Chittenden County

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Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$319,000 (+2.94%)	$354,560 (+0.1%)	540 (-4.76)	879 (-5.8%)	77 (-6.1%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$232,200 (+3.11%)	$262,870 (+7.26%)	279 (-9.71%)	374 (-5.79%)	97 (+27.63%)

The residential property market in Chittenden County continues to see strong demand from buyers while inventory remains tight. 

The number of newly listed, single-family homes continued a 3-year decline adversely affecting the number of homes sold in the county – which declined by nearly 5% for single family and nearly 10% for condos over the same period last year. While these results reflect the County overall, there were some increased sales in specific cities and towns.

Burlington, South Burlington, and Winooski witnessed increases in single family homes sold and newly listed property. However, this is a recovery from a soft 2016 – where these cities suffered declines before the surrounding areas. South Burlington leads the county in the number of homes and condos coming on the market – a result of new construction in developments such as South Village, Rye Meadows, and some smaller projects along Dorset Street. Towns a bit further from the greater Burlington area continue to draw buyers searching for affordable options such as Milton, Underhill, Huntington, and Westford.

The majority of Multi-Family sales in Northwest Vermont are in Chittenden County which suffered a sharp decline of 11.8% in the median price of closed sales. This is a result of the 31% drop in units sold as investors opted to hold on to their properties.

Throughout this report, we reference Median price. The median price is defined as – “half the houses sold for more and half sold for less”.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$289,000 (+1%)	$332,990 (-1.3%)	178 (-10.1)	333 (-14.6%)	80 (-46.7%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$252,200 (+19.2%)	$287,334 (+22%)	102 (-14.3%)	143 (-5.3%)	105 (-18.6%)

The residential property market in Chittenden County continues to see strong demand from buyers while inventory remains extremely tight, especially for single-family homes. 

The pace of the market is reflected in the “Days on the Market until Sale” which has dropped from 150 days to 80 days for single-family homes during the first quarter of 2017. Sellers and Buyers alike need to be prepared to act when they decide to enter the real estate market.

The median and average sale prices for condominiums showed healthy gains due to new construction and higher-priced units selling rather than increases in the prices of existing units.

With residential sales flat in 2016 and the continuing decline in inventory in early 2017, the median sale price for single-family homes may rise more than the 1% we’ve seen in the first quarter.

County Averages
Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$314,464 (+4%)	1,974 (0%)	2,468(-9.3%)	74 (-6%)

 

 

 

 

 

 

The residential property market in Chittenden County continues to see strong demand from home buyers, including first-time home purchasers and luxury  buyers on the hunt for lakefront or mountain-view estates.

Mixed trends impacted Chittenden County’s residential market in 2017. While demand for properties is rising, fewer homeowners are listing their properties, leading to tighter inventory levels and challenges for those seeking affordable and mid price point properties. This provided an opportunity for sellers to market their homes with limited competition, often resulting in higher prices and faster closings allowing them to consider move-up options.

First-time buyers may feel the greatest impact from tight inventory levels, since our Realtors report that the sub-$350,000 range represents the fewest choices. Buyers who are looking for homes priced above $600,000 have more flexibility and options, given that these homes typically take longer to market and attract a smaller group of buyers.

The county’s supply of available inventory now stands at three months, compared with almost 10 months in January 2015.

Because of these trends, mid-priced homes in good condition and in desirable neighborhoods may receive multiple offers and sell quickly. These market conditions are pushing some buyers to search for property outside of Chittenden County, or to consider homes that require some updating.

Burlington

The number of listings declined by 23% last year, creating challenges for buyers in this sought-after town. Our data shows that homebuyers search for properties in the primary zip code of 05401 more than any other zip code in the region. Sales slipped by 17%, reflecting the lower inventory available to house-hunters – not a decrease in demand. An increased number of buyers are searching for the properties in the more affordably priced New North End and Old North End neighborhoods.

South Burlington

South Burlington’s diverse housing stock – ranging from luxury homes to entry-level condominiums — appeals to a wide range of buyers. The town’s proximity to Burlington also holds appeal.  Pricing in South Burlington rose 2.3% last year, although sales volume slipped slightly, reflecting tighter inventory levels. Our Agents are reporting strong demand for newly built properties in South Village, a community planned around walking trails and a farm.

