November 2017 Market Reports
The facts of residential real estate have remained consistent in 2017. In year-over- year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn’t always been true, but it has been a common enough storyline to make it an overarching trend for the year.
New Listings were up 8.7 percent for single-family homes but decreased 6.3 percent for townhouse-condo properties. Pending Sales increased 43.0 percent for single-family homes and 24.2 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 2.4 percent to $221,000 for single-family homes but decreased 0.3 percent to $190,000 for townhouse-condo properties. Months Supply of Inventory decreased 24.1 percent for single-family units and 22.0 percent for townhouse-condo units.
New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. This is a developing story.
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