Chittenden County Real Estate Market Report

Single-Family January-December 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$386,486 +8.9%	$452,875 +10.8%	1,346 -4.1%	1,497 -13%	44 -2.2%

Condo January-December 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$265,000 +3.9%	$291,420 +2.7%	717 +7%	719 -2.8%	44 -25.4%

The median sale price for single-family homes in Chittenden County increased by nearly 9% in 2020 and 14% over the previous 2 years. Newly listed homes went under contract quickly – many with multiple offers creating upward pressure on pricing in an already undersupplied market.

Many buyers have turned to new construction in communities like Hillside at O’Brien Farm and South Village – both in South Burlington. New builds offer buyers time to make selections in location, floorplans, and finishes while not competing in the frenzied re-sale market. However, supply chain disruptions and increased cost for materials are pressuring builders who want to deliver a high-quality product on time.

With the increase in median sale price comes an increase in the equity position for many homeowners. The time to list may be right for Sellers who have postponed a move to list their home. Showing practices during COVID-19 are efficient and less intrusive then they were pre-pandemic. In most cases, only well-qualified buyers who have viewed homes online – via video and photos – narrowed their search to your home will physically enter your property. Many qualified buyers are waiting for the right property to hit the market; so savvy sellers, with guidance from their agent, will list their home now and not wait until the spring.

MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Chittenden County Single-Family	$386,486	8.90%	1346	-4.10%	1497	-13.00%	44
Bolton	$279,500	-1.10%	10	0.00%	12	9.10%	35
Buels Gore	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Burlington	$379,950	9.50%	210	-3.70%	220	-15.40%	32
Charlotte	$631,750	21.00%	62	-6.10%	66	-26.70%	116
Colchester	$392,000	7.80%	158	-4.80%	171	-21.20%	38
Essex	$366,250	7.80%	192	-5.40%	224	-5.90%	38
Hinesburg	$400,000	14.60%	29	-43.10%	38	-25.50%	57
Huntington	$256,500	-21.20%	22	-8.30%	22	4.80%	86
Jericho	$404,000	4.90%	53	-23.20%	64	-25.60%	49
Milton	$315,500	8.80%	114	-1.70%	127	-5.20%	26
Richmond	$385,000	10.00%	37	19.40%	35	-20.50%	55
Shelburne	$620,000	3.80%	72	-5.30%	85	-3.40%	56
South Burlington	$478,000	11.20%	179	5.90%	215	-4.00%	40
St. George	$452,000	4.10%	9	12.50%	10	-9.10%	41
Underhill	$359,950	10.30%	36	0.00%	35	-30.00%	34
Westford	$370,000	17.50%	33	13.80%	30	-21.10%	81
Williston	$480,068	20.90%	92	9.50%	106	-1.90%	36
Winooski	$305,500	14.50%	38	-20.80%	37	-24.50%	23

MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Chittenden County Condo	$265,000	3.90%	717	7.00%	719	-2.80%	44
Bolton	$119,500	-9.10%	17	54.60%	17	112.50%	49
Burlington	$290,000	6.60%	110	2.80%	120	-7.70%	32
Charlotte	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Colchester	$289,000	29.00%	83	13.70%	75	-17.60%	63
Essex	$236,500	-4.40%	136	-1.50%	138	-1.40%	42
Hinesburg	$225,750	-17.10%	2	-75.00%	4	-42.90%	85
Jericho	$277,500	-4.80%	14	27.30%	14	40.00%	49
Milton	$235,000	10.00%	27	-3.60%	26	-16.10%	33
Richmond	$245,500	15.80%	2	-33.30%	3	0.00%	25
Shelburne	$305,250	-18.60%	31	34.80%	28	-17.70%	44
South Burlington	$245,000	1.70%	206	12.60%	196	-6.70%	53
Williston	$309,000	-3.60%	61	-16.40%	65	3.20%	21
Winooski	$262,000	4.80%	27	125.00%	32	166.70%	24

Single-Family January-September 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$380,000 +7%	$443,012 +8.2%	965 -8.5%	1,227 -15.2%	47 0%

Condo January-September 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$265,000 +5%	$289,017 +1.6%	519 +3.4%	589 +1.9%	49 -23.4%

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:
$360,000 +1.4%	$420,483 +2.8%	467 -18.8%	715 -22.1%	56 0%

Condo January-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$261,100 +6.6%	$286,077 +4.0%	272 -9.6%	353 -1.9%	55 -27.6%

Single Family April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$376,000 +3.0%	$427,373 +2.2%	257 -32%	437 -26.1%	42 -20.8%

Condo April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$249,000 +0.6%	$276,673 +0.5%	153 -30.1%	217 -19%	49 -38.8%

The median sale price for single-family homes continued the year over year climb to $360,000; a 7.5% increase over the same period in 2018. Condominium pricing also rose while still providing a more affordable and low maintenance option for home buyers. Newly listed homes dropped 26% during the second quarter amidst the spread of COVID-19 – increasing the pressure on an already undersupplied market. Sellers, hesitant to open their homes to in-person showings yet motivated to keep their home listed for sale, worked with our marketing team to create video tours of their property.

