Third Quarter Market Report 2019

Custom Home on 10+ acres in the remarkable countryside of Shelburne! MLS# 4771575
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $305,000 (5.2%) $347,505 (7.9%)1860 (7.6%)2744 (3.4%)73 (-18%)
Condos $244,815 (8.7%) $276,114 (7.9%)559 (-1.2%)654 (-12.8%)68 (-2.9%)
Multi-Family$320,000 (6.3%) $384,624 (-6.2%)101 (-22.9%)191 (12.4%)70 (-26.3%)
Land$100,000 (22.0%) $134,793 (4.4%)147 (-2.7%)379 (-1.6)290 (16.9%)

Welcome to fall in northwest Vermont, and to our Fall 2019 Market Report through the 3rd quarter (Q3), January – September 2019.

Each quarter, we combine the Multiple Listing Service (MLS) data with the expertise of our Agents to offer a recap of real estate activity and trends in the 4 counties of northwest Vermont: Addison, Chittenden, Franklin and Grand Isle.

Traditionally, the “height of the market” is the 3rd quarter, late spring through summer; however, we have seen this heightened activity continue into fall in recent years. While the ongoing story in the national and regional market has been the contraction of inventory for sale, we did see some relief during the 3rd quarter, with new properties coming on the market increasing slightly over last year. This resulted in an increase in single-family home sales. Still buyer demand exceeds supply – pushing median and average sale prices higher.

With interest rates lower than last year, sellers and buyers would be wise to stay in the market during the 4th quarter of 2019 and 1st quarter of 2020, while properties are still in demand and at their most affordable.

Our skilled REALTORS® can help you with more specific price points in certain cities and towns. Given our market leading position, we are committed to providing unparalleled service and results for our clients.

The Number of Newly Listed Single-Family Homes in Chittenden Saw its First Increase in Several Years

Enjoy urban living in these newly converted 1 and 2 bedroom lofts in South Burlington.The Loft at 22 Kimball Commons
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $355,000 (4.4%) $408,814 (7.1%)1,050 (13.2%)1448 (11.3%)47 (-24.2%)
Condos $252,500 (9.5%) $284,854 (8.3%)498 (-0.8%)576 (-15.8%)64 (-2.9%)
Multi-Family $390,000 (3.8%) $477,222 (-5.4%)66 (-25%)119 (12.3%)62 (-18.4%)
Land$130,800 (-3.1%) $167,439 (-26.8%)60 (27.7%)111 (-5.1%)231 (-1.3%)

The number of newly listed single-family homes has increased over 2018, resulting in an increase of 13% in units sold. Still, demand remains strong with homes being on the market for only 6 weeks from list to close. 

Condominiums remain a popular choice among buyers interested in ease of maintenance and more affordable prices as compared to single-family homes. The decline in newly listed condos is likely affected by new construction projects that came on the market during 2018.

If you are considering selling your home – do not wait until spring! Demand and pricing are strong now. Serious buyers are in the market and may be flexible with closing dates in order to secure the home of their dreams.

 

 

 

 

 

 

 

 

Healthy Gains in the Numbers Homes and Condos Sold in Addison County

Located in the heart of Middlebury, this move-in ready home has been meticulously remodeled to meet modern needs. MLS# 4751530
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $263,700 (-0.5%) $307,797 (6.9%)282 (9.3%)446 (-0.7%)116 (-3.3%)
Condos$194,500 (5.4%) $205,667 (4.6%)21 (61.5%)23 (43.8%)52 (4%)
Multi-Family$232,500 (-3.1%) $232,500 (-2.1%)2 (-81.8%)17 (21.4%)75 (-54%)
Land$67,500 (2.9%) $95,179 (0.6%)39 (-22.0%)81 (-27%)429 (64.4%)

The number of homes and condos sold so far in 2019 shows healthy gains over the same period last year.  

Buyers are drawn to Addison County’s farm-to-table dining options, art galleries and shops – not to mention close proximity to the lake or the mountains. Starksboro, Bristol, Monkton and Vergennes offer housing options for buyers who are comfortable with an easy commute to Burlington area employers.

An increase in multi-family listings this year, may give more choices to buyers looking for owner-occupied or investment property.

So that we can continue to best serve our customers and clients across the county, this year we opened our Real Estate Sales Center at 268 Main Street in Vergennes.

 

 

 

 

 

 

 

 

Franklin County Home Sale Prices Continue to Rise

3 bedroom, 2.5 bath home with 2 car garage, large drive, manicured yard with mature landscaping and a fully-fenced backyard in Fairfax.MLS# 4775197
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $232,700 (13%) $233,852 (9.2%)416 (-5%)658 (-3.4%)97 (-8.5%)
Condos$189,500 (5.9%) $200,391 (0.2%)38 (-24%)53 (8.2%)128 (-38.8%)
Multi-Family$180,670 (-9.2%) $208,646 (1.3%)33 (6.5%)51 (6.3%)85 (-34.1%)
Land$75,250 (40.7%) $98,343 (42.1%)30 (-11.8%)135 (26.2%)184 (-11.1%)

The prices of homes sold continue to increase over 2018. Homeowners, considering the sale of their property may want to act now in order to optimize their gains.  

