Grand Isle County

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$209,500 (-5.84%)	$258,674 (-0.3.6%)	56 (+24.44%)	178 (0%)	170 (-24.44%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$246,00 (64%)	$246,00 (64%)	1 (0%)	3 (+200%)	6 (-96.76%)

In terms of single-family homes sold, Grand Isle had the strongest start in many years  – likely bolstered by the lack of affordable homes in nearby Chittenden County.

As prices have increased in North Hero and South Hero, buyers have identified Alburgh and Isle La Motte as options for affordable property on or close to Lake Champlain.

New homes coming on the market have remained remarkably stable as indicated by our chart.

The decline in “Days on Market Until Sale” combined with the decrease in sale price may indicate that buyers are looking for affordable properties in Grand Isle and are ready to act.

* With only one condo sale reported in Grand Isle County, the data is not statistically relevant.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$210,00 (-32.3%)	$253,703 (-19.6%)	25 (+56%)	58 (-1.7%)	161 (-25.5%)

Condo
No sales to report

Grand Isle had the strongest start in many years likely bolstered by the lack of affordable homes in nearby Chittenden County as reflected by the lower median and average sale price.

The decline in “Days on Market Until Sale” combined with the decrease in sale price may indicate that buyers are looking for affordable properties in Grand Isle and are ready to act.

Second-home buyers, core to the Grand Isle market, are historically not active in the market during the first three months of the year

County Averages
Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$277,491(+7.6%)	133 (5.5%)	293 (-3.9%)	180 (+5.3%)

 

 

 

 

 

 

The luxury segment, which traditionally has represented a significant portion of the county’s property market, remains slow. Our Realtors note it may be due to this summer’s low water levels on Lake Champlain which stranded some docks and created difficulties for some boaters. However, taxes for lakefront properties in Grand Isle County provide an affordable alternative to Chittenden County.

Because the county is the smallest for property transactions in the region, a small number of sales may have a large impact on a town’s pricing and demand trends.

The following are some trends impacting the property market in Grand Isle

Quality inventory problems

Newly listed homes slipped by 3.9% last year, slightly tightening the available for-sale homes. Our Agents note that finding move-in-ready homes in the lower and mid-priced segments can be a challenge. Homes that need work or updating are more plentiful, but require more time to sell.

Growth in land sales

As with Northwest Vermont’s other three counties, Grand Isle witnessed a boost in land sales, thanks to demand for custom-built homes. The number of sold properties rose 83 percent to 22 sales in 2016. The average sale price jumped more than 57 percent to slightly more than $96,000.

Four luxury sales

Grand Isle’s luxury market recorded four transactions of $850,000 or higher in 2016. One of those sales was in Isle LaMotte which resulted in a 109% increase in average sale price for the town.  With taxes for lakefront properties less than in nearby Chittenden County, Grand Isle County is traditionally popular for second homes.  The Islands provide a great escape with a rural charm, biking trails, local businesses including a vineyard and orchards, and dining options.

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

The residential property market in Grand Isle County tends to split between high-end waterfront properties and mid-priced residential homes. 

Our Realtors have noted a slow-down in demand through the summer and into early fall, which could be due to a number of factors.

Because Grand Isle is the smallest real estate market in Northwest Vermont, a handful of transactions may have a large impact on the county’s pricing and demand trends.

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Inventory Levels

• The county has 20 months of available inventory, slightly more than a year earlier.
• More than 300 properties remained on the market in the third quarter, a slight increase from a year-earlier.
• Our Realtors noted that sales slowed in the summer and early fall, possibly because of the water issues.

Luxury Sales

• The county has recorded only one luxury sale this year, an $815,000 waterfront property with views of the islands and Green Mountains.
• Demand for higher-end properties may have been hurt by the water quality issues noted above.

Land Sales: A Bright Spot

• Seventeen land sales were recorded in the first 9 months of 2016, an increase of 89% from a year earlier. The median sales price rose 22% to $73,333. Some buyers are opting to purchase lots and construct custom-built homes, rather than searching for pre-existing inventory.