Winooski

Winooski is also witnessing sharply lower inventory levels, with the number of new listings plunging by 37.5%. Winooski’s revitalization, bringing new restaurants, condominium developments, and stores, is attracting professionals to this former mill town.
Lower inventory and increased demand is driving prices higher. The average sale price rose 8.25% to $232,096.

Shelburne, Charlotte

Sale volume in Shelburne and Charlotte jumped 37.5% and 34%, respectively, last year. With more buyers coming into these towns, properties that had lingered on the market went under contract.
Some sellers were able to take advantage of market conditions and become move-up buyers, helping to boost sales in the $500,000 to $900,000 range, our Realtors note.
The higher average sale prices in these towns reflect the sales of these more expensive properties, rather than price appreciation.

Jericho

The substantial decline in closed sales reflects a correction after an unusually higher number of sales in 2015.

Multi-family Market

As with the residential market, inventory for multi-family properties has tightened in some of the more popular towns with buyers, such as Burlington and Winooski.

Within Chittenden County, the average sale price rose 15.3%, while the number of transactions rose 11.7%. For a longer discussion of trends, please see our multi-family section in this report.

Land Sales

Some professionals are opting to buy land and construct custom-built homes. Fifty-nine parcels traded hands last year, an increase of 11.3% over the prior year, with an average sale price of $169,893

County Averages
Median Sale Price:	Units Sold:	Days on Market:
$275,750 (+4%)	1404 (0%)	129 (-9%)

The residential property market in Chittenden County continues to see strong demand from home buyers, including first-time home purchasers and luxury buyers on the hunt for lakefront or mountain-view estates.

A stronger economy is prompting employers such as The University of Vermont Medical Center and Allscripts to hire employees within Chittenden County. That’s bringing more out-of-state buyers into the market, and providing local residents with the financial stability to either consider making the jump from renting to home-buying or moving into a new home.

Inventory: The Good and The Bad

Inventory levels remain the chief issue for homebuyers, with the number of new listings declining by 8.3% from a year ago. Finding desirable homes in mid-range prices can be especially tough, although buyers looking for executive-level homes and luxury estates will have more choices. The county has about 7 months of available inventory, down from 9 months a year earlier.

Affordability: A Top Concern

Buyers on the hunt for properties below $400,000, considered the sweet spot in Chittenden County, may struggle because of a lack of choices, especially in sought-after neighborhoods. As a result, our Realtors are finding that attractively priced homes in good condition may receive multiple offers and sell quickly. Depending on a buyer’s price range and desired location, some house-hunters may need to consider homes that need some work, or search for properties in towns and counties with more affordable prices.

Burlington

• Across the city, new listings have declined by one-quarter from a year ago.
• The market in Burlington has more than 6 months inventory on hand, little changed from a year earlier.
  05401, or Burlington’s Old North End, Hill District and South End neighborhoods, is the top-searched zip code for Northwest Vermont real estate searches.
• More buyers are extending their search to the New North End, where houses typically have a lower price point than in the South End or the Hill District. The proximity of the bike path and several beaches are appealing to home buyers.
• Home buyers are gravitating toward lower-priced homes. The median residential sale price in the third quarter was $254,000, or about 2% lower than a year earlier.
  Sold properties are moving faster than a year earlier. Homes are selling after an average of 53 days on the market compared with 62 days a year ago.

South Burlington

• South Burlington appeals to buyers who like the proximity to Burlington and the range of price points. The town has a diverse condominium market, as well as a range of single-family housing options.
• Pricing in South Burlington rose 2% during the first 9 months of the year, while sales are little changed from a year earlier.
• South Village, a community planned around walking trails and a farm, is popular with buyers moving from out-of-state and professionals who are seeking newly constructed homes.

Winooski

• Nicknamed “The Brooklyn of Burlington,” Winooski’s revitalization, bringing new restaurants, condominium developments, and stores, is attracting professionals to this former mill town.
• Inventory has eased slightly, but still remains tight. There are now about 6 months of inventory on hand, compared with about 5 months a year earlier.
• Homes are selling after an average of 20 days on the market, the fastest rate in at least three years.
• The median sale price has gained slightly, rising 1% during the first nine months of 2016.

