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. MLS# 4751530
 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# 4775197
 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 AlburghMLS# 4719852
 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# 4779450
 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

 

Mid-Year 2019 Market Report

Breathtaking from the moment you arrive, this 4 bedroom 3 bathroom Charlotte Colonial is captivating & comfortable both inside & out. MLS# 4763541
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$300,000 (+5.3%) $343,918 (+9.5%)1006 (+1.3%)1743 (+.8%)81 (-18.2%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$239,950 (+9.3%)$268,129 (+5.7%)330 (-7.6%)415 (-18.8%)80 (+11.1%)

The mid-year point is an important milestone for real estate trends, especially in northwest Vermont. We are in the midst of the traditional “height of the market.” Closings on real estate sales surge in June, July, and August in between the school year, vacations, holidays and other life events that typically drive the market. In addition to single family and condominium sales – this report looks at results and trends in luxury & multi-family sales – as well as land sales throughout the region.

Low inventory continues to be the story in the national and local housing market. Properties coming on the market have been in short supply for a few years resulting in less sales, while demand remains strong. Steadfast price growth for homes in northwest Vermont is good news for sellers but has challenged some buyers trying to get into the market. Competition for properties under $400,000 may not let up for quite some time.

So far in 2019, first-time buyers only accounted for 31% of home sales – well below the historic market share of 40% according to the National Association of REALTORS. There remain several reasons first time buyers are struggling to get in the market: student debt, starter home inventory in short supply, and credit score requirements are tighter than historic norms.

Nationally & locally, new construction levels have failed to keep pace with population growth, shifting demographic preferences and the aging housing stock. Vermont has the second oldest housing stock in the country. Builders face challenges in land, permit and material costs, as well as shortages in labor. In some communities, neighbors are raising concerns about the loss of green space and wildlife habitats. Strong voices are needed for zoning and regulatory changes that many local governments are weighing as a way to increase housing density and improve affordability.

At a recent Burlington Housing Summit, the topic of Accessory Dwelling Units (ADU’s) added to existing homes was presented as an innovative way to tackle housing shortages. Fannie Mae is funding a pilot program in Denver to add ADU’s to low and middle income housing which will also generate extra income for homeowners. This type of infill housing helps support multi-generational living and allows aging homeowners to stay put longer since they can rent the ADU or primary residence to earn extra income and help with home maintenance. Zoning and permitting restrictions along with the cost of adding ADU’s needs to be considered if this to be a viable solution.

Homeowners are staying put longer. On average, homeowner tenure is 8-10 years vs. 5-7 years less than a decade ago. With rising home prices and tenure increasing, real estate wealth of homeowners is growing (total asset value minus outstanding mortgage). In many cases, the wealth held by older generations is transferring to first-time buyers. According to a recent NAR survey, first time savings counts (measured in 10 states) allowed “grandma” to make deposits, and 1/3 of first-time buyers had help from family members.

Throughout this report, you may see the terms “affordable or more affordable” used when describing a particular housing type or a particular city or town. Affordability is a relative term since Vermont – particularly northwest Vermont – is not, on average, as affordable as other parts of the country such as the midwest or south. The median price of homes in northwest Vermont, at $300,000, surpasses the national median price of $261,600. Coupled with high property taxes, the cost of living in Vermont may not be “affordable” for some. Having said that, for the purposes of this report we are comparing our markets and identifying properties and towns that may have a median price below other counties or the regional average.

Northwest Vermont Real Estate Market Share ChartDemographically, millennials have overtaken baby boomers as the largest US adult population – and they’re starting to buy homes. Statistically, they make up 45% of the home buying population. When the full buying potential of this population is realized – and the housing supply issue has been addressed, solid home sales growth should follow.

Buyers who are at a point in their life where they are ready and able to buy will find today’s prices coupled with low interest rates are an advantage over long term rentals.

Chittenden County has Seen an Increase Single-Family Homes for Sale

Enjoy rare privacy, and stunning lake and mountain views from this custom waterfront home in Burlington’s New North End. | MLS # 4765853
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$241,000 (+4.8%)$274,394 (-5.3%)298 (-7.2%)353 (-24.4%)77 (+26.2%)
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$355,000 (+4.1%) $408,691 (+9.8%)571 (+7.1%)914 (+6.5%)56 (-22.2%)

The number of single-family homes coming on the market has increased over the same period last year for the second consecutive quarter. While this is good news, the increase in supply still cannot meet the demand from buyers. Median and average sale prices, once again, posted increases pushing the levels to record highs.  

