First published in Business People-Vermont, February 2007. In that issue: Stephen Huneck, Golden Eagle Resort, Vermont Pub and Brewery, Shelburne Vineyard, Birds of Vermont Museum, Migration Nation, Real Estate Prices 2006, Dining Guide, Savvy Relations.
Real Estate
prices 2006
This year, the definition of single-family home has changed, and that affects our numbers. In prior years, we published separate average prices for single-family residences and condominiums. Tom Heney, vice president of Lang Associates in Burlington, tells us that in 2006, because of prices within the market and the low inventory of stand-alone homes in the $200,000 price range, people seeking homes in that range purchased condominiums, because that’s what was available.
To those reading the average prices, Heney offers a caution. “Keep in mind these are average prices, not median prices. We live in a regional economy, so the county numbers are the more meaningful ones,” he says. In towns, the average prices might be skewed by an exceptionally large or exceptionally small transaction or any number of influences.
Heney also notes that these appreciation numbers were higher in August or September, but have come down. “At one point, Chittenden County was as much as 8 percent year-over-year appreciation, and ended up at 3 percent.” That reflects the market’s returning to reality, he says, adding, “Early 2005 was the hottest market most of us have ever seen in a number of recent years.”
Chittenden County
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Single-family home prices per county
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| 2005 | 2006 | Change | Units ’06 | |
| Addison | $253,761 | $263,667 | 4% | 323 |
| Chittenden | 281,463 | 289,422 | 3% | 1,600 |
| Franklin | 183,869 | 203,254 | 11% | 499 |
| Grand Isle | 267,322 | 267,803 | 1% | 108 |
| Two areas are not included in the following list: Buels Gore and St. George. They had too few (or no) transactions, and we could not obtain data on them. | ||||
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Chittenden County single-family home prices by town
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| 2005 | 2006 | Change | ||
| Bolton | $185,790 | $182,400 | -2% | |
| Burlington | $310,824 | $281,774 | -9% | |
| Charlotte | $597,813 | $622,984 | 4% | |
| Colchester | $276,444 | $261,731 | -5% | |
| Essex (town & Essex Jct.) | $249,258 | $256,923 | 3% | |
| Hinesburg | $288,173 | $277,880 | -4% | |
| Huntington | $229,653 | $269,890 | 18% | |
| Jericho | $302,900 | $274,038 | -10% | |
| Milton | $242,094 | $252,120 | 0% | |
| Richmond | $304,131 | $293,491 | -3% | |
| Shelburne | $452,300 | $510,403 | 13% | |
| So. Burlington | $234,118 | $262,522 | 12% | |
| Underhill | $307,119 | $270,777 | -12% | |
| Westford | $243,309 | $309,789 | 27% | |
| Williston | $320,924 | $321,038 | 0% | |
| Winooski | $186,362 | $200,655 | 8% | |
Source: Lang Associates
Lamoille and Washington countiesFor information contact the following: Lamoille Area Board of Realtors: Piquette Scribner, board secretary, 635-7888 Central Vermont Board of Realtors: Ann Shangraw, association executive, 229-0611 |
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