Grand Isle Homes Sales Rebounded in 2019

Remarkable 4 Bedroom Champlain Waterfront property with a 5 bedroom Guest House in Grand Isle!  Grand Isle County Waterfront Homes
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

Luxury Home Sales Continue to Grow in Northwest Vermont

Renovated expanded cape with large 3-story boat barn and waterfront lot with dock across the street in Charlotte.  MLS# 4789298
Luxury Homes
Median Sale Price:Units Sold:Newly ListedDays on Market:
$968,000 -5.7%66 +26.9%113 -5.8%)123 -15.2%

Luxury Home sales, defined as $850,000 and above, in Northwest Vermont have continued to grow increasing 32% since 2016.

Nationally, the luxury market has slowed, but Vermont remains one of the most affordable luxury home markets in New England – which may be bolstering sales here. Local lenders report that Jumbo loans remain remarkably competitive offering favorable options for luxury home buyers, as well.

In Chittenden County, 49 luxury sales were closed, including homes in downtown Burlington, on spacious lots with views in Shelburne & Charlotte, along the popular Spear Street in South Burlington, as well as on the Lake Champlain shoreline.

Luxury sales of country homes in Addison County and lakefront homes in Grand Isle County rounded out the luxury market for 2019.

Many homes in the luxury category went “under contract” within just days of coming on the market demonstrating pent-up demand of buyers waiting for a home in the right location offering the the right amenities. The average “days on market” of 123 days is inflated by some of the special properties on the upper end of the market.

AddressTownCountySale Price
308 South Prospect StreetBurlingtonChittenden$850,000
2952 Greenbush RoadCharlotteChittenden$850,000
35 Cherry StreetBurlingtonChittenden$850,000
258 Summer Point LaneFerrisburghAddison$850,000
33 Burke RoadOrwellAddison$850,000
197 Pease Mountain RoadCharlotteChittenden$855,000
8 Hall RoadSouth HeroGrand Isle$862,000
2385 Shelburne Falls RoadHinesburgChittenden$862,500
345 Morgan DriveShelburneChittenden$870,000
25 Bayview StreetBurlingtonChittenden$880,000
1723 Marble Island RoadColchesterChittenden$880,000
51 Muddy Dog RunWestfordChittenden$890,000
1567 Morgan Horse Farm RoadWeybridgeAddison$890,000
622 Ridgefield RoadShelburneChittenden$892,500
338 Golf Course RoadSouth BurlingtonChittenden$900,000
345 Meadowridge RoadWillistonChittenden$900,000
6 Park RoadSouth BurlingtonChittenden$908,500
404 Staton DrivePantonAddison$910,850
1406 Spear StreetSouth BurlingtonChittenden$920,000
1490 Arnold Bay RoadPantonAddison$939,000
5520 Sand RoadFerrisburghAddison$939,000
127 Prindle RoadCharlotteChittenden$945,000
263 Golf Course RoadSouth BurlingtonChittenden$945,000
108 Brigham Hill RoadEssexChittenden$949,000
203 Nobles Hill RoadIsle La MotteGrand Isle$950,000
4 Fairholt DriveBurlingtonChittenden$950,000
282 Clearwater RoadShelburneChittenden$950,000
480 Staton DrivePantonAddison$961,000
161 Deforest RoadBurlingtonChittenden$975,000
366 Black Willow LaneCharlotteChittenden$989,000
146 Simmons DriveShelburneChittenden$990,000
35 Edgewood RoadCornwallAddison$1,000,000
608 Hills Point RoadCharlotteChittenden$1,015,000
1397 Spear StreetSouth BurlingtonChittenden$1,030,000
582 Autumn Hill LaneShelburneChittenden$1,040,000
7 Surf RoadBurlingtonChittenden$1,050,000
33 East Shore North RoadGrand IsleGrand Isle$1,080,000
3412 Harbor RoadShelburneChittenden$1,100,000
11 Adams Landing ExtensionGrand IsleGrand Isle$1,125,000
3410 Harbor RoadShelburneChittenden$1,125,000
265 Buff Ledge RoadColchesterChittenden$1,136,500
6135 Mt. Philo RoadCharlotteChittenden$1,150,000
274 Pine Haven Shores LaneShelburneChittenden$1,150,000
358 Golf Course RoadSouth BurlingtonChittenden$1,150,358
293 Mead Farm RoadHinesburgChittenden$1,200,000
24 Sunset Cliff RoadBurlingtonChittenden$1,200,000
289 Upper Old Town TrailCharlotteChittenden$1,250,000
294 Pine Haven Shores LaneShelburneChittenden$1,250,000
1283 Cheesefactory RoadShelburneChittenden$1,400,000
40 College StreetBurlingtonChittenden$1,400,000
793 Orchard RoadCharlotteChittenden$1,530,000
301 West Shore RoadSouth HeroGrand Isle$1,625,000
1400 Spear StreetSouth BurlingtonChittenden$1,650,000
321 Crooked Creek RoadColchesterChittenden$1,750,000
1054 Sherman HollowHinesburgChittenden$1,775,000
96 Cliff StreetBurlingtonChittenden$1,925,000
147 Appletree Point RoadBurlingtonChittenden$2,185,000
252 Windmill Bay RoadShelburneChittenden$2,500,000
3611 Harbor RoadShelburneChittenden$2,681,000
222 Deer Point RoadCharlotteChittenden$3,300,000
311 Whalley RoadCharlotteChittenden$3,540,000
203 Pheasant Hill LaneShelburneChittenden$3,710,000