Price conscientious buyers, wanting to live in Chittenden County, might look outside of the greater Burlington area, where homes may be closer to their budget. Hinesburg, Underhill, Westford, and Milton offer median prices under the county average along with increases in the number of newly listed homes.

Condominiums offer a lower maintenance lifestyle than single family homes. In most towns in Chittenden County, the median condo price increased as inventory declined sharply. However, the prices are typically less than a single-family home of similar age and condition. New developments in Williston, Essex and South Burlington, over the past couple of years, increased the number of condos available for sale during those periods. As these new communities near the build out of existing phases, inventory numbers have fluctuated.

Hot spots – areas with increased median price and number of units sold include Burlington, Colchester, Jericho, Shelburne, and Williston. Winooski is still the “most affordable” town in Chittenden County with a median price of $281,500. However, continued demand from buyers, attracted to the vibrant downtown, has resulted in multiple offers on newly listed homes – many of them cash sales with few contingencies. The “Days On Market” (DOM) in Winooski is just over one month.

Adjustments reported in the number of sales and new listings in South Burlington is a result of a shift in inventory available in new developments such as Hillside at O’Brien Farm which launched in 2018 and has closed nearly 25 units – and the near completion of Phase 2 to permitting Phase 3 at South Village.

With few exceptions – homes are closing in less than 2 months from list date. Sellers must be prepared to act quickly when their property hits the market and offers come in. Working with your agent in advance to identify where you want to live and what your budget will allow is important in managing expectations. To realize the most value from the sale of your home, now is the time to start cleaning out your garage, basement and closets; and to complete deferred maintenance items while the weather is on your side.

 

 

 

 

Addison County Median Sales Price Saw a Nearly 7% Decrease Over Last Year

Enjoy Adirondack and lake views from this charming country cape on 10+ beautifully landscaped acres in Ferrisburgh. | MLS# 4763533
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$251,500 (-6.7%) $286,503 (+1%)150 (+7.1%)291 (+1.4%)117 (-8.6%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$222,500 (+39.7%) $226,950 (+7.5%)10 (+42.9%)16 (+33.3%)63 (0%)

Although the median price of single-family homes dropped by nearly 7%, this was compared to a 9% increase last year. The bright spot may be the slight increase in newly listed homes after months of sharp declines. With few condominium complexes throughout the county and therefore few sales, the increases in units and prices of sold properties need to be taken in context.

Buyers are drawn to the community amenities of towns that make up Addison County with their farm to table dining options, art galleries and shops – not to mention close proximity to Lake Champlain. Starksboro, Bristol, Monkton and Vergennes offer housing options for buyers working at nearby employers, like Collins Aerospace, or those who are comfortable with an easy commute to Burlington.

So that we can continue to best serve our customers and clients across the county, we opened our Real Estate Sales Center at 268 Main Street in Vergennes this spring. Many great events organized by The Vergennes Partnership such as colored lights on the Vergennes Falls each evening, City Band Concerts every Monday through the summer, or the Eat on the Green Food & Musical Festival in September – are just steps from our office. Stop by to say hello.

Franklin County Median Sale Prices, for Single-Family Homes, Saw Nearly 10% Increase Over Last Year

A custom home with award-winning energy efficiency and stunning views of Jay Peak in Enosburg. MLS# 4758512
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$225,000 (+9.8%)$230,137 (+6.8%)227 (-14.3%)405 (-9.8%)102 (-8.1%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$189,000 (+8%)$198,749 (+3.4%)21 (-27.6%)45 (+45.2%)134 (-28.7%)

 

Fueled by robust increases in the price of homes sold in St. Albans, Georgia and Fairfax – the median sale price for Franklin County rose to $225,000. Homeowners, considering the sale of their property may want to act now in order to optimize their gains.

The decline in the number of homes sold year to date may be more a factor of decreased inventory rather than a lack of demand. Countywide, sales take little more than 3 months from listing to closing.

Fairfax, within a comfortable commuting distance to employers to the north or south, has the highest median price in the county and remains a popular option among buyers. The lack of new homes coming to market affected the total number of sales. With “DOM – days on market” at only 70 days – homes were quickly purchased by ready and able buyers.

St. Albans and Swanton together account for nearly half of the sales in the county. The median sale price has increased in both cities helping push the county median up nearly 10%.

 

 

 

 

 

 

 

 

Home Sales in The Champlain Islands Increased in the Second Quarter of 2019

This is an once in a lifetime opportunity to own an incomparable family compound on 1279 feet of lake frontage and 8.65 acres in South Hero. MLS# 4743290
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$252,500 (+27.9%)$300,047 (-1.7%)58 (+5.5%)133 (-2.2%)149 (-36.9%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$270,000$270,000 11114

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.