The stock market collapse flattened vacation home purchases in Vermont in 2008, though home sales prices dropped far less than in other New England states, likely due to lighter than average foreclosure activity in the state, according to the 2009 New England Housing Market Outlook, presented by RE/MAX of New England. For a full report, please contact Regan Communications Group.
About 3,980 homes changed hands in 2008, a 21-percent drop from the 5,037 homes sold in 2007. The low number of sub-prime loan foreclosures in the state helped maintain home sales prices, which dipped just one percent, from $264,967 in 2007 to $261,637 in 2008. In contrast, average sales prices dropped by eight percent in New Hampshire, nine percent in Maine and 16 percent in Rhode Island.
Jay Hummer, Executive Vice President of RE/MAX of New England, said the already-high foreclosure activity in New England will be pushed even higher by rising unemployment, salary freezes, stock market losses and other consequences of the sputtering economy. Hummer said that any improvement in the market won’t occur until at least the third quarter of 2009. Vacation home sales, and vacation condo sales in particular, have slowed to a crawl.
Please refer to the 2009 New England Housing Market Outlook for a complete view of New England and how Vermont compared in greater detail.
About RE/MAX of New England:
RE/MAX of New England is affiliated with RE/MAX International. Since its inception in 1986, RE/MAX of New England has grown to over 275 offices with 3,200 sales associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, providing residential and commercial real estate, as well as relocation and referral services. The RE/MAX Internet web address is www.remax.com.
Contacts:
Regan Communications
Christian Megliola, 617-488-2862
cmegliola@regancomm.com