Irene And Its Effects On Vermont Real Estate
A stability in the service sector has majorly benefited the Vermont economy. This sector is also the single largest contributor to Vermont’s economy. However, the economy of the state is recovering at a much slower pace than the national economy. This is plainly evident from the relatively high unemployment levels of the state. While the job market had shown initial promise after the recession, it has slowed down of late. As of date, only half of the jobs lost in the recession have been able to be replaced. As a result, the Vermont Real Estate is on the mend, but at a slow pace. A major advantage is that the state does not suffer from inflated real estate conditions which was witnessed by numerous states. The property market in Vermont has slowed down since October. This can majorly be blamed upon Hurricane Irene. Due to all the media hype the hurricane received, several potential buyers have put their plans on hold which has led to a reduced growth of property sales in the state. Further, the properties priced under $250000 are selling out fast while the high end properties are getting stuck in the market.
A Few Shining Stars Of Vermont
There have also been several cities which have witnessed tremendous levels of growth in real estate of late. Burlington has predominantly been dominated by home sales. Stowe has also witnessed a growth in sales of homes by more than 20%. The prices in the area have also witnessed a steady decline. Killington has witnessed a growth in real estate sales. The road access to the area has greatly improved of late after the hurricane and so has the real estate activity. The median prices have also been mixed throughout the state. While, the condo price went up by 2.5% as compared to last year, the vacation home and vacation condo prices went down by more than 5.7%.