Buyers acted quickly when the right property caught their eye resulting in only 42 days on the market (DOM) – the number of days from list to contract; the lowest we’ve seen in many years. In some key price points and locations, the “DOM” is in the single digits.

	MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Chittenden County Single-Family	$360,000	1.40%	467	-18.80%	715	-22.10%	56
Bolton	$282,500	12.80%	2	0.00%	6	20%	42
Buels Gore	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Burlington	$347,000	-8.20%	65	-30.10%	93	-32.10%	44
Charlotte	$522,000	11.10%	21	-22.20%	40	-29.80%	104
Colchester	$363,500	2.80%	67	-1.50%	89	-26.50%	50
Essex	$339,950	3.30%	70	-21.40%	102	-20.30%	40
Hinesburg	$349,000	22.30%	12	-40.00%	19	-32.10%	64
Huntington	$325,500	-6.80%	7	-36.40%	11	-15.40%	146
Jericho	$385,000	-4.40%	12	-63.60%	29	-35.60%	78
Milton	$289,950	6.60%	40	-4.80%	56	-22.20%	37
Richmond	$350,000	15.70%	13	18.20%	18	-21.70%	122
Shelburne	$597,500	21.60%	19	-47.20%	36	-28.00%	88
South Burlington	$430,000	6.40%	64	-7.30%	105	-6.30%	55
St. George	$434,393	13.70%	9	350%	10	25.00%	41
Underhill	$326,500	20.60%	9	28.60%	21	-19.20%	66
Westford	$314,900	14.50%	13	-7.10%	18	0.00%	75
Williston	$397,000	-17.00%	28	-9.70%	46	-4.20%	38
Winooski	$266,750	15.50%	16	-20%	16	-40.70%	46

	MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Chittenden County Condo	$261,100	6.70%	272	-9.60%	353	-1.90%	55
Bolton	$126,500	-1.30%	8	0.00%	10	67%	48
Burlington	$317,500	9.10%	39	-2.50%	55	-12.70%	35
Colchester	$246,000	12.20%	37	-7.50%	43	4.90%	98
Essex	$214,500	-10.40%	48	-23.80%	61	-10.30%	76
Hinesburg	$286,500	5.40%	1	-66.70%	n/a	n/a	163
Jericho	$430,316	130.20%	5	66.70%	6	-25.00%	32
Milton	$241,000	3.90%	13	18.20%	17	41.70%	46
Richmond	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shelburne	$475,000	15.30%	13	18.20%	15	-11.80%	66
South Burlington	$249,000	8.30%	77	-9.40%	101	-5.60%	44
Williston	$302,450	-7.40%	20	-28.60%	28	-3.50%	20
Winooski	$260,000	4.00%	11	37.50%	17	142.90%	23

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$351,000 +4.8%	$413,337 + 5.8%	208 +5.6%	276 -15.6%	45 +17.7%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$267,500 +11.7%	$291,699 +10.8%	132 +25.7%	162 +15.7%	59 -20.3%

 

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$355,000 +4.4%	$408,623 +7.2%	1403 +13.7%	1720 +12.4%	45 -27.4%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$255,000 +8.5%	$283,855 +6.9%	669 -0.9%	738 -8.7%	59 +1.7%

The housing market remains hot in Chittenden County posting double digit gains in the number of single-family homes sold.

The 12% increase in homes listed during 2019 was quickly absorbed by the buyers in the market. With mortgage interest rates dropping in 2019, many new buyers entered the market after remaining on the sidelines. Multiple offers in key areas and price points, continued to push the median and average sale prices up. Shelburne, Charlotte and South Burlington posted the highest median prices in the county while Winooski, Bolton and Milton offered homes below the county median. 

Condominiums remain a more affordable option than single-family homes in Chittenden County. The 8.5% increase in median price may be a result of newly built condos, at higher prices, in addition to the normal affects of supply & demand. Ease of maintenance, the “right size” floorplans and energy efficiency of new condominiums are attractive to families and empty- nesters alike.

In South Burlington, Hillside at O’Brien Farm welcomed 23 new homeowners with 13 more awaiting their dream homes to be completed in 2020. South Village, off of Spear Street, may introduce the long-awaited Phase 3 of their “agri-hood” community. Additional new construction projects in Shelburne, Essex and Williston may ease the inventory shortage slightly.

