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.

Mixed Trends Seen in Addison County in 2016

With a backdrop of the beautiful Green Mountains, you will enjoy this beautiful Contemporary home on over 37 acres in Lincoln. MLS# 4613711
County Averages   
Average Sale Price:Units Sold:Newly Listed:Days on Market:
$258,343 (+4.7%)346 (0%)607 (-5.5%)140 (-8.5%)


 

 

 

 

 

 

Addison County’s residential market witnessed mixed trends in 2016. While the average sale price rose 4.7% last year, the number of sold units was little changed.

With fewer homeowners listing their properties in 2016, tight inventory resulted in fewer choices for buyers, which also pushed home prices higher. Demand for property remains stable in the county, partly as some buyers are extending their searches to Addison County because of Chittenden County’s shrinking inventory and higher prices.

The luxury market in Addison recorded three sales, with high-end buyers drawn to the county’s lakefront homes and country estates. Professionals who can telecommute to their jobs are also relocating for the county’s lifestyle and outdoor appeal. Middlebury College Alumni are often drawn back to the region.

Homes in the sub-$250,000 range are in demand, where inventory can be especially tight. Buyers on the hunt for properties in the $500,000 range and higher will find more options and inventory.

The growing popularity of Ferrisburgh

As it borders Chittenden County, Ferrisburgh offers an easy commute into Burlington, as well as Addison County’s towns and villages. Sales in Ferrisburgh jumped 40% last year. The average sale price rose almost 20% to $337,980.

Three luxury sales

The county has recorded three sales of more than $850,000 this year.

Lower inventory

Across the county, new listings declined by 5.5%. Some towns saw tighter conditions than others, such as Vergennes, where new listings declined by almost 19%.

Land purchases increase

More buyers turned to land purchases in Addison County last year, boosting sales by more than 44%. The county remains popular with people seeking to build custom homes for primary or vacation residences. The average sale price gained almost 16% to $109,786.

 

More Buyers are Extending their Property Searches to Addison County

This lovely 4-bedroom Colonial will inspire you. New Haven | MLS# 4601501
County Averages  
Median Sale Price:Units Sold:Days on Market:
$224,450 (+4%)254 (0%)192 (-11%)

With tight inventory in Chittenden County, more buyers are extending their property searches to Addison County. The county is also experiencing demand for high-end properties, such as lakefront estates, and from professionals who are moving to the county and seeking mid-priced properties. 

Local employers such as Middlebury College and UTC Aerospace are hiring, helping to keep market trends steady.  The Addison County median sale price rose 4% during the first 9 months of the year, while the number of sold units was unchanged from a year ago.

Stable inventory

  • The county has about 11 months of available inventory, little changed from a year earlier.
  • First-time homebuyers are looking for homes in the sub-$250,000 price range, although our Realtors note that this segment has the most competition from buyers.
  • Sold properties are requiring an average of 115 days on the market, down slightly from 122 days a year earlier.

Village Living

  • Buyers are interested in living near towns, such as Middlebury and Bristol, as well as close to ski areas such as Sugarbush and the Middlebury Snow Bowl.
  • Even though Middlebury remains one of the busiest towns for sales, transactions declined 38% during the first 9 months of the year. Pricing slipped 9%, as buyers sought lower-priced inventory.
  • Sales in Ferrisburgh jumped 43%, although buyers sought out slightly lower-priced inventory. The median sale price slipped 3% to $266,500.
  • Towns such as Vergennes and Bristol continue to attract buyers who want to live near amenities and each town boasts a great mix of restaurants and stores, our Realtors note.
  • The median sale price in Vergennes jumped almost 10% in the third quarter. Inventory in Bristol has declined from 17 months a year ago to about 11 months today.

Land and Luxury Sales

  • Land sales have jumped 64% this year through September. The stronger economy and tighter inventory levels are prompting some professionals and retirees to custom-build homes. The median sale price for land rose 15% to $84,000.
  • The county has recorded five luxury sales of more than $800,000 this year, making it the second-busiest county for high-end sales after Chittenden County. With lakefront property and mountain estates, luxury buyers have plenty of options.

 CBHB_Oct2016.indd