The Vermont economic outlook, according to a recent “Regional Perspectives” white paper published by Chase, “is forecast to strengthen, in lagged response to stronger economic growth.” This is good, if lagging, news for Addison County. The paper sites a low rate of bankruptcies and jobless claims and presents an employment growth rate in keeping with the nation.
A few optimistic messages in the report are:
- Vermont’s housing values have been holding steady and may now be firming slightly.
- Vermont doesn’t suffer from the inflated real estate conditions seen in other communities.
- Vermont’s home building activity has slowed considerably, like the nation’s, but the underlying construction pace may be edging up.
This is almost good news. Nearly good news is a huge improvement over the real estate market news we’ve seen in the last few years. Home price appreciation is improving, even if just slightly. According to Forecast-Chart.com, appreciation rates were 0.44% during the last quarter, and 0.4% during the last year – up from -3% during the last five years.
If you are an optimist, like me, you can see some light at the end of this tunnel. I view this new construction in Addison as a harbinger of good things to come. New construction, especially given the many improvements we’ve seen in energy efficiency, is a much better resale prospect than it was just a few years ago. Take some inspiration from this Addison County Home for the Holidays. I’d be happy to show you some great properties available in Addison County.
Happy New Year!