While home sales in the state of Vermont year to date continue to track well ahead of last year, July did not far well. Unit sales were off 31% from 417 residential sales in ‘09 compared to 284 in 2010. Median sales price also declined 3% from $206,000 to $200,000 while the number of days it took to sell a home increased by 10% to an average of 159 days.
Closer to home in Windsor County, July was even worse with the number of sales off 49% from 68 to 35. Average days on the market jumped 50% to 264 days.
Windsor County has had a tough year thus far overall even though the state has fared better. Statewide, total unit sales are up 14% for the year through the end of July, but in Windsor County, sales are off 43% from 455 residential sales in ‘09 to just 260 in 2010. Not surprising the median price is also off 4% to $190,000 from $198,000 while the average days on the market has increased 31% from 183 days to 239.
Windsor County’s troubles do not help if you are trying to sell a property, but they are equally troublesome for the state which looks to the region for transfer tax incomes as well as property tax income for state education. Year to date in 2009, Windsor County accounted for 23% of the state’s unit volume and 27% of the total $ volume. This year it represents only 12% for both. It is also interesting to note that while Windsor County used to be at parity with the state for Median Sales price, it has thus far fallen well behind in 2010 having slipped to $190,000 compared to $200,000 state wide.
Looking ahead, because of high inventories in Windsor County, currently at 2.3 years, prices are likely to decline further unless of course we see an increase in demand. Until there is a better employment picture and a more robust home market down south, both the primary market and the second home market will continue to be soft. Hopefully for the state, July is only an anomaly for an otherwise improved year and for Windsor County, I do hope to see a better second half in 2010 compared to the first.