Month: April 2019

First Quarter Market Report 2019

Functioning B&B with attached apartment, guest cottage, spacious barn, and ample storage. in Shelburne  | Homes for Sale on Lake Champlain
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$290,000 (5.1%)$323,786 (10.3%)353 (1.2%)599 (2%)91 (-22.2%)
Condos$230,000 (12.2%)$256,677 (6.2%)113 (-6.6%)151 (-16.6%)77 (-6.1%)
Multi-Family$315,000 (1.6%)$377,274 (-19.4%)23 (-41%)57 (72.7%)59 (-50.4%)
Land$120,000 (42.5%)$149,432 (-14.4%)31 (-26.2%)103 (4%)288 (9.5%)

Historically, the first 3 months of the year represent the slowest period for sales. With a smaller number of sales, data within this report can be affected in a positive or negative direction without truly representing a trend in the market.

Our skilled Realtors® can provide you with a more in-depth analysis on specific price points in towns and neighborhoods. Given our market leading position, we are prepared to provide unparalleled service to our clients.

The same market dynamics that we have reported over the past 2-3 years continue to play out in northwest Vermont. Shrinking inventory of homes for sale and pent up buyer demand have resulted in an increase in median and average sale prices across most market segments. Mortgage interest rates have declined recently after an uptick during 2018, keeping buyers in the market and willing to pay more for updated homes. With limited cash available for renovations, buyers are willing to take on a higher mortgage payment for homes with renovated kitchens, bathrooms, flooring and other amenities. Sellers may want to take advantage of this opportune time to list their home while demand is strong.

Median Average Sale Prices Continue to Rise in Chittenden County

The Cascades offer easy living in the heart of Winooski’s thriving downtown.
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$333,950 (5.9%)$390,601 (12%)196 (1.6%)323 (5.9%)62 (-23.5%)
Condos$235,750 (8.6%)$263,245 (4.4%)104 (0%)137 (-15.4%)78 (18.2%)
Multi-Family$456,000 (13.4%)$452,664 (-23.6%)16 (-36%)40 (110.5%)38 (-60%)
Land$120,000 (-5.9%)$150,538 (-54.4%)13 (-7.1%)33 (-15.4%)208 (-27.5%)

Newly listed single-family homes showed a slight uptick over the same period last year while condo listings declined. . 

New developments throughout the county, which include condominiums, may be affecting the flow of inventory year over year. Residential sales were relatively flat while median and average sale prices rose during the 1st quarter. Buyer demand is still strong for well positioned properties coming to market – as demonstrated by the average days on market (DOM) of just over 2 months.

 

 

 

 

 

 

 

 

Addison County Slight Increase in Homes for Sales after Several Years of Declining Inventory

Well maintained 3 bedroom Ranch, in Vergennes, with many exterior upgrades over the years. MLS# 4711457
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$235,000 (-7.8%)$261,828 (-2.4%)57 (23.9%)91 (5.8%)127 (-31.7%)
Condos$115,000 (-27.8%)$145,000 (-2.4%)3 (-40%)5 (66.7%)67 (9.8%)
Multi-Family$150,000 (-46.4%)$150,000 (-55.9%)1 (-66.7%)3 (-40%)0 (-100%)
Land$103,750 (56.6%)$123,840 (8%)10 (-37.5%)21 (-38.2%)451 (67%)

Inventory of homes has stabilized – even posting a slight increase in early 2019. Single home sales increased while median and average sale prices declined.

Due to the relatively low number of transactions during the 1st quarter, it may be too early to draw conclusions. Addison County continues to draw buyers who may be working in Chittenden County – but see affordability and quality of life in Addison as desirable.

Responding to seller and buyer demand in the county, we are pleased to announce that we are opening a Real Estate Sales Center on Main Street in Vergennes. While we are not new to the area, our Vergennes location expands our presence in Addison County and extends the level of service we are able to give our clients.

New Addison County Office
268 Main Street
Vergennes, VT 05491

Franklin County Sees a Declines in Sales, But an Increase in Median Sale Price

Immaculate lakefront home with westerly sunset views and a perfect shale beach in Swanton. MLS# 4722769
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$208,300 (13.2%)$216,370 (7.4%)79 (-16%)151 (-7.4%)118 (-8.5%)
Condos$185,500 (8.2%)$198,671 (3.8%)6 (-50%)8 (-50%)67 (-70.6%)
Multi-Family$210,835 (-1.9%)$214,112 (-3.3%)6 (-45.5%)13 (62.5%)126 (-22.2%)
Land$81,750 (31.9%)$101,667 (36.4%)6 (-40%)42 (90.9%)95 (-55.8%)

 

While the number of units sold in Franklin County declined during the 1st quarter, the median and average sale prices increased.

Inventory tightened a bit with new properties coming to market declining. The harsh winter and traditionally slow months of the year may not provide enough data to determine trends that will be seen in Franklin County during 2019.

 

 

 

 

 

 

 

 

Grand Isle County Sees an Increase Sales Over Slow 1st Quarter in 2018

This is an once in a lifetime opportunity to own an incomparable family compound on 1279 feet of lake frontage and 8.65 acres in South Hero. MLS# 4743290
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$255,000 (55%)$272,443 (12.1%)21 (31.3%)34 (3%)158 (-42.6%)
CondosN/AN/AN/A1 (N/A)N/A
Multi-Family*N/AN/AN/A1 (N/A)N/A
Land$413,500 (548%)$413,500 (548.63%)2 (0%)7 (75%)574 (102.1%)

The 1st quarter shows a healthy increase in the number of homes sold in 2019 versus the same period last year, however this is compared to a sharp decline during the 1st quarter of 2018.

The Average Days of Market (DOM) from listing to closing has dropped to 158 days – or just over 5 months. While this is the longest days on market out of the 4 counties in the report, desirable and well-priced homes are selling in considerably less time than average.

Historically, the strength of the market in Grand Isle County is during the spring and summer months. A preponderance of second homes has a clear impact on the sales cycles. Activity in the next 2 – 3 months will dictate what the 2019 market has in store for the county.

Luxury Homes Sales Off to a Strong Start in 2019

Treasured views and private access to Lake Champlain from this custom built home located in the exclusive Wings Point community in Charlotte. Vermont Luxury Homes
Median Sale PriceAverage Sale PriceUnits SoldNewly Listed
Luxury*$999,000 (0)$1,042,409 (5.1%)11 (83%)19 (0%)

The 1st quarter of 2019 was strong for luxury sales. Chittenden County posted 10 of the 11 sales recorded in Northwest Vermont. As we have reported over the past 2 years, sales of higher-end properties are no longer confined to lakefront.

Buyers are attracted to amenities, proximity to the greater Burlington area or landmark homes that can be updated to suit their lifestyle. The Luxury Market in northwest Vermont continues to meander along being not too hot and not too slow – but “just right” for properties that are well priced and well-conditioned. As the weather starts to warm, interest in properties along Lake Champlain will increase. This market segment is typically not as urgent as the traditional primary residence market which is driven by job relocations, changes in family structure, or migration toward neighborhoods and school districts. Buyers may take their time searching for the right property – or decide to make a purchase because an extraordinary opportunity becomes available. Life events – such as the desire or need to downsize or lack of use of a property drive sellers to the market. Whatever your drivers, our Realtors® can help you assess your individual situation in the current market.

*For this report, the Luxury market is defined as Residential sales $850,000 and above.