Franklin County

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$200,000 (-2.68%)	$207,617 (+2.16%)	220 (-17.91%)	420 (-9.87%)	118 (+18%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$206,750 (+8.39%)	$214,419 (+14.65%)	22 (+37.5%)	32 (-17.95%)	135 (-33.5%)

With a surge in home sales during 2016, the decline in single family homes sales in 2017 may be viewed as a “normalizing” of the market versus a decrease in buyer interest. Sales are still up over 2015 and prior years. 

Because Franklin County has the lowest median sale price in Northwest Vermont, with many cities or towns easily accessible from I-89 – homebuyers have been turning to the county over the past 2 years as they seek available inventory and more home for their money.

The construction of condominiums, particularly in St. Albans Town, Swanton, and Fairfax, has given buyers additional choices to own a newly built home. For the first time, the median and average sale price of condominiums surpassed that of single family homes in Franklin County.

The median price of condominiums reflects the costs of brand new product often with upgrades and features desired by today’s consumer.

The pace of the market is reflected in the “Days on the Market until Sale” which shows that it will take approximately 4 months from listing to close for the average home. Sellers and Buyers alike need to be prepared to act when they decide to enter the real estate market.

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Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$194,500 (+2.4%)	$207,945 (+8.1%)	100 (-17.9%)	144 (-29.8%)	110 (-32.9%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$235,000 (+20.7%)	$259,481 (+17.3%)	11 (+83%)	14 (-40%)	147 (-32.3%)

Because Franklin County has the lowest average and median sale prices in Northwest Vermont, some homebuyers have been turning to the county over the past year as they seek more value for their money. 

After a surge in home sales during the first quarter of 2016, with a 37% increase and 18% increase for the year overall, the decline in single-family home sales at the start of 2017 may be viewed as a “normalizing” of the market versus a decrease in buyer interest.

The pace of the market is reflected in the “Days on the Market until Sale” which has dropped from 164 days to 110 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.

Condo sales rose – but a change in the small number of transactions can have a large impact on the percentages.

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County Averages
Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$206,483 (+7.6%)	610 (+18%)	933 (-10%)	114 (-5%)

 

 

 

 

 

 

First-time homebuyers and professionals who are seeking more for their money are turning to Franklin County as an alternative to pricier Chittenden County. 

With an average sale price of $206,483, Franklin County is the most affordable county among the four in Northwest Vermont. Nevertheless, pricing and demand varies considerably from town to town. Our Agents note that towns on the eastern side of the county – which are more remote and farther from I-89 – typically are in lower demand than those closer to the Interstate.
Homes sold for an average of 97.3% of their listing price, illustrating the growing demand for properties in the county. Our Realtors note, homes that are in good condition and well-priced are selling extremely quickly.

Tighter inventory, higher prices

Inventory in Franklin County grew tighter in 2016, pushing prices higher. Buyers seeking properties in the sub-$220,000 range have been the most challenged, especially when seeking homes in good condition.

The I-89 corridor

Buyers are seeking properties in towns along the I-89 corridor, since it provides a quick commute into Burlington and Chittenden County. Sales in Georgia, for instance, surged more than 56% last year.

St. Albans is getting a second look

St. Alban’s City is drawing praise and new buyers after a $3 million renovation to its Main Street. Sales in the city jumped by one-third last year. St. Albans Town is also benefitting, with sales increasing 20%.  Expansions and renovations to the North Western Medical Center also improve the quality of care offered to area residents.

Surge in land sales

Franklin County also saw a surge in land buyers, with the number of sold parcels jumping almost 52 percent last year. The average sale price rose more than 31 percent to $113,361.

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County Averages
Median Sale Price:	Units Sold:	Days on Market:
$204,900 (+7%)	461 (+22%)	165 (-9%)

Franklin County is increasingly popular with first-time homebuyers and professionals who are seeking more space for their money than in neighboring Chittenden County. With gas prices remaining stable, the county is a more affordable option for professionals who commute into Burlington or other locations than in previous years.

Franklin County has more than 11 months of inventory on hand, although that marks a decline from a year earlier, when the market had almost 16 months of inventory.