Shelburne

• Thanks to stronger hiring by Chittenden County employers, buyers are returning to Shelburne. Sales in the town jumped 62% in the first three quarters, while the median sale price also gained.
• Available inventory has declined to 6 months, compared with a year’s worth of inventory at the same time last year.
• Homebuyers are returning to the higher-end properties, helping to boost sales of houses in the $500,000 to $900,000 range, our Realtors note.

Multi-family market

• Demand for multi-family homes remains strong, although inventory has tightened.
• There are about 10 months of available inventory in Burlington, the most active market for multi-family homes, compared with 15 months a year ago.
• Within Chittenden County, the median sale price jumped 22%, while the number of sales was little changed from a year earlier.
• For a longer discussion of trends, please see our multi-family section in the Fall Market Report.

Land Sales

• Some professionals are opting to buy land and construct custom-built homes. Demand for land increased, with sales jumping 8% in the first nine months of the year. Still, buyers opted for lower-priced lots, with the median sale price declining 9% to $119,500.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$278,000 (+4.7%)	883 (-0.08%)	1,418 (-9.3%)	78

After a strong 2015, Chittenden County is experiencing another healthy year, although with some headwinds thanks to tight inventory levels. With fewer homeowners listing their properties for sale, buyers are increasingly bidding up properties, especially in the “sweet spot” of homes priced between $250,000 to $400,000. 

Inventory between $250,000 and $400,00 is particularly tight, however, prompting some buyers to search deeper into the available inventory for homes that may need some work. In some cases, buyers are opting to expand their searches into neighboring counties with more affordable housing stock. Buyers are enjoying one bright point, however: the cost of borrowing is extremely low, thanks to continued downward pressure on mortgage rates.

Essex and South Burlington were the most active towns during the first half of the year, with 166 and 141 transactions, respectively. Burlington, the third-most active town with 125 sales, has suffered from extremely tight inventory levels. New listings in Burlington have dropped by about one-third during the first six months of the year, pushing some buyers to search a wider geographic area. The median sale price in Burlington gained 3.5% during the first six months of 2016. Because of high demand for Burlington properties, some homeowners are opting to sell their properties through private transactions.

First-time Homebuyers

Young professionals are increasingly interested in making their first home purchase, thanks to low mortgage rates that can make monthly payments lower than renting a comparable home. The most in-demand properties are in the sweet spot of $250,000 to $400,000, although inventory remains extremely tight in that range.

More Flexibility in the Over-$500,000 Market

While buyers are also interested in homes with a slightly higher price point, there is more availability with inventory priced above $500,000. Towns such as Shelburne and Charlotte, where the median sales price is almost $500,000, are witnessing strong demand so far this year.

Looking Further Afield

Given tight inventory in Burlington, some buyers are pushing their searches into towns including Williston and Richmond, which also saw an uptick in demand this year.

A Growing Economy

Large employers such as University of Vermont and tech companies such as MyWebGrocer are hiring, helping bring new homebuyers into the market.

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The multi-family market recorded 51 sales in the first half of 2016, an increase of 27.5% compared with a year earlier. For a longer discussion of trends in this market, please see our multi-family section in the Mid-Year Market Report.

Demand rose for land sales, with 26 sales in the first half of the year, an increase of 30%. The median sale price slipped 2.5% to $148,750, which may reflect buyers seeking slightly lower-priced property. As in other counties, professionals and retirees are seeking land where they can custom-build new homes.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$250,000 (-1.9%)	315 (+2.3%)	561 (-2.6%)	88

While Chittenden County is the most active real estate market in Northwest Vermont, the first quarter represents the slowest season for residential sales. Coming off of a strong 2015, the first three months of 2016 saw some mixed trends, with demand continuing to rise but with buyers looking for slightly lower-priced housing.

Above-average temperatures last fall and this winter helped bring buyers out to viewings and to extend their home searches. Our Realtors are noting that the sweet spot for buyers is the $250,000 to $350,000 price range, although inventory in that segment remains tight.

