Prices Remain Stable Despite New Buyers

Addison County Real Estate Trends
Enjoy beautiful Lake Champlain views from every room in this year-round home. Ferrisburgh MLS#4474309
County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$215,000 (+0.7%)145 (+8.2%)378 (-5%)155

Addison County Home Sale Prices

Addison County is showing an increased demand and an influx of new buyers, some of whom have expanded their property searches within the county because of tight inventory levels in neighboring Chittenden County.

As a result, demand remains robust in the first half of 2016, with the number of residential transactions rising 8.2%. Of the four counties tracked by this report, Addison County reported the smallest increase in median sale price, with a rise of 0.7%, indicating that some buyers are opting for lower-priced inventory.

The boost in activity has helped to absorb excess inventory in Addison County, which currently has about 10 months of available inventory compared with a recent high of more than 15 months in February.

With gas prices remaining below $2.50 a gallon, the county is more affordable for professionals who commute within the county or into Chittenden County than before 2014, when prices at the pump were more than $3 a gallon.


Addison County Homes Sales by Town

Demand For Ferrisburgh

Ferrisburgh witnessed an 82 percent jump in residential sales, although buyers sought out slightly lower-priced inventory, with the median sale price slipping 7.3% to $255,000. With 20 sales so far this year, Ferrisburgh is the county’s second-busiest market after Middlebury.

Mixed Trends in Middlebury

Middlebury remains the largest market for real estate transactions, although the number of transactions slipped 20.7% to 23 sales in the first six months. Pricing was relatively steady, with a small decline of 2.7%, which may indicate that buyers are seeking out affordable properties.

Local Employers are Hiring

Middlebury College and other local employers such as Otter Creek Brewing are adding staff, helping to bring more buyers into the Addison County market. The unemployment rate in the county stands at 3.5%.

Land Demand

Sales of land jumped by 44%, driven by professionals and retirees interested in building their own custom homes on property in the county. The median sale price for land rose 17% to $95,000

The luxury market is typically a draw for buyers seeking waterfront properties or mountain estates. The county recorded four luxury sales of more than $800,000 in the first six months of the year, out of the region’s 18 sales of homes in the over-$800,000 range. That puts Addison County on track to match the 2015’s luxury market, when buyers bought seven properties above $800,000 within the county.

Addison County

Addison County Real Estate Trends
Breathtaking westerly setting on 239 feet of lake front MLS# 4337473
County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$194,050 (-8.7%)62 (+10.7%)147 (-2.6%)169

Addison County Median Sale Prices

After a strong 2015 when sales and pricing demonstrated strength, Addison County witnessed a somewhat more mixed first-quarter. Property demand remained robust, although the median sales price slipped by 8.7% during the first three months of the year. Because the first three months of the year represent the slowest period for real estate sales, a few transactions can have an overly large influence on the entire county’s market.

Addison County is drawing more buyers thanks to record low mortgage rates and declining prices at the gas pump, which is making the county more attractive to professionals willing to commute.


Addison County Market Snapshot

Demand For Ferrisburgh and Middlebury Homes

While Middlebury is traditionally one of the busiest real estate markets in Addison County Ferrisburgh caught up in the first quarter. Both towns recorded 9 residential sales during the quarter, making them the county’s most active real estate markets during the period.

Local Employers are Hiring

Institutions such as Middlebury College and Vermont Hard Cider are adding new employees, helping to draw more buyers into the market.

Shift to Lower-Priced Inventory

During the winter months, homebuyers sought out homes at lower price points, shifting the market toward the below-$200,000 range.

Search for Land

Demand for lots doubled in the first quarter, driven by professionals and retirees interested in building their own custom homes on property in the county.

Buyers back in the market in Addison County

County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$215,000 (+2.4%)257 (+14.2%)559 (0.4%)158
A healthier economy and lower gas prices are helping bring buyers back to the real estate market in Addison County.

Middlebury is the county’s most active town for home sales. The number of transactions jumped by almost 29%, while the median sale price rose 8.8% to $225,000.

Some towns, such as Cornwall and Hancock, recorded signifi cant jumps in median sale prices, which is due to the small number of overall transactions. That means one or two expensive sales can have an oversized infl uence in median pricing.

