Grand Isle County

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 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.

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.

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.

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.

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.

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.

Homes sold in Grand Isle County during the 1st quarter reflect a sharp decline over the same period in 2017.

However, the number sold is equal to the same period in 2016. In other words, the strong start for Grand Isle in 2017, with 25 sales, was unusual – and 16 closings in 2018 may not indicate a downward trend for the remainder of the year.
Historically, the spring and summer are stronger in this traditionally second home market.

Grand Isle County’s lake access, gorgeous views and easy access to Interstate 89 draw homeowners from nearby Chittenden County, as well as vacation home buyers.

For two consecutive years, Grand Isle County’s residential sales have increased. Grand Isle has the fewest number of sales among all our four counties in northwestern Vermont, so sales data can be affected by just a single or few high-priced sales. With a 15% decline in newly listed homes since 2015, and demand still strong, the median sale price of a single-family home jumped by 10% to $250,000.

The number of newly listed single-family homes dipped by just more than 8%, while the number of units sold rose by 15 percent more than 2016, with 153 total single-family homes sold last year. South Hero posted a 40% increase in the median sale price, coupled with a 45% jump in the number of homes sold.