Limited home inventory made for a tight market in 2018

Milton contemporary Colonial including 3 bedrooms, 2.5 baths & finished basement that walks out to the enclosed in-ground pool. | MLS # 4731539
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$339,900 (+5.6%)$381,006 (+3.6%)1,236 (-1.8%)1,534(-3%)62 (-13.9%)
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$235,000 (+1.3%)$266,079 (+2.4%)670 (+4.2%)803 (+12.5%)58 (-2.8%)

Limited homes for sale continue to be the story across Chittenden County. With new listings to the market declining 3% over 2018 – units sold also dropped. This resulted in a median price increase of 5.6% for single family homes. 

The number of Condominiums available for purchase showed a healthy increase as some owners took advantage of a seller’s market and sold their entry level condos in order to move up to a larger home. Builders introduced new condominiums & townhouses to the market, offering easy maintenance and the “right size” floorplan for new families and empty nesters.

In South Burlington, Hillside at O’Brien Farm launched in March with 12 single family and townhomes closed and many more reserved or under construction. South Village, off of Spear Street, looks to finish the build out of phase 2 in 2019 – and possibly offer homes in phase 3 subject to permits.

Winooski continues to draw buyers with a revitalized downtown & walkability to restaurants, shopping and recreation. Multiple offers on single family homes from excited buyers pushed the median price up 18% – nearly the largest increase across the county. A number of resales in the Cascades Building along the Winooski River resulted in a 44% surge in the median price of condominiums in the city.

Multi Family properties were in high demand while inventory was extremely tight. Investors need to move quickly when a property becomes available.