Property sales in 2015 focused on mid-priced homes in Grand Isle

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.


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.


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.

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Buyer Activity Improved but Median Price Dipped

County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$210,00047 (6.8%)181 (-7.7%)209
CBHB_2015_Spring_NewGraph_GrandIsle-copyAfter a slow winter, home buying 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.


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.


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.

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Activity in the Islands Slows

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MARKET INSIGHTS
Median Sale Price:$144,000
Units Sold:16 (-5.9%)
Newly Listed:51 (-12.1%)
Days on Market211
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.

 

 

 

 

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