Grand Isle County has been more adversely affected by COVID-19

Beautifully maintained 4 Bedroom Cape style home on 414 acres with 1717 Ft of Lakeshore. 3,014 square feet of open living space. | Grand Isle County Waterfront Homes

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:
$236,000 -7.5% $261,921 -12.9%43 -27.1%98 -26.3%159 +6.0%
Single Family
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$260,000 +1.0% $261,079 -17.5%23 -39.5%60 -39.4%194 +33.8%

The Grand Isle County real estate market has been more adversely affected by COVID-19 than the surrounding counties. With a large second home market, the restrictions on out-of-state travelers likely contributed to the 40% decline in home sales during Q2. The summer months are typically the height of the season for these island towns.

If more sellers list their homes for sale, after considering their individual circumstances, the demand from buyers seeking refuge and affordability can be met. The median and average sale price has fluctuated over the past three years as a result of the relatively small number of sales coupled with the purchase of luxury properties across the county. The changes in pricing are not a result of depreciation.

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Grand Isle County Single-Family$236,000 -7.50%43-27.10%98-26%159
Alburgh$200,000 35.10%13-31.60%23-48.90%181
Grand Isle$240,000 -21.30%12-29.40%22-12.00%172
Isle La Motte$186,000 -2.10%30.00%12-40.00%117
North Hero$302,500 23.80%8-33.30%25-10.70%157
South Hero$285,000 -18.00%7-12.50%166.70%116

Grand Isle Homes Sales Rebounded in 2019

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Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$269,900 +10.2% $315,690 -7.7%149 +12.0%226 -12.7%131 -22.5%

Condos    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$278,500 +8.0% $278,500 +7.5%2 +100%2 +100%67 -14.1%

The number of homes sold throughout Grand Isle County rebounded in 2019 after a decline in 2018. The natural confines of the islands geography coupled with development and permitting restrictions naturally limits growth in the county. With the smallest number of sales and inventory available throughout the 4 counties in this report, Grand Isle County statistics can vary widely from season to season. 

5 home sales, over $850,000, are included in the Luxury section of the report. This is down from 10 sales in 2018 which undoubtedly affected the average sale price in the county.

Savvy buyers seek the county’s access to Lake Champlain, Interstate 89 – and substantially lower property taxes than luxury, lakefront homes to the south.

Single-Family HomesMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Grand Isle County$269,900 10.20%14912.00%226-12.70%131
Alburgh$155,500 -6.60%4011.10%74-7.50%129
Grand Isle$283,750 15.10%4210.50%47-13.00%148
Isle La Motte$235,000 5.90%950.00%254.20%154
North Hero$279,900 6.70%3129.20%46-24.60%83
South Hero$380,000 5.60%27-6.90%34-15.00%157

Homes Have been Selling More Quickly in Grand Isle County

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 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $258,750 (5.7%)$294,848 (-10.3%)112 (6.7%)192 (-13.9%)131 (-26.4%)
Condos$278,500 (7.5%)$278,500 (7.5%)2 (100%)2 (100%)67 (-14.1%)
Multi-Family*N/AN/AN/A4 (100%)N/A
Land $109,750 (43.9%)$172,550 (41.8%)18 (-10%)52 (4%)357 (13.3%)

Single-family home sales continued to increase through the 3rd quarter of the year during what is typically Grand Isle’s peak season. Homes are selling more quickly as well – only 4 months from list to close – down from nearly 6 months a year ago. 

With a median sale price of $258,750 across the county, prices become more affordable as you travel north. Sellers should take advantage of strong demand and limited inventory by keeping their properties on the market during the holidays and winter season – which may be counterintuitive to the traditional trends of an island community.

Home Sales in The Champlain Islands Increased in the Second Quarter of 2019

This is an once in a lifetime opportunity to own an incomparable family compound on 1279 feet of lake frontage and 8.65 acres in South Hero. Grand Isle County Waterfront Homes

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$252,500 (+27.9%)$300,047 (-1.7%)58 (+5.5%)133 (-2.2%)149 (-36.9%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$270,000$270,000 11114

Summer was late in arriving this year – but the sunny days and high temperatures we are experiencing now should bode well for Grand Isle County. This is the time of year when the islands “shine.”

While only a short drive south to Burlington or north to Canada, you will think you are at a summer destination much farther away like Martha’s Vineyard or Nantucket! Similar to those locales, the natural confines of an island geography coupled with development and permitting restrictions naturally limit growth in the county.

The number of homes available for sale during the 2nd quarter has stabilized but is far from the 285 homes available in 2016. The median price of homes declines as your travel north from South Hero to Alburg and Isle la Motte. Not coincidentally, the number of homes sold increases as you travel north with the DOM (days on market) much more favorable up north as well.

