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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