Affordability: Still A Draw

• With tighter inventory in both Franklin and Chittenden counties, buyers are pushing up prices. The median sale price in Franklin County rose 3.1% to $202,000, marking a rare instance of the county’s median sale price tipping above the $200,000 mark.
• The median sale price of $204,900 is the lowest among the four counties in Northwest Vermont.
  Pricing and demand varies considerably within Franklin County, however. Our Realtors note that buyers are gravitating to towns on the western side of the county, such as Georgia and St. Albans, because they’re closer to I-89 and attractive to commuters. Towns on the eastern side of the county are seeing both lower pricing and demand.
• Homes are selling at about 97% of their listing price, illustrating buyers’ demand for moderately priced housing in the region.
  Demand is driving up prices. The median sale price through September jumped 7% to $204,900, while the number of sales rose 22%.

St. Albans: A Revitalization

• A $3 million renovation to St. Albans City’s Main Street has drawn praise from the likes of the Montreal Gazette, which said in a recent article that the city “has never looked so good.”
  Sales in St. Albans City jumped 47% during the first 9 months of 2016. St. Albans Town is also benefitting, with sales rising 26%.
• The I-89 Adjacent Towns
• Buyers are also turning to Georgia and Fairfax, which both offer quick access to I-89. Residential sales in Georgia rose 41% for the first 9 months of the year, while Fairfax’s sales jumped 10%.

Land and Multi-Family Sales

• Land purchases are heating up. A stronger economy and tight inventory are prompting some professionals and retirees to buy land and custom-build homes.
• The number of land sales jumped 59% this year through September, while the median sale price was little changed at $70,000.
• Stronger multi-family sales. While Chittenden County is the biggest market for multi-family properties, Franklin County has a smaller, but growing, share.
• The number of sales in the county rose 13% to 18 transactions, although the median sale price slipped 19%.

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County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$202,000 (+3.1%)	284 (+28.50%)	530 (-9%)	105

Buyers are turning to Franklin County to search for residential properties in the sub-$250,000 range, especially as inventory has tightened considerably in neighboring Chittenden County. Gas prices remain stable and below $2.50 a gallon, which makes the county a more affordable option for professionals who commute to Chittenden County or other locations.

The first six months of 2016 continued to demonstrate the historical split in pricing and demand for the eastern and western sides of the county. Towns on the western side are witnessing stronger demand and pricing, partly because they are closer to 1-89 and more attractive to commuters. Eastern towns such as Richford tend to record lower median sale prices.

Because of Chittenden County’s tight market, some buyers are looking deeper into the available housing stock within Franklin County, helping to absorb some of the county’s excess inventory. The market currently carries about 7 months of available inventory, or about half the levels seen in January. Because of those trends, prices are rising, with some buyers considering homes that may have been on the market for a while or are in need of upgrades.

Median Sale Prices are Rising

With tighter inventory in both Franklin and Chittenden counties, buyers are pushing up prices. The median sale price in Franklin County rose 3.1% to $202,000, marking a rare instance of the county’s median sale price tipping above the $200,000 mark.

Affordability Remains a Draw

Even with the higher median sale price, Franklin County remains the most affordable county within Northwest Vermont. Buyers who are priced out of Chittenden County, where it can be difficult to find homes in the sub-$250,000 range, often turn to Franklin as an affordable option.

Stronger Economy

Companies such as Superior Technical Ceramics, which makes specialty ceramics for industrial use, and pharmaceutical firm Mylan Technologies are hiring, helping push the unemployment rate down to 3.5%.

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Land sales doubled during the first half of the year, rising to 22 transactions from 11 a year earlier. The median sale price rose more than 22 percent to $75,500. With the stronger economy and tight inventory levels, some professionals and retirees are opting to buy land parcels and custom-build homes.

The multi-family market was little changed, with 10 sales in the first half the year, compared with 11 a year earlier. The median sale price slipped 25% to $206,625.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$189,000 (+5.6%)	125 (+37.4%)	220 (+11%)	110

Franklin County is benefiting from a revitalized downtown and demand for buyers seeing homes in the sub-$200,000 price range, which has made the county more affordable for professionals who commute to Chittenden County or other locations.

