

Giving full credit where credit is due, let me share Vermont Property Owners Report’s analysis of “arms-length” transactions (sales of property that were publically listed for sale on the state’s Multiple Listing Service(MLS) and sold between non-family members).

Volume of Sales by Category

Property Category                    2010 Sales      2009 Sales     ’09-’10 Change
Primary – Single Family Homes    3684               3141                 +17.3%
Primary – Condominiums               569                 520                 +9.4%
Vacation – Single Family Homes  1017               1034                  -1.6%
Vacation – Condominiums             280                 390                  -28.2%
Mobile Home – No Land              186                 358                  -48%
Mobile Home with Land                108                 188                  -42.5%
Land – 1 to 25 Acres                    816                 676                  +20.7%
Land – 25 to 200 Acres                254                 231                   +10%

MLS Data: Listings, Volume and Days on Market

Residential (primary and vacation)    2009         2010          Change
                   New Listings                    10,960       10,470          -4.47%
                   Sold Listings                      3942           3990          +1.22%
                   Sold Volume ($)        $941 million      $997 million  +5.87%
                   Avg. Days on Market         139            161            +15.83%
Condo (primary and vacation) 2009 2010 Change
                   New Listings                      2371         2224           -6.20%
                   Sold Listings                        991           908            -8.38%
                   Sold Volume ($)            $215 million   $194 million  -9.55%
                   Avg. Days on Market         178              178           00.00%

All Properties 2009 2010 Change
                   New Listings                     18,026        17,198        -4.59%
                   Sold Listings                        5753          5852         +1.72%
                   Sold Volume ($)            $1.254 bil       $1.324 bil    +5.59%
                   Avg. Days on Market           151             172         +13.91%

Subscriptions to the Vermont Property Owners Report are $52.95 for Vermont residents (includes sales tax) and $49.95 to non-residents. Discounts are given for multiple year subscriptions. Information is available at  http://www.vermontrealestatetoday.com/

Contact Mary Mitchell Miller Real Estate

New Year's Update - A Snapshot of the South Central Vermont Real Estate Market

Winter Sparkle - Weston, Vermont

A snapshot of today’s south/south-central Vermont real estate market . . .

You will see that properties in all price ranges ARE selling. 

As of today (January 10, 2011), there are approximately 577 residential properties on the market within a 15+/-mile radius of Weston, Vermont (our home base). This number does not include condominiums.    

• 134 (23%) are priced between $69,000 and $250,000
• 227 (39%) are priced between $250,001 and $500,000
• 149 (26%) are priced between $500,001 and $1 million, and
• 67 (12%) are priced over $1 million.

These numbers closely parallel my summary from October 16, 2010, when there are 619 properties on the market in the same geographic area.  The breakdown by price is almost identical - see October 2010 - Real Estate Market Summary

Of the properties listed for sale in area, they are located as follows: 19 in Andover, 36 in Chester, 76 in Dorset, 21 in Grafton, 19 in Jamaica, 2 in Landgrove, 58 in Londonderry, 84 in Ludlow, 87 in Manchester, 34 in Mount Holly, 17 in Peru, 16 in Stratton, 22 in Weston, 17 in Windham, and 69 in Winhall. 

Remember, these numbers do not include condos; there are currently 230 condominiums on the market ranging in price from $58,500 for a 25% share for a studio unit at Okemo’s Jackson Gore Inn in Ludlow to 4000-square foot ski-in/ski-out, 4BR/5BA Mountain Reach condominium unit in Stratton listed for $2.2 million.

There are currently 27 properties under contract, pending sale.  One half of those properties are priced under $500,000 and one half of the total is priced over $500,000.  Three of the properties that are currently pending are priced over $1 million. 

In the past 12 months, 251 properties have been sold. The sales range from a very rough, unfinished house in foreclosure on 0.3 acres sold for $19,000, to a large country village contemporary on 239 acres in Weston that sold for $2.375 million.

• 22 properties (9%) sold for less than $100,000
• 105 properties (42%) sold for between $100,000 and $300,000
• 57 properties (23%) sold for between $300,001 and $500,000
• 45 properties (18%) sold for between $500,001 and $1 million
• 22 properties (9%) sold for more than $1 million

Fully half of all sales in the past 12 months were for properties that sold for less than $300,000.

Starting the New Year Off on the Right Track

Those who know me well know that I love to cook. So, as the craziness of the Christmas and New Years holidays wind down, we begin to see lots of “Best of . . .” and “Year in Review” lists. I saw one this morning that made me smile. I particularly like this list because I not only agree with it, but I am proud to say that I am 10 for 10! Okay, not exactly 10 for 10, but 10 for 10 in terms of owning a similar product!

According to Epicurious.com – a favorite website, of course – the Top Ten Most Important Cooking Gadgets are . . .

• · 8-inch Cook's Knife
• · 9-inch Tongs with Nylon Heads
• · Mandoline
• · Silpat Baking Sheet
• · KitchenAid Artisan 5-Quart Stand Mixer
• · Immersion Blender
• · Rabbit Corkscrew
• · Salad Spinner
• · 6.5-Quart Digital Slow Cooker
• · Knife Sharpener

See how you stack up . . . here’s the list: http://www.epicurious.com/articlesguides/bestof/toplists/bestgadgets_knife