Blog :: 11-2010

Burlington Vermont Real Estate Avoids "Pitfalls" of recent Downturn

If you watch the national news with any sort of frequency, you will notice that other parts of the nation are in tough shape (to say the least) when evaluating the current real estate market. Burlington, Vermont, and other surrounding areas of Chittenden County such as; Essex, Colchester, Shelburne, Charlotte, and South Burlington have avoided this, as noted in a recent article in USAToday.com- http://www.usatoday.com/money/economy/housing/closetohome/2010-11-09-realestate09_ST_N.htm Why has Burlington Faired so well? Simply put, Burlington Vermont (and Chittenden County)is the economic engine of the State of Vermont. We are lucky enough to have such employers as IBM, General Dynamics, Fletcher Allen Health Care, and the University of Vermont all within a few miles from each other. All of these employers have spawned various other employers, and Burlington and the Chittenden County area benefit from a remarkably low rate of unemployement. Jobs=Recovery It's widely been postulated that an improving job market will equate to an improved economic environment in general, which will thusly equate to a better housing environment for us all. Burlington, Vermont, currently benefits from a low unemployment rate of 4.9%, compared to the State of Vermont's at 6% and the national unemployment rate of 9.2% This number, coupled with low interest rates and a favorable economic outlook for the area equate for a bright real estate future for the residents of Burlington and the surrounding areas. Improving Trends Even with all of the negative press on the national front, Burlington's average homesales for January- September 2010 are 3% above the same period in 2009. In speaking with local brokers, attorneys, and mortgage offices, future sales look bright. The median price of homes has held flat for the past few years, even during the large slumps that much other parts of the country experienced such as; Miami, Las Vegas, and Southern California. With a favorable job market, low intereste rates, ideallic setting between Lake Champlain and the Green Mountains, and a vibrant downtown, Burlington is and will continue to be a great real estate investment. Looking to Purchase a Condominium or Home in Burlington? Call Brad Dousevicz of Dousevicz Real Estate today to discuss your options! 802-879-4477.