Burlington and South Burlington were the most active towns during the first quarter, with 50 and 52 transactions, respectively, or almost one-third of the county’s sales. Still, the number of sales and median pricing slipped slightly in Burlington, which could be due to affordability issues as well as deferred maintenance, which provides buyers with more bargaining power.

A number of factors helped lift the county’s real estate transactions and median pricing.

The Mid-Priced Sweet Spot

Thanks to the reemergence of first-time homebuyers, the sweet spot is housing between $250,000 to $350,000, since monthly mortgage payments can be significantly lower than rent for comparable housing. Still, inventory in this segment can be tight, leading to competition for desirable properties.

Buyers are Returning to the Over $500,000 Segment

With a growing professional class in Chittenden County and continuing low mortgage rates, buyers are once again returning to the over-$500,000 segment. Still, sales can take longer to close in this price range, given that there’s more inventory available.

Beyond Burlington

While Burlington remains a popular location, buyers are also setting their sights further abroad. Towns such as Williston, Essex, and Shelburne recorded strong demand in the first quarter.

A Vibrant Economy

Tech start-ups such as the online reading-assessment service Reading Plus and medical technology equipment maker BioTek – both located in Winooski — are among those firms creating a vibrant and healthy local economy.

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The multi-family market recorded 21 sales in the first quarter, an increase of 61.5% compared with a year earlier. For a longer discussion of trends in this market, please see our multi-family section in the Mid-Year Market Report.

Seven land parcels were sold in Chittenden County during the first three months of 2016, compared with 11 transactions a year earlier. The median sale price jumped 92% to $250,000. As in other counties, professionals and retirees are seeking land where they can custom-build new homes.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$269,900 (+3.1%)	1970 (+14.9%)	2720 (+2.3%)	78

Chittenden County, the most active real estate market in our region, recorded significantly more residential sales in 2015, thanks to stronger local and national economies and record low interest rates. Median sale prices rose 3.1 percent, representing a healthy and sustainable increase.

 

Above-average temperatures during the fall helped maintain some buyers’ interest in pursuing their home searches, capping off what had been a strong spring and summer. Typically, colder weather can lead to some home buyers curtailing their searches until spring returns.

Burlington continues to draw homebuyers, including first-time buyers and those looking to move into bigger properties or downsize. The city’s residential sales surged by 22.5% last year, making it one of the county’s most active towns. Still, the median sale price slipped by 2.2%, reflecting demand for lower-priced inventory in the New North End and Old North End. Our Realtors also note that some Burlington sales represented older homes with deferred maintenance, which provided buyers with greater bargaining power and opportunity to build equity.

Strong Demand for Mid-Priced Properties

Affordable homes in the $250,000 to $350,000 price range are in the sweet spot, given the emergence of first-time homebuyers who are seeking mid-priced properties as their entry into the property market.

More Inventory in the Over-$500,000 Segment

Even though the median household income in Chittenden County is about $64,000, or 18% higher than Vermont’s median income, that’s not enough to support the purchase of some higher-end homes. As a result, inventory in the over $500,000 is growing, providing more choices for executive-level buyers.

Vibrant Health, Tech, and Education Sectors

Chittenden County not only has big employers like Dealer.com, but a growing number of tech start-ups that are seeking to hire new employees in both entry-level and mid-career roles. Additionally, the UVM Medical Center and educational institutions such as Champlain College continue to hire, bringing new professionals and homebuyers into the market..

Proximity and Cost

While Burlington remains a popular property market, some buyers are seeking nearby towns that offer more space or lower prices. Milton, Winooski, Jericho, and Colchester are among the towns that recorded double-digit percentage increases in sales last year.

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The multi-family market recorded 98 sales last year, an increase of 6.5% compared with 2014. For a longer discussion of trends in this market, please see our multi-family section in the Mid-Year Market Report.

Fifty-two land parcels were sold in Chittenden County last year, little changed from 2014. The median sale price rose 6.8% to $133,500. Demand remains steady for lots where professionals and retirees can build custom-homes..

