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The award-winning city saw steady demand
and pricing for residential property.
With tight inventory for multi-family homes,
pricing was pushed up almost 17%.

Home to employers such as Seventh Generation, Fletcher Allen Health Care and University of Vermont, Burlington saw steady demand for residential property in 2013.

With a vibrant arts and restaurant scene, the city is attracting a diverse base of professionals and students. That, in turn, is helping to maintain the city’s appeal with residential homebuyers as well as multi-family home investors.

Residential sales – meaning single-family homes and condominiums – rose 1% last year. The median residential sale price also gained 1%, reaching $246,500.

Demand for single-family homes showed improvement, with sales rising 4.5%. Still, the median sale price for stand-alone homes slipped 2.4% to $259,000. That may indicate a shift toward properties priced in the sub-$250,000 range and a reflection of available inventory on the market.

Condominium sales dipped 3.3%, while median sale pricing declined 5.5%.

Pending listings, or the number of homes going under contract in 2013, rose 2.1%, perhaps indicating strengthening consumer confidence.

Homeowners required 78 days to market their properties, little changed from 2012’s 75 days.

Burlington Vermont

Burlington Multi-Family Homes

Seen as the economic hub of Vermont, Burlington is benefiting from a diverse professional base. At the same time, local educational institutions such as University of Vermont and Champlain College are boosting enrollment. Those two trends are creating a tight rental market, which is attracting investors to the city’s multi-family properties.

Our agents cite a lack of available inventory as one factor that’s hampering sales of duplexes and three- to four-unit buildings. Because demand remains high, that’s pushing up prices on the available multifamily homes.

Last year illustrated those trends. Burlington’s multi-family home sales were unchanged, at 54 sales, although the median sale price rose 16.7% as investors competed to buy the available property.

Given still-low mortgage rates and continuing low inventory, median sale prices may see more upward pressure in 2014. Only 65 new multi-family listings went on the market in 2013, a decline of 8.5% from 2012.

Burlington, which recorded two-thirds of Chittenden County’s multifamily sales last year, is attracting buyers from both out-of-state and internationally. Part of the city’s appeal is its low vacancy rate, which typically ranges between 1% to 2%. That was far below the fourthquarter U.S. apartment vacancy rate of 4.1%, according to Reuters.

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The Coldwell Banker Hickok & Boardman Market Report is based on data collected from internal and external sources such as the Northern New England Real Estate Network and does not represent privately negotiated transactions unless so noted. All material herein is designed for information purposes only and has been drawn from sources deemed reliable. Though the data is believed to be correct, it is presented subject to omissions, errors, changes or withdrawal without notice. The report is not designed to solicit property already listed. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. All Offices Are Indpendently Owned and Operated. © 2014 Coldwell Banker Hickok & Boardman Realty. The report is not intended to predict future results. This does not constitute and is not intended to constitute property investment advice or an offer to sell or the solicitation of an offer to buy any property.

Copyright © 2012 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. IDX data last updated on 04-21-2014..