Still, demand and pricing differs considerably between the eastern and western sides of the county. Our Realtors have found that towns in the western section tend to draw more buyers and interest, thanks to their proximity to I-89. Towns in the eastern half of the county tend to see lower demand and median prices.

Affordability is a Big Draw

Because Franklin County’s median sale price is the lowest in Northwest Vermont, it tends to draw buyers who are looking to buy more with their money. Finding homes in the sub-$250,000 range can sometimes be challenging in nearby Chittenden County.

Lower Gas Prices

As noted above, towns closer to 1-89 have witnessed stronger pricing trends and demand, such as Georgia, where the median sale price rose 18.9% in the first quarter.  Gas prices slipped below $2 a gallon in the first quarter, which helps entice some buyers to look for property in the county.

Employers Are Hiring

Institutions such as Northwestern Medical Center and companies such as shipping firm A.N. Deringer are hiring, bringing more professionals to the county.

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Land sales more than tripled during the first three months of 2016, jumping to 13 transactions from 3 a year ago. The median sale price gained more than 10 percent to $73,000. Some professionals and retirees are buying land in the county to custom-build their own homes.

The multi-family market was unchanged with six sales in the first quarter. Investors sought lower-priced properties, bringing the median sale price down 41 percent to $181,500.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$188,500 (+1.9%)	517 (+6.4%)	1034 (-3%)	122

Franklin County’s real estate market benefited from an uptick in demand, fueled by homebuyers seeking homes in the sub-$200,000 price range. Lower prices at the gas pump have helped make the county a more affordable option for professionals who commute into Chittenden County or other locations.

Nevertheless, our Realtors have noted that the property market is a “tale of two counties.” Towns in the western section of the county are generally seeing stronger demand, thanks to their proximity to the interstate. Pricing and demand has tended to be weaker for towns located in the more remote eastern part of the county.

Quick Commutes

As noted above, towns closer to I-89 have witnessed stronger pricing trends and demand, such as Fairfax, where the median sale price rose 7.5% in 2015. Some towns to the east, which are farther from the interstate, saw a dip in median pricing.

Regional Affordability

Franklin County’s median sale price is the lowest in Northwest Vermont, which makes it an affordable option for professionals seeking single-family homes in the sub-$250,000 range. Properties also often offer more land and space than in neighboring Chittenden County, which appeals to some buyers.

Employers Are Hiring

Businesses such as pharmaceutical company Mylan and logistics company A.N. Deringer are hiring, bringing new professionals into Franklin County.

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Thirty-one land sales were recorded last year, slightly less than 2014’s 34 land transactions. While demand was slow during the start of the year, when abnormally cold temperatures kept buyers out of the market, land sales picked up in the summer and fall. The median sale price for land parcels rose 36% to $70,000.

The multi-family market dropped slightly, with 18 sales last year, compared with 25 a year earlier. Still, the median sale price jumped 33%, reaching $214,300.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$194,000 (+4.3%)	387 (+2.7%)	877 (-2%)	120

Residential sales picked up in Franklin County during the fi rst nine
months of 2015, boosted by a stronger economy and buyers looking
in the county for more affordable housing than in neighboring
Chittenden County.

Still, not every town in the county is equally benefitting from the boost in demand.

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Proximity to I-89

Those towns in the western section of the county – which are closer to 1-89 — are seeing higher median pricing and stronger demand. Fairfax, which borders 1-89, recorded both higher median pricing and sales volume, for instance. Many towns to the east, which are farther from the interstate, saw a dip in median pricing.

Commuters To Chittenden County

Given the difficulty in finding single-family homes in the sub-$250,000 range in Chittenden County, more buyers are looking at properties in Franklin County. The continuation of low gas prices has helped to make the county more affordable for commuters in the past year.

A Diverse Business Base

The revitalization of St. Albans, as well as hiring by local employers such as pharmaceutical company Mylan and logistics company A.N. Deringer, are supporting demand for housing.

