Q3 Market Report

South Hero Lakefront home for Sale
Spectacular waterfront home with 150’ of deeded lakefront on a beautiful 1.14 acre lot in South Hero. MLS# 4832540.

Just 3 months ago, in our Mid-Year 2020 market report, we provided data on the effect that the coronavirus had on real estate in northwest Vermont. The market had heated up after a pause due to the statewide shutdown. Low inventory, low interest rates and pent up demand pushed median prices higher year over year. The height of the real estate market – typically spring – had been pushed into summer. What we could not predict was the sustained demand for Vermont real estate that surged through the 3rd quarter of 2020, showing little sign of letting up.

Single-Family January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$322,500 +5.7% $368,630 +6%
1,815 -2.8% 2,335 -15%75 +2.7%
Condo January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$259,950 +6.2% $282,962 +2.6%590 +4.8%670 +2.1%55 -19.1%

Northwest Vermont Single-Family Home Median Sale Price 2020

In a recent article in Forbes, George Ratiu, Senior Economist at Realtor.com is quoted “Real estate markets have undergone noticeable shifts since the start of the coronavirus pandemic, in the wake of the lockdowns in March, Americans discovered that existing homes were not adequate for the new work, teach, exercise, cook and live at home reality. Based on realtor.com surveys of consumers, we learned that home shoppers are looking for more space, quieter neighborhoods, home offices, newer kitchens and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas.” This, coupled with accolades for Vermont’s handling of the virus – quickly flattening the initial wave and slowly opening the economy in a safe way, has contributed to the continued demand in our region.

Our website, HickokandBoardman.com, has seen a 27% increase in users and pageviews year over year. In-state visits to the site increased by 23% while out-of-state visits were up 33%. New York, New Jersey New England states, and California topped the list for out of state visitors searching for Vermont property.

The luxury market (defined for this report as residential property above $850,000) has benefited substantially. In search of a “second primary home,” buyers from out of state – most with ties to Vermont – are snapping up larger homes with amenities that meet their desire for space and a sense of safety. Newly listed homes in this category increased 36%, offering a variety of options for those looking for a lifestyle change.

Northwest Vermont Market Share by VolumeNationally, the median price of existing homes pushed to a record high of $310,600 – up 11.4% annually. Locally, the median price has increased nearly 6% to $322,500 for a single-family home. These prices vary by county and town, so it is important to consult with our Realtors for data in your specific area.

In August, mortgage rates set several record lows, which added to the fierce competition for housing. Low rates give buyers additional purchasing power while sellers benefit from increased equity positions in their homes. A “seller’s market” continues, as buyers are often challenged by the reality of multiple offers. Being well prepared, pre-approved and working with a Realtor experienced in navigating the intricacies of crafting purchase offers in this unprecedented market is critical for buyers wanting to achieve their dream of home ownership this year.

Despite the calendar pointing us in the direction of winter, and what used to be a slower period for real estate transactions, Sellers should view this as an extended spring/summer market. Get your home on the market and keep it on the market through the winter and “holiday season.” Virtual showings and video enable buyers to view your home at their convenience. And, COVID guidelines reduce the number of people actually entering your home. Yet, the number of serious buyers in the market remains strong. With guidance from your Realtor, you should be able to negotiate a contract with price and terms that meet your needs still allowing you time to enjoy the holidays with family and plan a move for early 2021.

Chittenden County Market Results

Home for Sale in South Burlington VT
Spectacular views of Lake Champlain & the Adirondacks await from this beautiful 5 bedroom, 5.5 bath home on 1.99 landscaped acres in South Burlington. | MLS# 4833167
Single-Family January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$380,000 +7% $443,012 +8.2%
965 -8.5%1,227 -15.2%
47 0%
Condo January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$265,000 +5% $289,017 +1.6%
519 +3.4% 589 +1.9%49 -23.4%

Chittenden County Median Sale Price for Single-Family Homes 2018-2020

Chittenden County Median Sale Price by Property Type 2020

Franklin County Market Results

Contemporary Home for Sale in Saint Albans Vermont
Lake Champlain, Green Mountain & Adirondack views bless this 5,256 Sq. Ft custom Contemporary on 1.93 Acres in St. Albans Town. | MLS# 4829202
Single-Family
January-September 2020
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$246,000 +5.6% $252,186 +7.8% 468 +12.2% 591 -11%94 -3.1%
Condo
January-September 2020
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$237,900 +25.5%
$234,405 +17%
58 +52.6%
60 +13.2%
76 -40.6%

Franklin County Media Sale Price for Single-Family Homes

Franklin County Media Sale Price by Property Type October 2020

Addison County Market Results

Beautiful Home in Addison for Sale
This beautiful 5 bedroom, 3 bath home, in Panton, is filled with endless creative architectural features! | MLS# 4830837
Single-Family
January-September 2020
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$280,500 +6.9% $305,414 -0.5% 267 -5.7% 347 -22.2%112 -2.6%
Condo January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$245,000 +26% $257,869 +25.4% 13 -38.1% 20 -13.0%219 +321.2%

