Addison County Median Sales Price Saw a Nearly 7% Decrease Over Last Year

Enjoy Adirondack and lake views from this charming country cape on 10+ beautifully landscaped acres in Ferrisburgh. | MLS# 4763533
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$251,500 (-6.7%) $286,503 (+1%)150 (+7.1%)291 (+1.4%)117 (-8.6%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$222,500 (+39.7%) $226,950 (+7.5%)10 (+42.9%)16 (+33.3%)63 (0%)

Although the median price of single-family homes dropped by nearly 7%, this was compared to a 9% increase last year. The bright spot may be the slight increase in newly listed homes after months of sharp declines. With few condominium complexes throughout the county and therefore few sales, the increases in units and prices of sold properties need to be taken in context.

Buyers are drawn to the community amenities of towns that make up Addison County with their farm to table dining options, art galleries and shops – not to mention close proximity to Lake Champlain. Starksboro, Bristol, Monkton and Vergennes offer housing options for buyers working at nearby employers, like Collins Aerospace, or those who are comfortable with an easy commute to Burlington.

So that we can continue to best serve our customers and clients across the county, we opened our Real Estate Sales Center at 268 Main Street in Vergennes this spring. Many great events organized by The Vergennes Partnership such as colored lights on the Vergennes Falls each evening, City Band Concerts every Monday through the summer, or the Eat on the Green Food & Musical Festival in September – are just steps from our office. Stop by to say hello.

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

Addison County homes sales remained stable in 2018

Enjoy the advantages of year-round lakeside living: tranquility, natural beauty, sunsets, and easy access to the water in FerrisburghMLS# 4727482
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$268,500 (+3.3%)$296,818 (+3.7%)348 (-0.9%)510 (-5.9%)113 (-19.3%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$209,000 (+7.5%)$223,614 (-9.1%)17 (-19.1%)24 (+26.3%)62 (+5.1%)

The number of single-family homes sold in 2018 remained stable while new listed properties declined. This resulted in a slight uptick in the median sale price. Condominium sales are minimal in this county – a total of 17 sales in 2018 – therefore statistics can be affected by a slight a change.

Buyers are attracted to the relative affordability compared to neighboring Chittenden County – along with the quaint Vermont feel of restaurants, galleries and small shops that make up the downtowns of many of the towns in Addison County.

Topping the list of closed sales in the county were Middlebury, Bristol, Ferrisburgh, Monkton and Vergennes. Construction in downtown Middlebury through 2019 may be a factor in the market, however Middlebury College will always be a strong draw.

 

Sales in Vergennes increased by 18% possibly affected by a 14% increase in homes available for purchase. Starksboro is an appealing option for home buyers with an affordable option median price of $238,750.

New Haven posted one of the highest increases in median price – at $333,000 a 42% increase over 2017. This increase is a result of an increase in the number of units sold – which rose by 50%. Median price is defined as the sale price of the property in the middle of the roster of sold properties – therefore a jump from 10-15 units sold will push the median price up while not necessarily equating to an appreciation in overall home values.

 

 

 

 

 

Affordability Still Drives Homes Sales in Addison County

Historic Vermont 34-acre farm boasts a fully restored Farmhouse, Guest house, post and beam barn in Addison. MLS# 4722197
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $265,000 (3.9%) $288,298 (3.4%)257 (0%) 448 (-4.7%)120 (-9.1%)
Condos $184,500 (-3.4%) $196,572 (-22.8%)13 (-23.5%) 16 (-5.9%)50 (-29.6%)

Buyers are attracted to the quaint, Vermont feel and vibrant downtowns of Bristol, Vergennes and Middlebury – along with the more affordable housing options in Addison County.

The Median and Average Sale price for single family homes rose a modest 3% likely affected by fewer properties for sale as well as the sale of 5 luxury property in Addison County so far in 2018.
Still, with a median sale price of $265,000 and days on market (DOM) of 4 months, buyers may find their dream home at a reasonable price without the pressure of multiple offers so common in Chittenden County.

Land sales continue to increase year over year as homeowners opt to build when options for existing homes remains challenging.

 

 

 

 

Median Sale Prices Rise in Addison County

This 1820 Farmhouse is a magical mix of old and new in Bristol! MLS# 4699019

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 (+15.9%)$268,211 (+5.86)46 (-13.2%)83 (-25.9%)186 (+33.8%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$159,240 (-16.6%) $193,177 (-26.4%)7 (-36.4%)12 (+71.4%)63 (-38.8%)

The growth in the median and average sold price continues in Addison County.

The number of homes sold during the 2nd quarter increased over the same period in 2017 – although year to date the sales are flat. The 23% decline on new listings has surely contributed to the lack of growth in home sales – as well as the price increases. Buyers are attracted to the quaint, Vermont feel and vibrant downtowns with restaurants, galleries and events in communities like Vergennes and Bristol. Middlebury, the largest town in Addison County – also posted the most closed sales as well as an 11% increase in median price – to $292,000.

Retirees and second homeowners alike are drawn to opportunities available in this college town. Elsewhere in the county, smaller rural communities posted healthy price increases – although these results are affected by the small number of transactions.