Multi-Family Investor Market Remained Strong in 2019

4-Unit building only one block to the top of Church Street Marketplace. | MLS# 4782590 Historic Multi-Family/Retail property with $58,500 income in Hinesburg. | Multi-Family Homes
Multi-FamilyMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
All Counties$349,000 7.40%141-10.20%23314.20%87
Chittenden County$398,500 4.80%$90-16.70%14415.20%56
Addison County$220,000 -8.30%$7-41.70%2343.80%499
Franklin County$211,750 10.00%$421670.00%611.70%86
Grand Isle County$322,000 -9.30%$2100.00%566.70%81

The investor market remains strong in northwest Vermont even though statistics may not reflect it. Multi-family properties coming on the market increased in 2019 – for the first time in a number of years. This increase provided options to buyers who may have been on the sidelines in the past. While the median sales price increased across the region, Franklin County offered affordability and investors responded, increasing sales there by 17%.

Buyers will still need to act quickly with multi-family properties closing in less than 3 months throughout northwest Vermont – and closing in only 56 days in Chittenden County which represents 62% of the units sold.

Despite newer apartment complexes becoming available over the last couple of years, and with a number of new projects on the horizon, the vacancy rate for rentals remains low as compared to the national average. Demand from renters remains strong likely due to the shortage in inventory for first time home buyers – and the demand from college students in downtown Burlington.

In 2019, Coldwell Banker Hickok & Boardman participated in 30% of the multi-family sales in northwest Vermont. Both experienced and first-time investors should hire a skilled Agent with the market knowledge to help them navigate this unique segment of the market.

After 2 years of increases activity, land sales settled down in 2019.

10.1 acre parcel mixed level open field and woodland, within biking distance of Charlotte village. Waste water permits pending.  MLS# 4312692
Land
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$100,000 +14.0% $136,711 -8.7%196 -3.9%443 -4.3%291 +1.4%

After posting increased sales for the past 2 years, land sales settled down in 2019. There still remains plenty of options for purchasers looking to right-size their lifestyle, and build a new, efficient home – or for investors wanting to own their small piece of Vermont for future development.  

With a longer turnaround time and typically higher costs from land purchase to home completion, new construction may not be an option for many buyers. Some homeowners, with time and resources, have found building a viable option. We have begun to see their prior homes come to market as they move to their completed houses.

Our Agents have reported inquiries from investors across the country seeking land with soil ideal for hemp production. According to the Vermont Agency of Agriculture 7,800 acres of land has been registered for hemp cultivation—a 137% growth over 2018. While it remains to be seen whether the market demand for hemp and therefore agricultural land will remain hot—a lack of hemp processors has proved to be a roadblock.

Land across Vermont has long been used for agriculture—mostly for milk and maple syrup production.

Land SalesMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Chittenden County$139,000 3.00%$8218.80%135-7.50%247
Addison County$70,000 0.00%$53-13.10%100-18.70%413
Franklin County$66,650 19.00%$38-17.40%15012.80%197
Grand Isle County$89,000 12.70%$23-17.90%58-4.90%324

Third Quarter Market Report 2019

Custom Home on 10+ acres in the remarkable countryside of Shelburne! MLS# 4771575
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $305,000 (5.2%) $347,505 (7.9%)1860 (7.6%)2744 (3.4%)73 (-18%)
Condos $244,815 (8.7%) $276,114 (7.9%)559 (-1.2%)654 (-12.8%)68 (-2.9%)
Multi-Family$320,000 (6.3%) $384,624 (-6.2%)101 (-22.9%)191 (12.4%)70 (-26.3%)
Land$100,000 (22.0%) $134,793 (4.4%)147 (-2.7%)379 (-1.6)290 (16.9%)

Welcome to fall in northwest Vermont, and to our Fall 2019 Market Report through the 3rd quarter (Q3), January – September 2019.