Land sales were relatively steady at 26 transactions, while the median sale price rose 15.7% to $88,500. Some retirees and homebuyers have been seeking land purchases in the county in order to custombuild homes.


A Vibrant Local Economy

Employers including UTC Aerospace, a supplier of aerospace and defense products, and Middlebury College are hiring, helping to draw more buyers into the market.

Lower Gas Prices

When gas prices decline, as they have in recent months, the county becomes more desirable to buyers who work in Chittenden County because commuting costs are lower.

Steady Luxury Sales

With high-end waterfront property, luxury buyers are drawn to the county. Five out of this year’s luxury sales were recorded in the county, including four sales in Cornwall and one in Hancock.

Higher Sales and Pricing

All of those trends helped boost the number of transactions by 14.2%, while the median sales price rose 2.4%.


Addison County Market Gains Momentum

County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$214,001133 (10.8%)396 (3.4%)166
CBHB_2015_Spring_NewGraph_Addison-copyProperty sales in Addison County are benefiting from an improving economy and lower commuting costs.

The residential market in Addison County has been gaining momentum since late last year, when our Realtors noted that properties in good conditions and locations were going under deposit quickly. A number of trends are helping the county’s real estate market.


Lower Commuting Costs

Given that Addison County has a lower median sales price than neighboring Chittenden County, the area becomes even more attractive to professionals when gas prices are lower, as they have been this year.

A Diverse Employer Base

Employers including Middlebury College and UTC Aerospace, a supplier of aerospace and defense products, are drawing new buyers into the market.

Luxury Sales

The county’s waterfront and country estates appeal to high-end buyers. Four of this year’s $800,000-plus sales were recorded in the county, with three in Cornwall and the fourth in Hancock.

Higher Sales and Pricing

All of those trends helped boost the number of transactions by 10.8%, while the median sales price rose 7.3%.


Middlebury remains the county’s most active town for home sales. While the number of transactions there dipped  3.4% in the first six months, the median sales price rose 3 percent.

Because some towns have a small number of overall transactions, one or two high-end sales can cause a significant jump in median pricing, as in Cornwall and Hancock.

Land sales were little changed during the first half of the year, while the median sales price slipped 4.7% to $81,000. Some retirees and homebuyers have been seeking land purchases in the county in order to custom-build homes.

MARKET INSIGHTS
Median pricing rose 7.3% in the first half of the year.
Lower gas prices and a diverse employer base are boosting interest from buyers.
Middlebury remains the most active town for property sales.

Addison_Table

Well Positioned Properties Selling Quickly

addison

MARKET INSIGHTS
Median Sale Price: $212,500
Units Sold: 56 (+36.6%)
Newly Listed: 150 (+20%)
Days on Market 168

After a strong fourth quarter, property sales in Addison County continued with strong momentum in early 2015. An improving economy and declining gas prices helped bring buyers back into the market late last year. Our Realtors are noting pent-up demand for properties in good condition and locations, with those homes going under deposit quickly. Those trends helped boost the number of transactions by 36.6% during the first quarter, while the median sale price rose 18.1 percent. Local homebuyers who work for employers such as Middlebury College and Goodrich Aerospace are searching for homes in towns such as Middlebury and Vergennes. Middlebury remains the county’s most active town for home sales. Transactions there dipped slightly in the first quarter, with the town reporting 13 sales compared with 15 a year earlier. The median sale price slipped 3.6 percent. A few smaller markets saw strong growth in median sale pricing, although their smaller number of transactions means one or two sales can have a larger impact on overall trends. Ferrisburgh, for one, saw its median sale price jump by almost one-third, although that was based on just five property sales.

Addison County remains popular with high-end buyers seeking lakefront luxury property. Although only one luxury sale was recorded in the previous 12 months – a $1.29 million home in Ferrisburgh – our agents note that two high-end properties have recently gone under deposit. The county recorded 6 land sales during the first quarter, little changed from the 7 recorded a year earlier. The median sale price rose by less than 1 percent, to $75,250. Some retirees and homebuyers have been seeking land purchases in the county in order to custom-build homes.

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