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$269,900 (+2.8%)	1495 (+17%)	2321 (+2.1%)	80

The real estate market in Chittenden County has demonstrated healthy conditions during the first nine months of 2015. Steady price increases in the 2% to 3% range represent sustainable gains, while pent-up demand from first-time homebuyers has resulted in a boost in activity this year.

During the summer and early autumn months, the real estate market has sustained the momentum that began after a slow winter, when our agents noted that below normal temperatures caused some sellers and buyers to defer their real estate plans until warmer weather and new inventory arrived.

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Job Creation

Chittenden County has added 4,000 new jobs since 2007, before the recession started, according to University of Vermont economist Art Woolf. Local companies such as Dealer.com and WebGrocer are hiring, bringing new homebuyers into the market.

A Steady Economic Outlook

The state’s unemployment rate stood at 3.6% in August, one of the lowest in the country. Corporations in Vermont could add 1,500 private-sector jobs this year, according to a forecast from economists at the Vermont Economic Outlook Conference.

Wanted: Mid-Priced Properties

Affordable properties in the $250,000 to $350,000 price range are especially in demand, with first-time homebuyers returning to the market and driving competition for these properties.

Burlington Remains Desirable

Unit sales surged by 31%. Still, median pricing slipped 4.5% during the fi rst half of 2015, which indicates that buyers are seeking lower-priced housing. Affordability remains an issue in the Queen City and the surrounding areas.

Proximity and Cost

Because of the cost of housing in Burlington, some buyers are turning to nearby towns that offer either lower prices or more space. Winooski, Essex, and Colchester all witnessed an uptick in sales this year through September.

MARKET INSIGHTS
Median pricing rose 6.2% during the first six months of 2015.
Housing in Burlington remains in demand, with residential properties selling in an average of only 88 days on the market.
More affordable towns close to Burlington also saw an uptick in sales.

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The multi-family market recorded 72 sales in the first nine months of 2015, compared to 61 sales in the same period a year earlier. For a longer discussion of trends in this market, please see our multi-family section in this Fall 2015 Market Report.

Land sales increased by 8.8%, for a total of 37 transactions through September 2015. The number of new land listings declined 28% over the same period last year, to 124. With a modest increase in sales and a decline in new land listings, the market is beginning to absorb the inventory. Median price was $132,000, just over a 3% decline from a year prior.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$265,500	889 (18.1%)	1,547 (2.9%)	88

The first half of 2015 has brought buyers back in force to Chittenden County, returning the market to the type of activity that was typical before the recession in 2008.

The real estate market gained momentum as spring and summer arrived. Our Agents reported that this winter’s below-normal temperatures might have delayed some real estate activity. Warmer weather brought both buyers and sellers back into the market.

A number of factors helped lift the county’s real estate transactions and median pricing.

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Employers Are Hiring

Local businesses such as the NRG Systems and The University of Vermont Medical Center are hiring. That’s bringing new professionals into the home-buying market. GlobalFoundries completed its purchase of IBM’s chip business, including its Essex plant, and vowed to keep jobs intact.

The Economic Outlook Is Strong

Economists at the Vermont Economic Outlook Conference earlier this year predicted the state’s unemployment rate could decline to 3.5% by year-end, with corporations adding 1,500 private-sector jobs.

Tight Inventory

Properties in the $250,000 to $350,00 are in strong demand, which is driving up pricing as homebuyers compete in the marketplace.

Burlington Remains Desirable

Unit sales surged by 31%. Still, median pricing slipped 4.5% during the first half of 2015, which indicates that buyers are seeking lower-priced housing. Affordability remains an issue in the Queen City.

Affordable Towns Close to Burlington Also Witnessed Strong Trends

Towns that offer quick access to Burlington but lower price points also recorded higher sales, including Winooski, Essex, and Colchester.

MARKET INSIGHTS
Median pricing rose 6.2% during the first six months of 2015.
Housing in Burlington remains in demand, with residential properties selling in an average of only 88 days on the market.
More affordable towns close to Burlington also saw an uptick in sales.