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Land sales fell 21.4% to 22 transactions during the first nine months of the year. Land sales were slow during the winter months, when sub-normal temperatures kept buyers sidelined, but they’ve picked up during the summer and fall. The median sale price for land parcels rose 23% to $69,500.

The multi-family market dropped slightly, with 17 sales during the first nine months of 2015 compared to 20 in the same period last year. With high prices and competitive bidding for multi-family properties in Chittenden County, some investors are looking to Franklin County. The median sale price rose 31% to $221,100.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$196,000	219 (1.4%)	574 (-6%)	142

Franklin County’s residential market is rebounding after a slower market in 2014, helped by demand from first-time homebuyers who are drawn by the county’s more affordable price point than Chittenden County’s.

In the residential market, which is dominated by single-family homes, a number of factors are influencing sales and pricing.

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Proximity to I-89

Those towns located closer to I-89 are typically witnessing higher median pricing. For instance, Fairfax, which is adjacent to I-89, boasts the highest median sales price in the county, at $253,000. Enosburg,  an eastern town that’s farther from the interstate, had one of the lowest median sales prices, at $115,500.

Towns closest to the interstate also recorded the highest number of sales, such as St. Albans Town, Swanton and Fairfax. Many of the towns in the eastern part of the county recorded fewer transactions than those in the west, which are closer to the highway.

Commuters To Chittenden County

With gas prices remaining low, some buyers who work in Chittenden County are seeking homes in Franklin County, given that commuting costs have become more affordable in the past year.

A Diverse Business Base

Demand for housing is also growing thanks to the county’s diverse base of corporate employers, including Ben & Jerry’s, pharmaceutical company Mylan, and logistics company A.N. Deringer.

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Land sales fell 52% to 11 transactions. Sales were especially slow in the first quarter, when the abnormally low temperatures kept buyers on the sidelines. The median sale price for land parcels declined 9.3% to $61,800.

The multi-family market was steady with eleven sales during the first six months. Given the competitive market for duplexes and three- and four-apartment homes in Chittenden County, investors are looking to Franklin County for lower-cost options. The median sale price rose 71% to $276,000.

MARKET INSIGHTS
Median Sale Price:	$179,500
Units Sold:	90 (+11.1%)
Newly Listed:	197 (-21.2%)
Days on Market	144

After a slower fourth quarter, home sales in Franklin County rebounded in the first quarter, helped by demand from first-time buyers seeking property in towns located near 1-89. Nevertheless, demand and pricing was bifurcated between the eastern and western sides of Franklin County, with our agents noting that property in eastern towns, farther away from 1-89, are taking longer to sell and at lower prices than on the western side of the county. Across the county, median pricing slipped 3% to $179,500. Lower gas prices have helped encourage buyers to look for property in the county, which serves as a commuting hub for professionals with jobs in Chittenden County. With the question over the future of IBM’s former chip plant resolved, that’s also unleashed some pent-up demand for property in Franklin County. On top of those trends, some buyers are looking for homes in Franklin County because of its lower price point when compared with Chittenden County, where the median home price stands at almost $255,000. For buyers looking for sub-$200,000 properties, Franklin County may offer more value and bigger land parcels, our agents note. Towns such as St. Albans City, St. Albans Town, Georgia and Fairfax – all close to 1-89 – recorded the largest number of transactions. St. Albans City recent downtown renovation is also attracting buyers to the town, while employers such as pharmaceutical company Mylan are hiring, adding to demand for housing.

Home sellers required 144 days to market their properties, slightly more than 122 days required a year earlier. This period also reflects fthe irst quarter which includes the winter selling season.

About 93 percent of the county’s residential market is represented by single-family homes, where the median sale price dipped 2.1 percent. The median sale price for condominiums rose 1.1%.

With the abnormally low winter temperatures during the first quarter, land sales fell 70% to only three transactions. The median sale price for land parcels rose 3.1% to $66,000.

Investors continue to look to Franklin County for multifamily homes, especially given the competitive market for duplexes and three- and four-apartment homes in Chittenden County. Six multi-family homes sold during the first quarter, unchanged from the year-earlier period. The median sale price rose 85.2% to $306,000.