Franklin County offers a variety of housing options and price points from city homes in St. Albans, suburban developments in Fairfax, country homes in Georgia and Swanton – or mountain living in Montgomery. Buyers may have a bit more breathing room when deciding to purchase in Franklin County – but don’t wait too long – homes and investment properties are selling on average in only 3 months on the market.

 

 

 

 

 

 

 

 

Homes Have been Selling More Quickly in Grand Isle County

Beautifully maintained 4 Bedroom Cape style home on 414 acres with 1717 Ft of Lakeshore in AlburghMLS# 4719852
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $258,750 (5.7%)$294,848 (-10.3%)112 (6.7%)192 (-13.9%)131 (-26.4%)
Condos$278,500 (7.5%)$278,500 (7.5%)2 (100%)2 (100%)67 (-14.1%)
Multi-Family*N/AN/AN/A4 (100%)N/A
Land $109,750 (43.9%)$172,550 (41.8%)18 (-10%)52 (4%)357 (13.3%)

Single-family home sales continued to increase through the 3rd quarter of the year during what is typically Grand Isle’s peak season. Homes are selling more quickly as well – only 4 months from list to close – down from nearly 6 months a year ago. 

With a median sale price of $258,750 across the county, prices become more affordable as you travel north. Sellers should take advantage of strong demand and limited inventory by keeping their properties on the market during the holidays and winter season – which may be counterintuitive to the traditional trends of an island community.

Luxury Homes Sales Have Seen a 40% Increase in 2019

Custom designed to maximize views of Lake Champlain and the mountains. 100’ lake frontage in BurlingtonMLS# 4779450
 Median Sale PriceAverage Sale PriceUnits SoldNewly Listed
Luxury*$990,000 (-4%)$1,189,065 (0%)49 (40%)98 (-8.4%)

Sales of luxury properties (defined as closed price of $850,000 for this report) remain strong so far this year. This has created favorable conditions for sellers and buyers alike. Well-designed homes, with proximity to downtown, access to the lake, or with views and acreage are what today’s buyers are searching for.

AddressTownCountySale Price
2952 Greenbush RoadCharlotteChittenden$850,000
308 South Prospect StreetBurlingtonChittenden$850,000
33 Burke RoadOrwellAddison$850,000
258 Summer Point LaneFerrisburghAddison$850,000
197 Pease Mountain RoadCharlotteChittenden$855,000
8 Hall RoadSouth HeroGrand Isle$862,000
2385 Shelburne Falls RoadHinesburgChittenden$862,500
345 Morgan DriveShelburneChittenden$870,000
51 Muddy Dog RunWestfordChittenden$890,000
1567 Morgan Horse Farm RoadWeybridgeAddison$890,000
338 Golf Course RoadSouth BurlingtonChittenden$900,000
345 Meadowridge RoadWillistonChittenden$900,000
404 Staton DrivePantonAddison$910,850
1406 Spear StreetSouth BurlingtonChittenden$920,000
5520 Sand RoadFerrisburghAddison$939,000
1490 Arnold Bay RoadPantonAddison$939,000
127 Prindle RoadCharlotteChittenden$945,000
263 Golf Course RoadSouth BurlingtonChittenden$945,000
108 Brigham Hill RoadEssexChittenden$949,000
4 Fairholt DriveBurlingtonChittenden$950,000
282 Clearwater RoadShelburneChittenden$950,000
480 Staton DrivePantonAddison$961,000
161 Deforest RoadBurlingtonChittenden$975,000
366 Black Willow LaneCharlotteChittenden$989,000
146 Simmons DriveShelburneChittenden$990,000
35 Edgewood RoadCornwallAddison$1,000,000
608 Hills Point RoadCharlotteChittenden$1,015,000
1397 Spear StreetSouth BurlingtonChittenden$1,030,000
582 Autumn Hill LaneShelburneChittenden$1,040,000
7 Surf RoadBurlingtonChittenden$1,050,000
3412 Harbor RoadShelburneChittenden$1,100,000
11 Adams Landing ExtensionGrand IsleGrand Isle$1,125,000
3410 Harbor RoadShelburneChittenden$1,125,000
265 Buff Ledge RoadColchesterChittenden$1,136,500
6135 Mt. Philo RoadCharlotteChittenden$1,150,000
274 Pine Haven Shores LaneShelburneChittenden$1,150,000
358 Golf Course RoadSouth BurlingtonChittenden$1,150,358
293 Mead Farm RoadHinesburgChittenden$1,200,000
294 Pine Haven Shores LaneShelburneChittenden$1,250,000
289 Upper Old Town TrailCharlotteChittenden$1,250,000
1283 Cheesefactory RoadShelburneChittenden$1,400,000
40 College StreetBurlingtonChittenden$1,400,000
793 Orchard RoadCharlotteChittenden$1,530,000
1400 Spear StreetSouth BurlingtonChittenden$1,650,000
321 Crooked Creek RoadColchesterChittenden$1,750,000
1054 Sherman HollowHinesburgChittenden$1,775,000
147 Appletree Point RoadBurlingtonChittenden$2,185,000
222 Deer Point RoadCharlotteChittenden$3,300,000
203 Pheasant Hill LaneShelburneChittenden$3,710,000