MARKET INSIGHTS
Median Sale Price:	$254,595
Units Sold:	305 (+12.1%)
Newly Listed:	573 (+3.1%)
Days on Market	113

After ending 2014 on a strong note, Chittenden County’s residential sales market continued to see increased buyer demand in the first three months of 2015. Sales of residential properties rose 12.1% during the first quarter, buoyed by demand in Burlington and Essex.

Even though buyers closed on more homes than the first quarter of 2014, our agents report that some potential homebuyers and home-sellers delayed looking or listing their properties this winter, given the below-normal temperatures that put a damper on home sales across New England. The National Association of Realtors found that sales of existing homes declined 6.5% in the Northeast, largely because the month’s freezing temperatures kept would-be buyers inside.

The tough winter weather appears to have only delayed buyers’ interest, as well as the desire for homeowners to list their properties. With the state finally experiencing warmer weather, our agents are reporting a surge in property listings, as well as renewed interest from buyers.

Professionals are relocating to Chittenden County for job opportunities with employers such as Dealer. com and the University of Vermont Medical Center, while younger workers and renters are increasingly considering purchasing their own homes, helping to lift demand for residential property. With a wide range of property types and towns in the county, there are a myriad of options and price points, from Burlington based condominiums, new build in South Burlington to luxury property along Lake Champlain.

 

While prices rose, the number of transactions slipped, with residential sales declining 4.3%. Our Realtors are finding that homes in the $250,000 to $350,000 price range remain in demand, but inventory in that segment is often tight. At the same time, there is a lot of available inventory above $500,000, allowing buyers in that segment to be more selective.

The economic outlook for Vermont this year remains positive, with economists at the Vermont Economic Outlook Conference predicting the state’s unemployment rate could decline to 3.5% by year-end, with corporations adding 1,500 private-sector jobs. Some towns are already experiencing a lift thanks to local employers, such as Essex, where the overhang about the future of IBM’s chip plant in Essex Junction resolved last year when new owner GlobalFoundries vowed to keep jobs intact.

Despite the jump in transactions, median pricing across the county rose slightly, by 0.8%. Chittenden County ranked as the most expensive residential market among the four counties tracked by the Coldwell Banker Hickok & Boardman Realty Northwest Vermont Market Report.

 

Inventory has been tight in the $250,000 to $350,000 price range, which is the sweet spot for first-time homebuyers. Even though employers are adding jobs and the unemployment rate remains low, Vermont’s per-capita personal income has been relatively stagnant compared with New England as a whole, which raises affordable issues for some homebuyers. Property taxes have continued to rise, adding to concern about the cost of housing in Vermont.

Several towns saw an increase in buyer demand in the first quarter. Aside from Essex and Burlington, Colchester and Winooski also recorded significant jumps in sales, at 51.7% and 25%, respectively. The 23.3% increase in median sale price in South Burlington may be attributed to the success of South Village. Even though Burlington remains a desirable location, its more expensive housing stock is prompting some buyers to search for homes in less expensive municipalities, such as Winooski. The median sale price in Burlington slipped 13% in the first quarter as buyers may have been searching for lowerpriced housing.

Inventory continues to be tight in Burlington, although our agents are seeing more homes come on the market, which may help meet buyer demand. New listings in the city rose 20.8% in the quarter, signaling that more owners have confidence to move forward with their plans. Healthy discussions surrounding affordablity challenges in Burlington are taking place with the proposed Housing Action Plan and the recent announcement of the redevelopment of the Burlington Town Center. Initial proposals include retail, office, and housing.

The multi-family market recorded 20 sales in the first quarter, or 16.7% below the year-earlier quarter. A lack of inventory continues to be an issue for investors, who are attracted by Chittenden County’s low vacancy rates and relatively high rents. Our agents are finding that wellpriced duplexes and three- and four-apartment buildings in good locations are fielding multiple offers. Still, tight inventory will continue to be an issue for this segment, given that new listings slipped 6.7% in the first quarter.

Because of the wide range of pricing and demand characteristics across Chittenden County, it’s important that homebuyers and sellers consult a knowledgeable Realtor. Across the county, Coldwell Banker Hickok & Boardman Realty is involved in more than one-fifth of all real estate transactions by unit sales, more than any other competing agency.