Median Single-Family Home Price for Addison County

Addison County Median Home Price by Property Type

Vermont Luxury Market Results

Custom-built Home for Sale in Saint Albans Vermont
This custom-built contemporary home, in St Albans Town, is situated on a ridgeline atop Fairfield Hill allowing one of Northwest Vermont’s most incredible views. | MLS# 4794368
Luxury Homes
September-June 2020
   
Median Sale Price:Units Sold:Newly ListedDays on Market:
$1,107,500 +12.8%62 +24%126 +35.5%140 -4.8%

Northwest Vermont Luxury Homes Sold 2018-2020

Northwest Vermont Luxury Homes Market Share by Volume

AddressTownCountySale PriceSale Date
163 Old Stage LaneShelburneChittenden$850,000 7/2/2020
8 Whately RoadSouth BurlingtonChittenden$860,000 7/31/2020
3323 Highbridge RoadGeorgiaFranklin$875,000 9/2/2020
587 Ridgefield RoadShelburneChittenden$875,000 1/21/2020
6659 Spear StreetCharlotteChittenden$880,000 6/29/2020
177 Maeck Farm RoadShelburneChittenden$882,500 8/6/2020
193 Poor Farm RoadColchesterChittenden$885,000 2/28/2020
2751 Thompson's Point RoadCharlotteChittenden$885,000 6/16/2020
208 Meadowood DriveSouth BurlingtonChittenden$887,500 3/27/2020
2687 Greenbush RoadCharlotteChittenden$890,000 6/15/2020
2296 Greenbush RoadCharlotteChittenden$918,500 9/15/2020
51 Bixby Hill RoadEssexChittenden$925,000 7/15/2020
296 South Cove RoadBurlingtonChittenden$925,000 8/13/2020
162 Autumn Hill LaneShelburneChittenden$950,000 8/19/2020
330 Cold Spring RoadMiltonChittenden$959,900 9/17/2020
1275 Spear StreetSouth BurlingtonChittenden$965,000 9/10/2020
1301 Cider Mill RoadCornwallAddison$995,000 9/16/2020
38 Contentment LaneSouth HeroGrand Isle$1,000,000 7/31/2020
615 Thayer Beach RoadColchesterChittenden$1,005,000 8/24/2020
119 Holmes RoadSouth BurlingtonChittenden$1,020,000 6/9/2020
211 Mills RoadGeorgiaFranklin$1,025,000 9/4/2020
263 Quarry RoadShelburneChittenden$1,050,000 8/18/2020
1816 Morgan Horse Farm RoadWeybridgeAddison$1,070,000 3/2/2020
3408 Harbor RoadShelburneChittenden$1,145,000 7/29/2020
266 South Union StreetBurlingtonChittenden$1,149,000 8/5/2020
293 Ordway Shore RoadShelburneChittenden$1,150,000 9/1/2020
837 Bay RoadShelburneChittenden$1,150,000 6/8/2020
209 Hills Point RoadCharlotteChittenden$1,165,000 1/20/2020
219 Appletree Point RoadBurlingtonChittenden$1,200,000 8/25/2020
465 Autumn Hill LaneShelburneChittenden$1,200,000 9/21/2020
719 Converse Bay RoadCharlotteChittenden$1,200,000 8/10/2020
51 Van Sicklen RoadSouth BurlingtonChittenden$1,200,000 7/2/2020
347 Popple Dungeon RoadCharlotteChittenden$1,239,000 4/1/2020
50 Windridge RoadSouth HeroGrand Isle$1,250,000 7/7/2020
14 Turtle Bay LaneSouth HeroGrand Isle$1,250,000 9/14/2020
222 McNeil Cove RoadCharlotteChittenden$1,265,000 8/19/2020
104 Pine Haven Shores LaneShelburneChittenden$1,295,000 8/21/2020
301 Wolfe RoadAddisonAddison$1,310,000 7/27/2020
64 Waterview RoadColchesterChittenden$1,350,000 7/8/2020
475 Golf Course RoadSouth BurlingtonChittenden$1,370,000 7/27/2020
27 Lakeview TerraceBurlingtonChittenden$1,375,000 9/30/2020
2854 Harbor RoadShelburneChittenden$1,425,000 7/9/2020
99 Central AvenueSouth BurlingtonChittenden$1,450,000 8/31/2020
121 West Shore RoadGrand IsleGrand Isle$1,460,000 9/25/2020
7133 Spear StreetCharlotteChittenden$1,531,884 8/31/2020
269 Thorpe Cove RoadCharlotteChittenden$1,550,000 1/31/2020
233 Thorpe Cove RoadCharlotteChittenden$1,630,000 6/29/2020
386 South Forty RoadShelburneChittenden$1,650,000 8/17/2020
116 Sunset CliffBurlingtonChittenden$1,950,000 9/25/2020
324 Wings PointCharlotteChittenden$1,950,000 8/31/2020
33 Colodny WaySouth HeroGrand Isle$2,050,000 8/12/2020
164 Pheasant Hill Ridge RoadShelburneChittenden$2,135,000 6/26/2020
341 West Shore RoadSouth HeroGrand Isle$2,150,000 9/3/2020
3735 Harbor RoadShelburneChittenden$4,950,000 1/17/2020

