Fall/Winter 2009 Business Travel Guide

Real Estate Prices

“Real estate follows the financial markets,” says Tom Heney, Realtor, broker, and vice president of Lang McLaughry Spera Real Estate, Vermont’s largest agency and one of the largest in Northern New England. “The big trends have followed some large economic movements, most recently, the big crash of the mortgage industry.”

Throughout 2008, consumer confidence nationally diminished as the effects of the 2007 collapse of the sub-prime mortgage lending practices evolved into a general collapse of our American financial system, affecting all industries from auto makers to Wall Street. Real estate was not spared.

The Vermont and New Hampshire markets served by the firm experienced a general slow-down in numbers of home sales throughout 2008. These effects were most pronounced within the second-home market and the executive price ranges.

Local and regional banks and mortgage companies had generally not participated in sub-prime or dubious lending practices and remained in good condition. “We started out with the smallest percentage of foreclosures in the country,” says Heney. Financing has continued to be readily available for qualified buyers at increasingly attractive terms, he adds.

Going into 2009, real estate continues to prove to be an excellent long-term investment. The firm anticipates that the pace of sales will recover with the return of consumer confidence.

From a February 2009 report and a June 2008 interview.

Washington county

For information contact the following: Central Vermont Board of Realtors: Ann Shangraw, association executive, 229-0611

Single-Family Home Prices Per County
	2007 average		2008 average	% change
Addison	$261,054		$260,115	-1%
Chittenden	$294,456		$281,878	-4.2
Franklin	$200,487		$193,875	-3.3
Grand Isle	$336,100		n/a	n/a
Lamoille	$345,679		$308,040	-12.8
County prices include single-family houses and condominiums; town prices are for single-family houses only.
Chittenden County single-family home prices by town
	2007 average	% change from ’06	2007 median
Bolton	$260,353	17%	$221,833
Burlington	$304,844	0%	$305,909
Charlotte	$711,416	14%	$622,984
Colchester	$319,742	10%	$290,867
Essex (town)	$345,732	5%	$328,063
Essex Junction	$255,192	-3%	$262,442
Hinesburg	$333,720	3%	$323,598
Huntington	$307,368	14%	$269,890
Jericho	$308,426	5%	$293,482
Milton	$261,481	-2%	$265,600
Richmond	$307,998	-4%	$321,920
Saint George*	$189,000	-52%	$393,000
Shelburne	$557,542	3%	$539,558
So. Burlington	$352,277	2%	$347,011
Underhill	$302,335	12%	$270,777
Westford	$306,762	-1%	$309,789
Williston	$345,367	-2%	$352,891
Winooski	$197,390	-6%	$209,956
Data compiled with the generous assistance of Thomas P. Heney, Realtor, Broker, CRB, CRS, of Lang McLaughry Spera Real Estate; 846-7825.

*Note: It’s important to remember, when looking at average prices, especially in tiny markets, that one very large or very small sale can skew the numbers.