With “days on the market” (the time from listing to closing) at only 1.5 months, buyers must be well prepared to act fast with the assistance of their REALTOR if they want to achieve their dream of home ownership in 2020.

Single-Family Homes	MEDIAN	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Chittenden County	$355,000	4.40%	1403	13.70%	1720	12.40%	45
Bolton	$282,500	2.00%	10	-23.10%	11	-31.30%	66
Buels Gore	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Burlington	$347,000	2.40%	218	23.90%	260	27.50%	36
Charlotte	$522,000	0.40%	66	22.20%	90	13.90%	109
Colchester	$363,500	7.70%	166	38.30%	216	36.70%	43
Essex	$339,950	6.20%	202	9.20%	239	4.80%	35
Hinesburg	$349,000	1.80%	51	30.80%	51	-15.00%	57
Huntington	$325,500	14.30%	24	26.30%	21	-32.30%	50
Jericho	$385,000	4.10%	69	30.20%	86	30.30%	38
Milton	$289,950	0.00%	116	6.40%	134	6.40%	41
Richmond	$350,000	8.40%	31	14.80%	44	46.70%	29
Shelburne	$597,500	51.50%	76	10.10%	88	-3.30%	54
South Burlington	$430,000	6.70%	169	-2.90%	224	9.30%	43
St. George	$434,393	36.80%	8	14.30%	11	37.50%	120
Underhill	$326,500	-18.30%	36	5.90%	50	31.60%	35
Westford	$314,900	1.60%	29	20.80%	38	8.60%	68
Williston	$397,000	5.90%	84	-5.60%	108	2.90%	45
Winooski	$266,750	-5.20%	48	20.00%	49	0.00%	27

Condos	MEDIAN SALE PRICE	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Chittenden County	$255,000	8.50%	669	-0.90%	738	-8.70%	59
Bolton	$131,500	22.90%	11	-8.30%	8	-50.00%	88
Burlington	$268,500	2.70%	106	5.00%	129	17.30%	46
Charlotte	n/a	n/a	n/a	n/a	1	n/a	n/a
Colchester	$224,000	8.70%	73	9.00%	91	5.80%	48
Essex	$247,450	21.90%	138	7.80%	139	-17.80%	58
Hinesburg	$272,450	71.60%	8	0.00%	7	-36.40%	201
Jericho	$291,357	24.00%	11	57.10%	10	66.70%	64
Milton	$213,725	6.90%	28	33.30%	31	0.00%	69
Richmond	$212,000	-29.30%	3	50.00%	3	0.00%	60
Shelburne	$375,000	31.60%	23	15.00%	34	47.80%	45
South Burlington	$241,000	3.90%	183	-10.70%	210	-9.90%	55
Underhill	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Williston	$320,530	3.10%	73	-9.90%	63	-35.10%	79
Winooski	$250,000	-15.30%	12	-47.80%	12	-47.80%	86

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$355,000 (4.4%)	$408,814 (7.1%)	1,050 (13.2%)	1448 (11.3%)	47 (-24.2%)
Condos	$252,500 (9.5%)	$284,854 (8.3%)	498 (-0.8%)	576 (-15.8%)	64 (-2.9%)
Multi-Family	$390,000 (3.8%)	$477,222 (-5.4%)	66 (-25%)	119 (12.3%)	62 (-18.4%)
Land	$130,800 (-3.1%)	$167,439 (-26.8%)	60 (27.7%)	111 (-5.1%)	231 (-1.3%)

The number of newly listed single-family homes has increased over 2018, resulting in an increase of 13% in units sold. Still, demand remains strong with homes being on the market for only 6 weeks from list to close. 

Condominiums remain a popular choice among buyers interested in ease of maintenance and more affordable prices as compared to single-family homes. The decline in newly listed condos is likely affected by new construction projects that came on the market during 2018.

If you are considering selling your home – do not wait until spring! Demand and pricing are strong now. Serious buyers are in the market and may be flexible with closing dates in order to secure the home of their dreams.

 

 

 

 

 

 

 

 

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$241,000 (+4.8%)	$274,394 (-5.3%)	298 (-7.2%)	353 (-24.4%)	77 (+26.2%)

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$355,000 (+4.1%)	$408,691 (+9.8%)	571 (+7.1%)	914 (+6.5%)	56 (-22.2%)

The number of single-family homes coming on the market has increased over the same period last year for the second consecutive quarter. While this is good news, the increase in supply still cannot meet the demand from buyers. Median and average sale prices, once again, posted increases pushing the levels to record highs.  

