Our eyes are a bit bleary from all the number crunching here in Woodstock Vermont. We've now tabulated the year-end statistics on the real estate market in the Greater Woodstock VT area, and our report will be published shortly. But here are some teaser stats and insights (just on Woodstock VT) from the report:
- The 4th quarter saw a dramatic increase in homes sales. Fifteen (15) homes sold in the 4th quarter, a 300% increase (triple) over the five (5) homes that sold during the 3rd quarter.
- For the full year of 2010, thirty-eight (38) residential properties sold in Woodstock. This was a 40% increase in home sales over 2009 when twenty-seven (27) homes sold. However, we are still well below the peak sales years of 2004-2006 when fifty-five (55) homes sold per year - on average. So sales were up 40% over 2009, but are still about 40% below the peak years. That's good news, because we suspect there is pent-up demand from gun-shy potential buyers who still have money but were too nervous to pull the trigger.
- The median price of homes sold in Woodstock during 2010 was $495,000. The average price was $667,000. (A few high priced home sales always skew the average).
- The Woodstock market for homes priced over $1 million was sluggish in 2010, with only three (3) sales. This compares with 5 sales in 2009. (For historical context, the best year in the past decade was 2005, when eight (8) homes over $1 million sold).
- The market continues to be dogged by heavy supply: as of year-end, there were still 113 residential homes for sale in Woodstock VT. This is still near an all-time high, and represents more than two (2) years' of supply. In other words, at the rate of selling 38 homes per year, it would take three (3) years to sell all the houses currently on the market in Woodstock. Even if sales pick up 50 home sales a year, it will take a bit over two (2) years to sell all the houses now on the market. Thus, it is pretty clear that 2011 will continue to be a "buyers" market here in Woodstock Vermont. (Inside the real estate industry, 6 MONTHS of inventory is generally considered the tipping point between a "buyers" and a "sellers" market).
- The ratio of average sold price to the last-listed price improved slightly during 2010 to 89%, from 87% in 2009. This is likely explained by more realistic listing prices, than it is an improvement in the negotiating balance. (For historical context, the 10-year average ratio was 91%.)
Stay tuned for more blogs on the year-end real estate wrap-up for all the other towns in the Greater Woodstock area: Barnard, Bridgewater, Hartland, Pomfret, Reading and West Windsor. Snyder Donegan Real Estate Group is always willing to help you find Woodstock VT real estate or VT land for sale.