Addison County Real Estate Market Report

Single-Family January-December 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$285,000 +8.8%	$320,817 +7.2%	378 -1.3%	432 -14.8%	110 -4.4%

Condo January-December 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$245,000 +24.4%	$271,165 +18%	20 -25.9%	26 -7.1%	188 +291.7%

The median sale price for a single-family home in Addison County increased to $285,000. Still, buyers are drawn to the affordability and quality of life in towns like Bristol, Monkton, and Vergennes.

Middlebury College attracts alumni seeking homes in town and in the neighboring town of Cornwall. While shoreline and accessibility to Lake Champlain drive sales in neraby Ferrisburgh, Addison, and Panton. Even as the number of new listings to the market decline, a variety of properties remain for buyers to choose from – and a bit more time to contemplate a purchase.

 

MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Addison County Single-Family	$285,000	8.80%	378	-1.30%	432	-14.80%	110
Addison	$335,000	28.40%	21	-4.60%	19	-32.10%	140
Bridport	$195,000	-24.10%	13	-13.30%	15	0.00%	184
Bristol	$265,000	1.90%	39	25.80%	48	20.00%	76
Cornwall	$427,000	-0.40%	19	35.70%	26	116.70%	116
Ferrisburgh	$320,000	15.40%	34	-17.10%	45	-8.20%	127
Goshen	$259,000	93.50%	3	-25.00%	4	-42.90%	232
Granville	$390,000	14.70%	3	-40.00%	4	-20.00%	157
Hancock	$100,000	-45.30%	3	50.00%	4	-42.90%	84
Leicester	$282,000	46.90%	15	0.00%	10	-65.50%	152
Lincoln	$256,000	25.50%	10	-41.20%	11	-52.20%	201
Middlebury	$275,000	-3.70%	66	-8.30%	72	-19.10%	86
Monkton	$337,000	14.60%	28	64.70%	34	13.30%	37
New Haven	$329,000	9.00%	16	60.00%	24	71.40%	66
Orwell	$215,250	5.00%	10	-41.20%	15	-21.10%	111
Panton	$337,500	-26.70%	6	-50.00%	7	-50.00%	64
Ripton	$275,000	39.20%	10	66.70%	12	50.00%	51
Salisbury	$248,250	-32.00%	10	-16.70%	12	-42.90%	100
Shoreham	$310,000	49.40%	17	6.30%	13	-45.80%	355
Starksboro	$343,000	38.90%	17	41.70%	19	11.80%	62
Vergennes	$241,500	8.50%	24	-25.00%	21	-47.50%	64
Waltham	$240,500	-29.30%	4	-20.00%	4	-42.90%	88
Weybridge	$276,000	-41.10%	9	50.00%	10	25.00%	145
Whiting	$118,000	-	1	-	3	200.00%	15

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%

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:
$260,000 +2.7%	$273,505 -4.7%	127 -16.5%	210 -27.8%	147 +26.7%

Condo January-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$229,900 +3.3%	$231,967 +2.2%	3 -70%	7 -56.3%	25 -60.3%

Single Family April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$275,000 +5.8%	$287,375 -4.8%	75 -21.1%	133 -33.5%	133 +22%

Condo April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$233,000 -5.9%	$233,000 -11.1%	2 -71.4%	3 -72.7%	28 -54.8%

Buyers are attracted to the more rural feel and affordable home prices in Addison County. While the median price of single-family homes jumped to $275,000 during the 2nd quarter, the median price has been fairly stable since 2018. Middlebury, Vergennes, Bristol and Ferrisburgh topped the list for the number of closed sales so far in 2020.

As travel restrictions for out of state buyers loosen, sales of homes, including lakefront property in Addison County, should recover. Historically, the area accounts for 12-15% of the luxury home sales in northwest Vermont.

	MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Addison County Single-Family	$260,000	2.70%	127	-16.50%	210	-27.80%	147
Addison	$289,000	9.10%	7	-22.20%	11	-48%	130
Bridport	$80,000	-68.90%	3	-40.00%	7	-30.00%	300
Bristol	$225,000	-17.40%	13	-13.30%	27	17.40%	104
Cornwall	$310,000	-21.10%	3	0.00%	10	66.70%	104
Ferrisburgh	$224,500	9.50%	12	-36.80%	30	7.10%	182
Goshen	$270,000	160.30%	1	-66.70%	n/a	n/a	172
Granville	n/a	n/a	n/a	n/a	3	-25.00%
Hancock	$100,000	-58.30%	1	0.00%	4	-20.00%	27
Leicester	$95,500	-50.70%	6	50.00%	5	-50.00%	177
Lincoln	$133,000	-30.60%	3	-50.00%	6	-53.90%	173
Middlebury	$285,500	5.70%	24	-20.00%	33	-37.70%	146
Monkton	$335,000	37.40%	7	-12.50%	16	14.30%	53
New Haven	$219,000	-35.60%	3	0.00%	9	12.50%	149
Orwell	$225,000	76.10%	5	25%	5	-64.30%	185
Panton	$220,000	-61.80%	3	-57.10%	2	-77.80%	94
Ripton	$40,000	-80.00%	1	-80.00%	5	25.00%	61
Salisbury	$255,000	-27.10%	5	66.70%	4	-63.60%	111
Shoreham	$342,500	42.70%	4	-33%	6	-62.50%	446
Starksboro	$370,000	51.00%	5	0.00%	11	37.50%	110
Vergennes	$271,000	23.20%	13	44.40%	11	-54.20%	102
Waltham	$279,000	100.70%	3	0.00%	1	-66.70%	101
Weybridge	$271,000	-66.10%	4	33.30%	3	-25.00%	275
Whiting	$118,000	n/a	1	n/a	1	n/a	15

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$220,500 -6.2%	$255,761 -2.3%	50 -12.3%	76 -16.5%	169 +33.1%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$229,900 +99.9%	$229,759 +58.6%	1 -66.7%	4 -20%	20 -70.2%

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$262,000 -2.4%	$299,352 +0.9%	383 +10.1%	506 -1.0%	115 +1.8%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$197,000 -5.7%	$229,759 +2.8%	27 +58.8%	28 +16.7%	48 -22.6%

The number of single-family homes sold in 2019 jumped 10% in Addison County, while newly listed properties and sales prices remained stable. Condominium sales rose from 17 units in 2018 to 27 units in 2019. An increase in condos available fueled this growth along with more affordable price points and ease of maintenance.  

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, and Vergennes.

A 25% increase in homes available for purchase in Vergennes resulted in a 23% rise in single family homes sold through the year. Undoubtedly, Vergennes’ thriving downtown and proximity to Lake Champlain appeal to many buyers including Millennials searching for a work-play lifestyle.
Cornwall, Panton and Weybridge lead the county with the highest median sales price.

Single-Family	MEDIAN SALE PRICE	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Addison County	$262,000	-2.40%	383	10.10%	506	-1.00%	115
Addison	$261,000	-17.70%	22	8333.00%	28	-6.70%	213
Bridport	$257,000	-10.80%	15	66.70%	15	-11.80%	167
Bristol	$260,000	8.50%	31	10.70%	40	17.70%	87
Cornwall	$428,500	7.50%	14	40.00%	12	-50.00%	217
Ferrisburgh	$277,300	-10.10%	41	57.70%	49	14.00%	98
Goshen	$133,868	0.00%	4	0.00%	7	16.70%	146
Granville	$340,000	-20.00%	5	66.70%	5	-28.60%	175
Hancock	$182,900	94.60%	2	-60.00%	7	16.70%	105
Leicester	$192,000	9.10%	15	150.00%	29	163.60%	88
Lincoln	$204,000	-18.70%	17	-5.60%	23	-20.70%	149
Middlebury	$285,500	2.90%	72	4.40%	89	12.70%	70
Monkton	$294,000	-7.60%	17	-29.20%	30	-6.30%	66
New Haven	$301,750	-9.40%	10	-33.30%	14	-33.30%	144
Orwell	$205,000	-8.90%	17	41.70%	19	-5.00%	160
Panton	$460,500	11.60%	12	20.00%	14	-26.30%	173
Ripton	$197,500	-7.60%	6	-25.00%	7	-46.20%	161
Salisbury	$365,000	43.10%	12	-20.00%	21	0.00%	163
Shoreham	$207,450	-24.60%	16	-5.90%	24	-14.30%	146
Starksboro	$247,000	3.50%	12	-33.30%	17	-19.10%	54
Vergennes	$222,500	-5.00%	32	23.10%	40	25.00%	60
Waltham	$340,000	21.50%	5	66.70%	7	40.00%	64
Weybridge	$468,750	7.80%	6	-14.30%	8	0.00%	149
Whiting	n/a	n/a	n/a	n/a	1	-80.00%	n/a

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$263,700 (-0.5%)	$307,797 (6.9%)	282 (9.3%)	446 (-0.7%)	116 (-3.3%)
Condos	$194,500 (5.4%)	$205,667 (4.6%)	21 (61.5%)	23 (43.8%)	52 (4%)
Multi-Family	$232,500 (-3.1%)	$232,500 (-2.1%)	2 (-81.8%)	17 (21.4%)	75 (-54%)
Land	$67,500 (2.9%)	$95,179 (0.6%)	39 (-22.0%)	81 (-27%)	429 (64.4%)

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.

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.

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days 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

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.

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days 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.