The luxury market in Vermont continues to hold up and the good news is , for buyers, there is more selection and choice than in the last few years. I have continued to keep busy with inquiries and requests for information on luxury homes in the greater Burlington area. This is good news for sellers; buying real estate here is still perceived as "good value" compared to other areas of the country that had multiple years of double digit appreciation. ( In Vermont we didn't have the double digit appreciation over many years that many parts of the country had, it makes sense that we won't have the severe adjustments or depreciation that they are experiencing).
Educated, astute buyers are always looking for quality homes in special locations and the limited supply in this area makes buyers feel that purchasing a home in the greater Burlington area is a safe investment.
Over the past 2 years, there have been 27 sales of luxury homes in Chittenden County (Over $1 million in sale price). 15 of those transactions closed in 2007. While there was a slight decline in the number of closings in 2008 to 12, the average sale price remained stable at $1,682,000.
Our inventory levels (supply) of luxury homes has more than doubled in the last 15 months- so pricing your home correctly is more important than ever.
I am proud to say that Coldwell Banker Hickok & Boardman Realty maintained top market position with nearly 42% share of the Luxury Market; As a result, Coldwell Banker Real Estate Corporation has recognized me as the top agent in the Luxury Market in Vermont.
I am pleased to say that three homes in Chittenden County over $1million dollars are under deposit as of February 9th. Here's to another good year for real estate in 2009!!!