Each quarter, we combine the Multiple Listing Service (MLS) data with the expertise of our Agents to offer a recap of real estate activity and trends in the 4 counties of northwest Vermont: Addison, Chittenden, Franklin and Grand Isle.

Traditionally, the “height of the market” is the 3rd quarter, late spring through summer; however, we have seen this heightened activity continue into fall in recent years. While the ongoing story in the national and regional market has been the contraction of inventory for sale, we did see some relief during the 3rd quarter, with new properties coming on the market increasing slightly over last year. This resulted in an increase in single-family home sales. Still buyer demand exceeds supply – pushing median and average sale prices higher.

With interest rates lower than last year, sellers and buyers would be wise to stay in the market during the 4th quarter of 2019 and 1st quarter of 2020, while properties are still in demand and at their most affordable.

Our skilled REALTORS® can help you with more specific price points in certain cities and towns. Given our market leading position, we are committed to providing unparalleled service and results for our clients.

The Number of Newly Listed Single-Family Homes in Chittenden Saw its First Increase in Several Years

Enjoy urban living in these newly converted 1 and 2 bedroom lofts in South Burlington.The Loft at 22 Kimball Commons
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $355,000 (4.4%) $408,814 (7.1%)1,050 (13.2%)1448 (11.3%)47 (-24.2%)
Condos $252,500 (9.5%) $284,854 (8.3%)498 (-0.8%)576 (-15.8%)64 (-2.9%)
Multi-Family $390,000 (3.8%) $477,222 (-5.4%)66 (-25%)119 (12.3%)62 (-18.4%)
Land$130,800 (-3.1%) $167,439 (-26.8%)60 (27.7%)111 (-5.1%)231 (-1.3%)

The number of newly listed single-family homes has increased over 2018, resulting in an increase of 13% in units sold. Still, demand remains strong with homes being on the market for only 6 weeks from list to close. 

Condominiums remain a popular choice among buyers interested in ease of maintenance and more affordable prices as compared to single-family homes. The decline in newly listed condos is likely affected by new construction projects that came on the market during 2018.

If you are considering selling your home – do not wait until spring! Demand and pricing are strong now. Serious buyers are in the market and may be flexible with closing dates in order to secure the home of their dreams.

 

 

 

 

 

 

 

 

Healthy Gains in the Numbers Homes and Condos Sold in Addison County

Located in the heart of Middlebury, this move-in ready home has been meticulously remodeled to meet modern needs. Homes in Middlebury
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $263,700 (-0.5%) $307,797 (6.9%)282 (9.3%)446 (-0.7%)116 (-3.3%)
Condos$194,500 (5.4%) $205,667 (4.6%)21 (61.5%)23 (43.8%)52 (4%)
Multi-Family$232,500 (-3.1%) $232,500 (-2.1%)2 (-81.8%)17 (21.4%)75 (-54%)
Land$67,500 (2.9%) $95,179 (0.6%)39 (-22.0%)81 (-27%)429 (64.4%)

The number of homes and condos sold so far in 2019 shows healthy gains over the same period last year.  

Buyers are drawn to Addison County’s farm-to-table dining options, art galleries and shops – not to mention close proximity to the lake or the mountains. Starksboro, Bristol, Monkton and Vergennes offer housing options for buyers who are comfortable with an easy commute to Burlington area employers.

An increase in multi-family listings this year, may give more choices to buyers looking for owner-occupied or investment property.

So that we can continue to best serve our customers and clients across the county, this year we opened our Real Estate Sales Center at 268 Main Street in Vergennes.

Franklin County Home Sale Prices Continue to Rise

3 bedroom, 2.5 bath home with 2 car garage, large drive, manicured yard with mature landscaping and a fully-fenced backyard in Fairfax.  MLS# 4816570
Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $232,700 (13%) $233,852 (9.2%)416 (-5%)658 (-3.4%)97 (-8.5%)
Condos$189,500 (5.9%) $200,391 (0.2%)38 (-24%)53 (8.2%)128 (-38.8%)
Multi-Family$180,670 (-9.2%) $208,646 (1.3%)33 (6.5%)51 (6.3%)85 (-34.1%)
Land$75,250 (40.7%) $98,343 (42.1%)30 (-11.8%)135 (26.2%)184 (-11.1%)

The prices of homes sold continue to increase over 2018. Homeowners, considering the sale of their property may want to act now in order to optimize their gains.  