Lake Quality Concerns

• Some areas of the islands, such as Alburgh, have been on alert for blue-green algae, according to the Vermont Department of Health. Algae can develop quickly into large blooms, which can be harmful to pets.
• After a dry summer, the water level in Lake Champlain has dropped a foot below normal, which has land-locked some docks, according to the Burlington Free Press. The current water level is the lowest since 2001.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$221,250 (5.4%)	46 (-2.1%)	189 (+3.8%)	224

Grand Isle’s property market tends to focus on two segments: the high-end luxury market and the mid-priced tier. For the first six months of 2016, sales were focused on the latter segment, with the median sale price rising 5.4% to $221,250.  

That places Grand Isle’s property market in the middle of the price range for Northwest Vermont, offering more value than in neighboring Chittenden County but slightly more expensive than homes in either Franklin or Addison counties.

The number of transactions fell slightly, slipping 2.1% to 46 sales. Because Grand Isle is the smallest real estate market in Northwest Vermont, just one or two transactions may have a large impact on the county’s pricing and demand trends. There are currently 17 months of available inventory in Grand Isle, more than in neighboring counties – yet down from more than 38 months of unsold inventory in April.

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Southern Zone

The most in-demand towns are located in the southern part of the county, since their proximity to 1-89 are attractive to buyers who work in neighboring counties. For the first six months of 2016, the most active market has been the town of Grand Isle, with 18 sales.

One Luxury Sale

Grand Isle’s luxury market tends to pick up during the summer months. So far this year, the county has recorded one luxury sale, an $815,000 waterfront property with views of the islands and Green Mountains.

A Small Market

A few sales can have a big impact on median sale prices or volume because the property market is relatively small.

Twelve land sales were recorded in the first half of the year, or four times the three land sales completed a year earlier. The median sale price rose 22% to $73,333. Some buyers are opting to purchase lots and construct custom-built homes, rather than searching for pre-existing inventory.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$310,250 (+115.5%)	16 (0.00%)	59 (+15.7%)	229

Grand Isle’s property market refocused on slightly higher-end properties in the first quarter of 2016 after buyers last year were drawn to mid-priced homes. As a result, the median sale price rose 55 percent to $310,250 from last year’s median sale price of $200,000. On a year-over-year basis, the median sale price more than doubled. 

Still, the number of transactions was unchanged from a year earlier, which shows steady demand for properties in the lake island county. As the smallest real estate market in Northwest Vermont, one or two transactions can have a big impact on pricing and demand trends in Grand Isle.

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Southern Comfort

Properties in the southern section of Grand Isle County have been attractive to buyers who work in Chittenden County, given the proximity to I-89.

One Luxury Sale

Typically a draw for high-end buyers seeking waterfront property, Grand Isle’s luxury market tends to slow in the winter months. One luxury sale was recorded in the quarter, an $815,000 waterfront property with views of the islands and Green Mountains.

A Small Market

As Grand Isle is the smallest real estate market by volume in Northwest Vermont, a few sales can have a big impact on median sale prices or volume.

Five land sales were recorded in the first quarter, compared with just two a year earlier. The median sale price more than doubled to $109,900.

 

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$200,00 (-14.5%)	126 (+18.9%)	304 (+5.9%)	171

With gas prices declining dramatically last year, more buyers looked to Grand Isle for residential properties. Despite the higher number of property sales, our agents have noted a lack of strong inventory in the higher price ranges, as well as fewer luxury buyers in the market

Because of those trends, property sales last year were focused on mid-priced homes. The median sale price slipped 14.5 percent to $200,000, reflecting that trend. The number of residential sales, however, rose 18.9 percent during the year.

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Mid-Priced Housing

The market is increasingly focused on mid-priced single-family homes. South Hero and parts of Grand Isle town have been attractive to buyers who work in Chittenden County, given the short commute time and proximity to I-89.