Multi-Family Market Results

The Mount Philo Inn for Sale in Charlotte Vermont
A once in a generation opportunity, the historic Mt Philo Inn, nestled in Charlotte, Vermont, with sweeping views of Lake Champlain! | MLS# 4829632
 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
All Counties Multi-Family$327,500 2.3%101-1.0%164-14.1%118
Chittenden County$425,000 9.0%61-9.0%102-14.3%76
Addison County$219,100 -5.8%11450.0%16-5.9%275
Franklin County$213,750 18.3%28-15.2%43-15.7%136
Grand Isle County$179,900 n/a1n/a3-25.0%475

Northwest Vermont Multi-Family Homes Sold 2018-2020

Vermont Land Market Results

Build your dream lake home on this 1.12 acre lot, mostly open but with some privacy trees. MLS# 4835028
 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
All Counties Multi-Family$99,500 -0.3%1586.8%4035.8%317
Chittenden County$160,000 22.3%53-11.7%104-7.1%218
Addison County$82,000 21.5%5028.2%10428.4%431
Franklin County$53,500 -28.9%3930.0%121-10.4%280
Grand Isle County$81,350 -21.4%16-15.8%7439.6%375

Mid-Year Market Results

South Village was designed from the ground up to bring together two of Vermont’s most cherished traditions: open space and village living. New Home Sites available.

Summer is in full swing with high temperatures not felt since 2018. As the weather heated up, so did the real estate market after a short pause due to the Coronavirus. As the pandemic spread, Vermont Governor, Phil Scott, issued a “Stay At Home” order in late March. Real estate sales were on hold except for contracts already in the pipeline and ready to close. As the spigot was slowly turned back on, real estate showings resumed on April 20th with restrictions lifting weekly. The most recent change is flexibility in quarantining for out-of-state buyers – who were largely shut out of the Vermont market since March.

Single Family
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$306,500 +1.2% $343,202 -0.3%
878 -13.3%
1380 -21.1%
91 +12.4%
Condo
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$249,900 +4.1% $279,854 +4.1%300 -9.9%
401 -5.0%59 -25.3%
Single Family
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$316,700 0% $347,860 -1.9%500 -24.2%
848 -26%
85 +11.8%
Condo
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$249,000 +0.6% $276,673 +0.5%153 -30.1%217 -19%49 -38.8%

The height of the real estate market is typically in the spring, leading to closings in late spring and early summer. Therefore, we are providing additional data in this mid-year report. Typically, our report would present the statistics from January 1st – June 30th. However, we are including data from the 2nd quarter as well (April 1st- June 30th) to demonstrate the effect that the shutdown had on a market which started quite strong in 2020.

The pandemic has had a massive effect on the economy, but the housing market has not taken a major dive, unlike the Great Recession of 2008, which was largely driven by the housing sector. As sharp and quick as the decline in the market was – the recovery has been nearly as strong. Pent up demand of buyers ready for the spring market – wanting to benefit from historically low mortgage interest rates (briefly falling below 3% for the first time in 50 years)- has resulted in multiple offers on homes within days of hitting the market. Many homes are selling for well above list price – causing lenders, appraisers, buyers, sellers and even real estate agents to wonder where the “top” of the market will be. A real estate purchase or sale should be contemplated based upon your own needs and financial objectives. Attempting to “time” the market is simply impossible and will result in frustration and missed opportunities.

Other indications of strong demand include online search activity. Search traffic to HickokandBoardman.com remained strong, throughout the pandemic, with over 200,000 visits for property in Chittenden, Addison, Franklin, and Grand Isle Counties. Out-of-state traffic, perhaps driven by the desire to relocate to a more rural market, accounts for roughly 45% of overall traffic. We are seeing a significant increase in web traffic from prospective out-of-state buyers from Massachusetts, Florida, Virginia, New Jersey, and California.