 

 

 

Single-Family Home Prices continue to rise in Addison County

Swim, fish and boat from this premier deep-water property in Addison! MLS# 4646221

 

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 (+15.9%)$268,211 (+5.86)46 (-13.2%)83 (-25.9%)186 (+33.8%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$159,240 (-18.9%)$148,548 (-44.8%)5 (-28.6%)3 (+200%)61 (-50.8%)

The growth in the median and average sold price for residential property in Addison County continued into the first quarter of 2018.

The median price of single-family homes continues to rise year over year while the number of homes for sale hit a five year low. Starksboro, Vergennes, Lincoln and Middlebury lead the county in the number of sales closed – all posting healthy increases in the median sale price of single-family homes.

The number of land sales increased by 78% over the 1st quarter of 2017.

 

 

Addison County is a bright spot in our 2018 Market Report

Unique property in the Green Mountain National Forest Range boasting privacy and abounding nature. | MLS# 4671361

 

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$260,000 (+7.2%)$286,683 (+8.0%)351 (+9.7%)540 (-0.6%)140 (-4.1%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$194,500 (+5.7%)$246,040 (+14.8%)21 (+10.5%)19 (-34.5%)59 (-19.2%)

Addison County is a bright spot in our 2018 Market Report, with healthy increases in median sales prices (up 7%) and average sales prices (up 8%) of single-family homes.

The median and average sales prices of condos are up 6 and 7%, respectively. Inventory is moving quickly, too: Days on the market — from listing to closing — for single-family homes dropped by 4%, and dropped 20% for condos. New listings decreased in both categories.

Middlebury, Addison County’s largest town, saw a 66% rise in single-family home sales over 2016. With a strong increase in buyer demand, and a 7% dip in new listings, the median sale price of a Middlebury home jumped by nearly 13% to $265,000. Monkton and Bristol also had healthy increases in sales and median pricing, as buyers search for a quality of life and reasonable commuting distance to the greater Burlington area.

Land sales were strong in Addison County, too — up 37% from 2016, with 184 new land listings on the market.

 

Addison County Experience an Uptick to Homes Sales

Stunning Post and Beam Colonial built in 1837 and beautifully restored in Ferrisburgh. | MLS# 4502106

 

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 (+11.1%)$279,539 (+9.7%)256 (+6.2%)470 (-6.9%)132 (-7%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$191,000 (+12.4%)$254,520 (+22.5%)17 (+70%)17 (-19%)71 (+9.2%)

Residential sales in Addison County continue to recover after a few soft years. 

First-time homebuyers looking for properties listed at $200,000 – $250,000 have created a growing market in Addison County. Our Realtors have noticed that parents of Middlebury College students are purchasing condos as either short-term or long-term dwellings. The median sale price of a condo in Addison County has jumped to $191,000, while the median sale price of a single-family home has increased by 11%, to $255,000.

Lower inventory in nearby Chittenden County might be pushing buyers a bit farther south, where buyers may find more house for their money.

There has been a sharp decline in Q3 inventory (-27%) in single-family homes in Addison County over the past 4 years, while sales have increased 21%.

While there is still an inventory shortage among all price ranges, sales have risen on homes listed between $250,000 to $450,000, according to our Realtors.

 

After years of little growth, Addison County is seeing an increase in Median Sale Price

Imagine year-round living with Lake Champlain views in this recently renovated 2 bedroom Long Point home. | MLS# 4646554

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$248,000 (+11.96%)$270,269 (+7.84%)138 (0%)335 (-3.74%)158 (-0.63%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$191,000 (+28%)$262,253 (+51.83%)11 (+83.33%)7 (-53.33%)103 (+25.61%)

After a number of years with little to no growth in the median and average sales price for single family homes, Addison County saw an increase in 2016 with the trend continuing into 2017.

The majority of residential property in Addison County is single family homes versus condominiums. Therefore, a small change in the number of sales of condominiums can have a large impact on the data.

Middlebury, Ferrisburgh, Bristol, Monkton, and Vergennes draw buyers attracted to the quaint Vermont feel enhanced by vibrant downtowns with restaurants, galleries and community events.

 

Addison County saw an increase in 2016 and is continuing that trend into 2017.

Custom post and beam home with Easterly Mountain Views in Monkton | MLS# 4627500

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$232,000 (+14.3%)$259,481 (+6.4%)51 (-8.9%)111 (-16.5%)135 (-38.6%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$194,500 (+28%)$269,321 (+57%)7 (+133%)1 (-85%)113 (-9.6%)

The growth in the median and average sold price for residential property in Addison County continued into the first quarter of 2017.

The majority of residential sales in Addison County is single family homes; therefore a small change in the number of sales on Condominiums can have a large impact on the data.

New homes coming on the market continue to decline, with demand increasing as buyers are extending their searches to Addison County because of Chittenden County’s shrinking inventory and higher prices.

After a number of years of little to no growth in the median and average sales price for single family homes, Addison County saw an increase in 2016 and is continuing that trend into 2017.