Four Luxury Sales

While Grand Isle is known for its high-end waterfront property, the county only recorded four sales above $800,000 last year. By comparison, Addison County recorded eight, and neighboring Chittenden County recorded 22 sales.

A Small Market

As Grand Isle is the smallest real estate market by volume in Northwest Vermont; a few sales can have a big
impact on median sale prices or volume.

Twelve land sales were recorded in 2015, slightly down from 17 in 2014. The median sale price declined 58% to $54,375.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$191,050 (-18%)	92 (+10.4%)	262 (+2.7%)	178

Grand Isle is attracting more buyers, thanks to a stronger economy and lower gas prices, but the county is recording fewer high-end property sales. Our agents are noting a lack of strong inventory in the $600,000 and higher price range, as well as fewer upper-end buyers.

As a result, property sales in the first nine months of 2015 were focused on mid-priced homes. While the median sale price dipped 18% to $191,050, the number of unit sales rose 10.8% during the same period.

The county’s waterfront properties also draw retirees and those looking for a lakefront retreat. Trends in the first nine months of 2015 have been influenced by several factors.

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Mid-Priced Housing

The median sale price slipped 18%, as the market shifted to mid-priced single-family homes. The higher end of Grand Isle’s property market has been slower to recover than homes affordable to middle-class buyers.

Only Three Luxury Sale

During the first nine months of the year, the county recorded three luxury sales, far fewer than neighboring Chittenden County.

A Small Market

A shift in only a few transactions can have a large impact in overall sales and pricing trends because Grand Isle is
the smallest real estate market by volume in Northwest Vermont.

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Nine land sales were recorded in the first nine months of the year, compared with 15 sales a year-earlier. The median sale price slipped 58% to $60,000.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$210,000	47 (6.8%)	181 (-7.7%)	209

After a slow winter, homebuying activity in Grand Isle recovered as spring arrived, helping lift the number of sales by 6.8% for the first six months of 2015. That came after a dip in sales during the first quarter of 2015.

Professionals and retirees seeking single-family homes are drawn to the county for its pristine waterfront properties and quiet lifestyle. Its proximity to Chittenden County and Burlington attracts professionals, while a range of property types and prices attracts a wide variety of buyers. This year’s trends have been influenced by a number of factors.

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Mid-Priced Housing

The median sale price dipped by 13.4%, representing a preference for mid-priced housing. While Grand Isle is well known for its luxury waterfront properties, the high end of Northwest Vermont’s housing market has been slower to recover than lower-priced segments.

Only One Luxury Sale

During the first six months of the year, the county recorded one luxury sale, a $1.35 million Adirondack-style home on Lake Champlain.

A Small Market

Because Grand Isle is the smallest real estate market by volume in Northwest Vermont, a shift in only a few transactions can have a large impact in overall sales and pricing trends.

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Three land sales were recorded in the first six months, compared with eight sales in the year-earlier period. The median sale price slipped 61% to $60,000.

MARKET INSIGHTS
Median Sale Price:	$144,000
Units Sold:	16 (-5.9%)
Newly Listed:	51 (-12.1%)
Days on Market	211

With below-normal temperatures hitting Vermont this winter, home buying activity in Grand Isle slowed to below typical levels. Sales of luxury homes also slowed to a standstill, given that most high-end buyers prefer to look at the county’s waterfront properties in balmier weather. That shifted the mix of home sales to lower-priced singlefamily homes, which comprise the bulk of the county’s residential market. The median sale price for residential properties slipped 41.2% in the first three months of the year, although that includes one low-priced mobile home sale. Excluding that transaction, single-family homes saw their median sale price slip 25.3% to $183,000. Because Grand Isle is the smallest real estate market by volume in Northwest Vermont, a shift in only a few transactions can have a large impact in overall sales and pricing trends.

The county has recorded two land sales in the first quarter, or little changed from the three land sales recorded a year earlier. The median sale price slipped 61% to $50,000.