Some Economists, nationally, caution that prices may fall later this year as the effects of unemployment and foreclosures weigh down the market. Homeowners, who opted to postpone mortgage and loan payments during the peak of the pandemic, are now receiving notices that their deferred payments are due. Locally, supply & demand may sustain price growth. Our area is not oversupplied, and the pipeline of new, affordably priced homes coming on the market is not enough to satisfy buyers. An experienced Chittenden County appraiser reported that he is factoring in an appreciation of 4-4.5% when calculating the market value of purchase and refinanced properties.

As we have reported for the past two years, a lack of inventory in homes for sale remains a challenge; decreasing over the past three months as sellers were hesitant to allow buyers inside. Seller confidence should improve as Vermont ranks top in the nation for management of the virus. With years of price growth in northwest Vermont and scheduled showings of well- qualified buyers rising dramatically (according to ShowingTime) – sellers can reap the benefits of their strong equity position. Getting on the market now is important to balance the real estate market.

Hunkering down in our homes has caused us to reflect on what we need for comfort and safety. Do we need a home office, more space for family, less indoor space and more outdoor living space? No doubt these discoveries will shape the direction of buyers, sellers and homeowners going forward. It has been reported that home improvement purchases have spiked during this pandemic – as many have the time and attention to devote to enhancements to living spaces. Never more than now, do we appreciate what home means to all of us.

Chittenden County’s Median Price Continues to Rise

Enjoy the best of both worlds in this lovely custom built home on 3 acres in Essex. You will love the charm, quality and custom features throughout. | Homes for Sale in Essex

Our mid-year report includes data for the first 6 months of 2020, as well as data for the 2nd quarter of 2020 alone. We cannot analyze the trends in the northwest Vermont real estate market without understanding the effects of COVID-19 which struck Vermont in mid-March.

Single Family
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$360,000 +1.4% $420,483 +2.8%
467 -18.8%715 -22.1%56 0%
Condo
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$261,100 +6.6% $286,077 +4.0%272 -9.6%
353 -1.9%55 -27.6%
Single Family
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$376,000 +3.0% $427,373 +2.2%257 -32%
437 -26.1%
42 -20.8%
Condo
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$249,000 +0.6% $276,673 +0.5%153 -30.1%217 -19%49 -38.8%

The median sale price for single-family homes continued the year over year climb to $360,000; a 7.5% increase over the same period in 2018. Condominium pricing also rose while still providing a more affordable and low maintenance option for home buyers. Newly listed homes dropped 26% during the second quarter amidst the spread of COVID-19 – increasing the pressure on an already undersupplied market. Sellers, hesitant to open their homes to in-person showings yet motivated to keep their home listed for sale, worked with our marketing team to create video tours of their property.

Buyers acted quickly when the right property caught their eye resulting in only 42 days on the market (DOM) – the number of days from list to contract; the lowest we’ve seen in many years. In some key price points and locations, the “DOM” is in the single digits.

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Chittenden County Single-Family$360,000 1.40%467-18.80%715-22.10%56
Bolton$282,500 12.80%20.00%620%42
Buels Goren/an/an/an/an/an/an/a
Burlington$347,000 -8.20%65-30.10%93-32.10%44
Charlotte$522,000 11.10%21-22.20%40-29.80%104
Colchester$363,500 2.80%67-1.50%89-26.50%50
Essex$339,950 3.30%70-21.40%102-20.30%40
Hinesburg$349,000 22.30%12-40.00%19-32.10%64
Huntington$325,500 -6.80%7-36.40%11-15.40%146
Jericho$385,000 -4.40%12-63.60%29-35.60%78
Milton$289,950 6.60%40-4.80%56-22.20%37
Richmond$350,000 15.70%1318.20%18-21.70%122
Shelburne$597,500 21.60%19-47.20%36-28.00%88
South Burlington$430,000 6.40%64-7.30%105-6.30%55
St. George$434,393 13.70%9350%1025.00%41
Underhill$326,500 20.60%928.60%21-19.20%66
Westford$314,900 14.50%13-7.10%180.00%75
Williston$397,000 -17.00%28-9.70%46-4.20%38
Winooski$266,750 15.50%16-20%16-40.70%46
 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Chittenden County Condo$261,100 6.70%272-9.60%353-1.90%55
Bolton$126,500 -1.30%80.00%1067%48
Burlington$317,500 9.10%39-2.50%55-12.70%35
Colchester$246,000 12.20%37-7.50%434.90%98
Essex$214,500 -10.40%48-23.80%61-10.30%76
Hinesburg$286,500 5.40%1-66.70%n/an/a163
Jericho$430,316 130.20%566.70%6-25.00%32
Milton$241,000 3.90%1318.20%1741.70%46
Richmondn/an/an/an/an/an/an/a
Shelburne$475,000 15.30%1318.20%15-11.80%66
South Burlington$249,000 8.30%77-9.40%101-5.60%44
Williston$302,450 -7.40%20-28.60%28-3.50%20
Winooski$260,000 4.00%1137.50%17142.90%23