Historically, the sale of a couple of high-end luxury homes in South Hero affects the data significantly and doesn’t necessarily mean that homes are depreciating or appreciating at that rate. Alburgh, the most affordable town in the islands, posted the greatest number of sales during the first half of this year.

A “once in a lifetime” lakefront compound has come to market in South Hero – the first time the property has been for sale in over 90 years. This unique property – surrounded by Lake Champlain on 3 sides – offers unparalleled privacy and a step back in time to a simpler summer experience. Offered at $4.9 million, the sale of the property will set a benchmark for prices in the county and northwest Vermont.

Grand Isle County Sees an Increase Sales Over Slow 1st Quarter in 2018

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 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$255,000 (55%)$272,443 (12.1%)21 (31.3%)34 (3%)158 (-42.6%)
CondosN/AN/AN/A1 (N/A)N/A
Multi-Family*N/AN/AN/A1 (N/A)N/A
Land$413,500 (548%)$413,500 (548.63%)2 (0%)7 (75%)574 (102.1%)

The 1st quarter shows a healthy increase in the number of homes sold in 2019 versus the same period last year, however this is compared to a sharp decline during the 1st quarter of 2018.

The Average Days of Market (DOM) from listing to closing has dropped to 158 days – or just over 5 months. While this is the longest days on market out of the 4 counties in the report, desirable and well-priced homes are selling in considerably less time than average.

Historically, the strength of the market in Grand Isle County is during the spring and summer months. A preponderance of second homes has a clear impact on the sales cycles. Activity in the next 2 – 3 months will dictate what the 2019 market has in store for the county.

 

 

 

 

 

 

 

 

Strong luxury home sales drive average sale price higher in 2018

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Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$244,900 (-2%)$341,883 (+14.9%)133 (-13.1%)258 (+1.6%)169 (+9%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$244,900 (-2%)$259,000 (+0.4%)1 (-50%)1 (-66.7%)78 (+52.9%)

A number of high priced, luxury home sales throughout Grand Isle County drove the average sale price up nearly 15%. Savvy buyers seek the county’s access to Lake Champlain, Interstate 89 – and substantially lower property taxes than luxury, lakefront homes to the south.

The number of homes coming on the market in 2018 rose slightly – but with a decline of 13% in total units sold – the median sale price dropped. After 2 years of increased sales, 2018 could be viewed as a stabilizing of the market.

The natural confines of an island geography coupled with development and permitting restrictions will naturally limit growth in the county. With the smallest number of sales and inventory available throughout the 4 counties in this report, Grand Isle statistics can vary widely from season to season.

 

 

 

 

 

 

Grand Isle County Saw in an Increase in Home & Land Sales

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 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family$244,900 (3.3%) $328,521 (23%)105 (2.9%) 222 (-4.3%)178 (21.1%)
Condos$259,000 (5.3%) $259,000 (5.3%)1 (0%) 1 (-66.7%)78 (1200%)

Summer is the time for Grand Isle County to shine – and the record warmth and sunshine bode well for the County. Luxury homes sales are a big part of the story as well – with 6 properties in the luxury price range selling so far this year.

Single-family and land sales posted increases – while condominiums and multi-family properties are scarce in Grand Isle County.

The average days on market (DOM) from listing to closing, at 178 days, is the longest among the 4 counties in this report – however, at 6 months, it is still a reasonable period of time. Homes priced closer to the median price of $244,900 and homes in good condition will be of interest to savvy buyers and will likely sell in far less time.

Warm Weather Should Bode Well for Grand Isle Sales this Summer

Delightful home in the heart of Grand Isle, featuring a large fenced yard, hardwood floors, sunny windows and enclosed back porch. MLS# 4705537

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$201,700 (-3.7%)$308,180 (+19.2%)54 (-3.6%)134 (-25.1%)241 (+41.8%)

Condo
* No Sales reported in the Multiple Listing Service (MLS)

Single Family homes sold in Grand Isle County show a slight decline (-4%) over the 1st six months of 2017 – however, this decline only translates to 2 home sales.

In our 2017 mid-year report, the number of closed sales had increased 24%; we can look at the change this year as an adjustment versus a decline in buyer interest. In all of the towns, except North Hero, there were healthy gains in the closed, median sale price. South Hero claims the highest median sale price in the county at $581,250. Two luxury, lakefront property sales in the town contributed to this jump – the highest median price in many years. Alburg and Grand Isle posted double-digit increases in closed sales over 2017 – despite a continued decline in properties available for purchase.

The warm summer should bode well for buyer interest across the county – as vacationers and potential second homeowners experience all that the small county of Grand Isle has to offer.