Accounting for nearly half the sales in the county, St. Albans and Swanton, together, posted healthy improvements in the median sales price after slight declines in 2018. Fairfax and Fletcher continue to thrive with the number of closed sales increasing year after year.
The number of homes sold throughout Grand Isle County rebounded in 2019 after a decline in 2018. The natural confines of the islands geography coupled with development and permitting restrictions naturally limits growth in the county. With the smallest number of sales and inventory available throughout the 4 counties in this report, Grand Isle County statistics can vary widely from season to season.
5 home sales, over $850,000, are included in the Luxury section of the report. This is down from 10 sales in 2018 which undoubtedly affected the average sale price in the county.
Savvy buyers seek the county’s access to Lake Champlain, Interstate 89 – and substantially lower property taxes than luxury, lakefront homes to the south.
Luxury Home sales, defined as $850,000 and above, in Northwest Vermont have continued to grow increasing 32% since 2016.
Nationally, the luxury market has slowed, but Vermont remains one of the most affordable luxury home markets in New England – which may be bolstering sales here. Local lenders report that Jumbo loans remain remarkably competitive offering favorable options for luxury home buyers, as well.
Many homes in the luxury category went “under contract” within just days of coming on the market demonstrating pent-up demand of buyers waiting for a home in the right location offering the the right amenities. The average “days on market” of 123 days is inflated by some of the special properties on the upper end of the market.
The investor market remains strong in northwest Vermont even though statistics may not reflect it. Multi-family properties coming on the market increased in 2019 – for the first time in a number of years. This increase provided options to buyers who may have been on the sidelines in the past. While the median sales price increased across the region, Franklin County offered affordability and investors responded, increasing sales there by 17%.
Buyers will still need to act quickly with multi-family properties closing in less than 3 months throughout northwest Vermont – and closing in only 56 days in Chittenden County which represents 62% of the units sold.
Despite newer apartment complexes becoming available over the last couple of years, and with a number of new projects on the horizon, the vacancy rate for rentals remains low as compared to the national average. Demand from renters remains strong likely due to the shortage in inventory for first time home buyers – and the demand from college students in downtown Burlington.
In 2019, Coldwell Banker Hickok & Boardman participated in 30% of the multi-family sales in northwest Vermont. Both experienced and first-time investors should hire a skilled Agent with the market knowledge to help them navigate this unique segment of the market.
After posting increased sales for the past 2 years, land sales settled down in 2019. There still remains plenty of options for purchasers looking to right-size their lifestyle, and build a new, efficient home – or for investors wanting to own their small piece of Vermont for future development.
With a longer turnaround time and typically higher costs from land purchase to home completion, new construction may not be an option for many buyers. Some homeowners, with time and resources, have found building a viable option. We have begun to see their prior homes come to market as they move to their completed houses.
Our Agents have reported inquiries from investors across the country seeking land with soil ideal for hemp production. According to the Vermont Agency of Agriculture 7,800 acres of land has been registered for hemp cultivation—a 137% growth over 2018. While it remains to be seen whether the market demand for hemp and therefore agricultural land will remain hot—a lack of hemp processors has proved to be a roadblock.
Land across Vermont has long been used for agriculture—mostly for milk and maple syrup production.
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 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.
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.
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.
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.