Franklin County offers a variety of housing options and price points from city homes in St. Albans, suburban developments in Fairfax, country homes in Georgia and Swanton – or mountain living in Montgomery. Buyers may have a bit more breathing room when deciding to purchase in Franklin County – but don’t wait too long – homes and investment properties are selling on average in only 3 months on the market.

Homes Have been Selling More Quickly in Grand Isle County

Beautifully maintained 4 Bedroom Cape style home on 414 acres with 1717 Ft of Lakeshore in AlburghGrand Isle County Waterfront Homes
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.

Luxury Homes Sales Have Seen a 40% Increase in 2019

Custom designed to maximize views of Lake Champlain and the mountains. 100’ lake frontage in BurlingtonMLS# 4796810
Median Sale PriceAverage Sale PriceUnits SoldNewly Listed
Luxury*$990,000 (-4%)$1,189,065 (0%)49 (40%)98 (-8.4%)

Sales of luxury properties (defined as closed price of $850,000 for this report) remain strong so far this year. This has created favorable conditions for sellers and buyers alike. Well-designed homes, with proximity to downtown, access to the lake, or with views and acreage are what today’s buyers are searching for.

AddressTownCountySale Price
2952 Greenbush RoadCharlotteChittenden$850,000
308 South Prospect StreetBurlingtonChittenden$850,000
33 Burke RoadOrwellAddison$850,000
258 Summer Point LaneFerrisburghAddison$850,000
197 Pease Mountain RoadCharlotteChittenden$855,000
8 Hall RoadSouth HeroGrand Isle$862,000
2385 Shelburne Falls RoadHinesburgChittenden$862,500
345 Morgan DriveShelburneChittenden$870,000
51 Muddy Dog RunWestfordChittenden$890,000
1567 Morgan Horse Farm RoadWeybridgeAddison$890,000
338 Golf Course RoadSouth BurlingtonChittenden$900,000
345 Meadowridge RoadWillistonChittenden$900,000
404 Staton DrivePantonAddison$910,850
1406 Spear StreetSouth BurlingtonChittenden$920,000
5520 Sand RoadFerrisburghAddison$939,000
1490 Arnold Bay RoadPantonAddison$939,000
127 Prindle RoadCharlotteChittenden$945,000
263 Golf Course RoadSouth BurlingtonChittenden$945,000
108 Brigham Hill RoadEssexChittenden$949,000
4 Fairholt DriveBurlingtonChittenden$950,000
282 Clearwater RoadShelburneChittenden$950,000
480 Staton DrivePantonAddison$961,000
161 Deforest RoadBurlingtonChittenden$975,000
366 Black Willow LaneCharlotteChittenden$989,000
146 Simmons DriveShelburneChittenden$990,000
35 Edgewood RoadCornwallAddison$1,000,000
608 Hills Point RoadCharlotteChittenden$1,015,000
1397 Spear StreetSouth BurlingtonChittenden$1,030,000
582 Autumn Hill LaneShelburneChittenden$1,040,000
7 Surf RoadBurlingtonChittenden$1,050,000
3412 Harbor RoadShelburneChittenden$1,100,000
11 Adams Landing ExtensionGrand IsleGrand Isle$1,125,000
3410 Harbor RoadShelburneChittenden$1,125,000
265 Buff Ledge RoadColchesterChittenden$1,136,500
6135 Mt. Philo RoadCharlotteChittenden$1,150,000
274 Pine Haven Shores LaneShelburneChittenden$1,150,000
358 Golf Course RoadSouth BurlingtonChittenden$1,150,358
293 Mead Farm RoadHinesburgChittenden$1,200,000
294 Pine Haven Shores LaneShelburneChittenden$1,250,000
289 Upper Old Town TrailCharlotteChittenden$1,250,000
1283 Cheesefactory RoadShelburneChittenden$1,400,000
40 College StreetBurlingtonChittenden$1,400,000
793 Orchard RoadCharlotteChittenden$1,530,000
1400 Spear StreetSouth BurlingtonChittenden$1,650,000
321 Crooked Creek RoadColchesterChittenden$1,750,000
1054 Sherman HollowHinesburgChittenden$1,775,000
147 Appletree Point RoadBurlingtonChittenden$2,185,000
222 Deer Point RoadCharlotteChittenden$3,300,000
203 Pheasant Hill LaneShelburneChittenden$3,710,000