Price conscientious buyers, wanting to live in Chittenden County, might look outside of the greater Burlington area, where homes may be closer to their budget. Hinesburg, Underhill, Westford, and Milton offer median prices under the county average along with increases in the number of newly listed homes.

Condominiums offer a lower maintenance lifestyle than single family homes. In most towns in Chittenden County, the median condo price increased as inventory declined sharply. However, the prices are typically less than a single-family home of similar age and condition. New developments in Williston, Essex and South Burlington, over the past couple of years, increased the number of condos available for sale during those periods. As these new communities near the build out of existing phases, inventory numbers have fluctuated.

Hot spots – areas with increased median price and number of units sold include Burlington, Colchester, Jericho, Shelburne, and Williston. Winooski is still the “most affordable” town in Chittenden County with a median price of $281,500. However, continued demand from buyers, attracted to the vibrant downtown, has resulted in multiple offers on newly listed homes – many of them cash sales with few contingencies. The “Days On Market” (DOM) in Winooski is just over one month.

Adjustments reported in the number of sales and new listings in South Burlington is a result of a shift in inventory available in new developments such as Hillside at O’Brien Farm which launched in 2018 and has closed nearly 25 units – and the near completion of Phase 2 to permitting Phase 3 at South Village.

With few exceptions – homes are closing in less than 2 months from list date. Sellers must be prepared to act quickly when their property hits the market and offers come in. Working with your agent in advance to identify where you want to live and what your budget will allow is important in managing expectations. To realize the most value from the sale of your home, now is the time to start cleaning out your garage, basement and closets; and to complete deferred maintenance items while the weather is on your side.

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$333,950 (5.9%)	$390,601 (12%)	196 (1.6%)	323 (5.9%)	62 (-23.5%)
Condos	$235,750 (8.6%)	$263,245 (4.4%)	104 (0%)	137 (-15.4%)	78 (18.2%)
Multi-Family	$456,000 (13.4%)	$452,664 (-23.6%)	16 (-36%)	40 (110.5%)	38 (-60%)
Land	$120,000 (-5.9%)	$150,538 (-54.4%)	13 (-7.1%)	33 (-15.4%)	208 (-27.5%)

Newly listed single-family homes showed a slight uptick over the same period last year while condo listings declined. . 

New developments throughout the county, which include condominiums, may be affecting the flow of inventory year over year. Residential sales were relatively flat while median and average sale prices rose during the 1st quarter. Buyer demand is still strong for well positioned properties coming to market – as demonstrated by the average days on market (DOM) of just over 2 months.

 

 

 

 

 

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$339,900 (+5.6%)	$381,006 (+3.6%)	1,236 (-1.8%)	1,534(-3%)	62 (-13.9%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$235,000 (+1.3%)	$266,079 (+2.4%)	670 (+4.2%)	803 (+12.5%)	58 (-2.8%)

Limited homes for sale continue to be the story across Chittenden County. With new listings to the market declining 3% over 2018 – units sold also dropped. This resulted in a median price increase of 5.6% for single family homes. 

The number of Condominiums available for purchase showed a healthy increase as some owners took advantage of a seller’s market and sold their entry level condos in order to move up to a larger home. Builders introduced new condominiums & townhouses to the market, offering easy maintenance and the “right size” floorplan for new families and empty nesters.

In South Burlington, Hillside at O’Brien Farm launched in March with 12 single family and townhomes closed and many more reserved or under construction. South Village, off of Spear Street, looks to finish the build out of phase 2 in 2019 – and possibly offer homes in phase 3 subject to permits.

Winooski continues to draw buyers with a revitalized downtown & walkability to restaurants, shopping and recreation. Multiple offers on single family homes from excited buyers pushed the median price up 18% – nearly the largest increase across the county. A number of resales in the Cascades Building along the Winooski River resulted in a 44% surge in the median price of condominiums in the city.

Multi Family properties were in high demand while inventory was extremely tight. Investors need to move quickly when a property becomes available.

 

 

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$339,950 (5.6%)	$381,536 (4.3%)	928 (-2.6%)	1,304 (-2.3%)	62 (-12.7%)
Condos	$231,500 (-0.6%)	$263,455 (0.8%)	497 (6%)	678 (15.7%)	57 (-33.7%)

With record lows for Single Family homes available for sale and strong buyer demand – homes are on the market, on average, for only 2 months from list to close.

The median and average sale prices continue to post healthy increases across the county. Condominiums are a popular choice among buyers interested in ease of maintenance and more affordable pricing compared to single-family homes.

The number of condos sold through the 3rd quarter continues to rise as many newly listed options come on the market.

The large majority of multi-family sales across the region are in Chittenden County. An 8% decrease in available properties, coupled with a 32% increase in closed sales drove the median and average sale prices up 11.5% and 22% respectively.