Grand Isle County Real Estate Market Report

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.

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$164,500 (-21.7%)	$243,041 (-4.2%)	16 (-36%)	33 (-43.1%)	275 (+56.3%)

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

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.

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$250,000 (+9.9%)	$297,646 (+7.6%)	153 (+15.0%)	254 (-8.3%)	155 (-13.4%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$257,950 (+72%)	$257,950 (+72%)	2 (+100%)	3 (+200%)	51 (-72.4%)

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.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$238,000 (+8.8%)	$269,634 (+8%)	233 (+8.7%)	133 (-7.9%)	145 (-13.2%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$246,000 (+64%)	$246,000 (+64%)	1 (0%)	3 (+200%)	6 (-96.8%)

The largest increase in the number of home sales can be found in Grand Isle – with an 8.7% increase year over year.  However, the relatively small numbers can have a greater effect on the statistics.

Grand Isle County reports the fewest number of sales of the 4 counties included in this report at 100 single-family homes and 1 condo sold year to date in 2017. A steady but moderate decrease in homes available for sale and an increase in single-family sales has driven the median sale price up 8.8% to $238,000.

Grand Isle typically sees stronger sales during the summer months. 45 single homes sold during the 3rd quarter which represents 45% of the total year’s sales; this pace has been consistent since 2015 while the number of homes available during the summer months has declined 10% since 2015.

The average days on the market before a home sells has dropped 22 days to 145. While this is the longest period to closing for the 4 counties in the report, it is less than 5 months. Well-priced homes in good condition will be of interest to savvy buyers.

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.