The Reading, Vermont real estate market had a slow start in 2019, with no sales of single-family homes. As of this writing there were no properties active under contract or pending. While initially discouraging, the lack of sales is not necessarily indicative of the rest of the year. Reading had an exceptional, record-breaking year in 2018, and based on first quarter data for Woodstock and other adjacent towns, there does not appear to be a market wide slow down.
One very likely reason for the sluggish first quarter could be the very limited supply of homes left on the market for buyers to choose from after the record number of sales in 2018. At the start of this year there were just ten (10) properties on the market, compared to twenty (20) on the market at the start of 2018.
It also isn’t unusual for the market to have zero or very few sales during the first quarter. There were no sales in 2006 and 2010, and just one (1) sale in 2005, 2006, 2009, 2012, and 2013. Given that history and the seriously low inventory at the start of the year it is hardly surprising that this year has had a slow start.
Like Woodstock and other nearby towns, Reading has been following a trend of decreasing inventory over the past 5 years, which has continued into 2019. We initially observed this decline in inventory in Woodstock alone, before the effect ultimately pushed out into surrounding towns – such as Reading – as buyers faced with so few options in Woodstock began purchasing in less well-known adjacent towns.
We believe buyer demand is still strong in the Woodstock market area – including Reading and other adjacent towns – and thus anticipate things will pick up, most likely during the second quarter when new listings come on the market.
Charts illustrating the above information can be found below.