Vermont Median Real Estate Prices Slipped In Early Winter

first_imgVermont Median Real Estate Prices Slipped In Early WinterMONTPELIER ­ Median prices of single-family homes in Vermont fell a bit in late fall and early winter compared to a year earlier, though the decreases were much less than were seen in many other states, according to the April – May issue of Vermont Property Owners Report. The slight dip came after several years of declining sales volume in Vermont.The median price of single-family primary homes processed by the Vermont Tax Department in the November 2007 through February 2008 period ­ $204,400 ­ was 2.6% lower than in the same time period a year earlier, and 6.6% lower than in the May to August period last summer, the newsletter said.The median price was particularly low in December, then rose above $200,000 again in January and February. Data for sales processed in March indicates the median price has remained level, though this is a time of year when there are relatively few sales processed by the state.The early winter decline in the Vermont median sales price was not as large as occurred elsewhere, partly because Vermont has had less subprime mortgage lending and foreclosure activity than other states. According to the Case-Schiller index of existing-home prices in 20 large cities nationwide, home values in January 2008 were 10.7% lower than in January 2007. In Miami, FL, housing values dropped 19.3% over the same time period.Median prices for single-family homes in Vermont have been rising for many years, but the rate of increase slowed in recent years as sales volume dropped off. In 2004, there were 8,388 single-family primary home sales processed by the state; by 2007, that number dropped to 5,586, a 33% decline.The overall real estate sales volume continued to fall in recent months. In the November 2007 to February 2008 period, the number of property transfer tax returns submitted to the state fell 21.4% from the same time a year earlier. Property transfer tax revenues were off 26.5%.Heavy snows and a falling stock market may have aggravated the late fall and early winter slowdown in real estate activity here. Vermont real estate brokers are optimistic that sales will pick up this spring and summer, since the inventory of properties for sale has grown, sellers are more realistic about asking prices, and there may be some pent-up demand for housing. But increasing talk of a national recession, along with tighter mortgage lending standards, could pose obstacles for real estate sales in the near term.(Vermont Property Owners Report is a Montpelier-based subscription newsletter, founded in 1986, about Vermont and Vermont real estate. For more information, go to www.vermontrealestatetoday.com(link is external), or call 802-229-2433.)###last_img read more

Huls, Gower and Becerra are quickest at Quincy

first_imgBy Jack WalbringQUINCY, Ill. (April 20) – Abe Huls, Joey Gower and Austen Becerra all took IMCA feature event wins Sunday at Quincy Raceway.Huls started off his 2014 season the right way by leading every lap of the Powder Coat Plus IMCA Stock Car main event. Huls was challenged by Jim Lynch the entire distance but held off the Iowa speedster to take the win followed by Lynch in second, Jerry Jansen in third, Jake Powers in fourth and Brandon Savage in fifth.Gower showed he is going to be a power to be reckoned with in the Summy Tire and Auto Center IMCA Northern SportMod division. Gower blasted to a four and a half second win over Tony Dunker in the main event followed by Bobby Anders in third, Aaron Brockseick in fourth and Charles VanZandt in fifth. Austen Becerra continued his dominance of the region’s IMCA Sport Compacts as he picked up his third feature win of the weekend. Becerra led every lap of the 15-lap main event as he topped Kimberley Abbott in second, Mike Horning in third, Pat Dunker in fourth and Bryce Baker in fifth.last_img read more