Many buyers have turned to new construction in communities like Hillside at O’Brien Farm and South Village – both in South Burlington. New builds offer buyers time to make selections in location, floorplans, and finishes while not competing in the frenzied re-sale market. However, supply chain disruptions and increased cost for materials are pressuring builders who want to deliver a high-quality product on time.
With the increase in median sale price comes an increase in the equity position for many homeowners. The time to list may be right for Sellers who have postponed a move to list their home. Showing practices during COVID-19 are efficient and less intrusive then they were pre-pandemic. In most cases, only well-qualified buyers who have viewed homes online – via video and photos – narrowed their search to your home will physically enter your property. Many qualified buyers are waiting for the right property to hit the market; so savvy sellers, with guidance from their agent, will list their home now and not wait until the spring.
Middlebury College attracts alumni seeking homes in town and in the neighboring town of Cornwall. While shoreline and accessibility to Lake Champlain drive sales in neraby Ferrisburgh, Addison, and Panton. Even as the number of new listings to the market decline, a variety of properties remain for buyers to choose from – and a bit more time to contemplate a purchase.
The number of condos sold has jumped by more than 25% – offering buyers ease of maintenance and prices, on average, under $235,000. St. Albans topped the county in sales of single-family homes at 186 units, followed by nearby Swanton, Fairfax, Georgia, and Highgate. With convenient access to I-89, these towns remain attractive to buyers seeking an easy commute to work and amenities.
Welcome to Terrapin Lane on the shores of Lake Champlain! One of 3 lakeshore lots with private beach and next to golf course! 9 lots available.
Single Family January-December
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$307,000 +13.8%
$419,754 +33%
177 +18.8%
212 -6.2%
125 -4.6%
Single Family January-December
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$339,400 +21.9%
$339,400 +21.9%
1 -50.0%
1 -50.0%
1 -98.5%
Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. A short drive from nearby Chittenden and Franklin County, Grand Isle County proved to be a desirable locale for those living and working in the remote world we experienced in 2020.
The median sale price for single-family homes rose nearly 14% far greater than the region’s 8% growth. Sixteen of the Luxury Sales in 2020 were in Grand Isle – accounting for nearly 10% of the homes sold. The average sale price of those homes was $1,406,438, with the median standing at $1,250,000.
Now is your chance to build the home of your dreams along the shores of Lake Champlain in Colchester | MLS# 4844420
Luxury Homes January-December 2020
Median Sale Price:
Units Sold:
Newly Listed
Days on Market:
$1,141,000 +17.9%
108 +63.6%
159 +44.6%
124 +0.8%
In spite of a slow start, in part due to COVID-19, the luxury market ended the year in record fashion. While out of state travel restrictions stifled the traditional spring market, by mid year buyer demand began to rise.
Property videos, professional photography, and options like FaceTime offered creative solutions for “COVID -19 refugees” to consider a purchase without always visiting the homes in person. The term “second primary residence” was coined as buyers and vacation homeowners moved to their Vermont properties for extended periods.
Across the state, Vermont Realtors sold over 300 homes worth over $1 million or more, nearly three time the prior year. Northwest Vermont recorded 108 sales at prices over $850,000, a 40%+ increase. The luxury market, unlike mid price ranges had available inventory that, in some cases, had sat on the market for some time.
The stunning rebound in sales during the second half of 2020 is largely driven by out of state, cash buyers or Vermonters who desire high-end amenities, views, and location while living & working remotely. In the COVID-19 era, “want and need” have become more significant variables affecting the decision-making process to buy in the luxury market.
Incredible investment opportunity to own a slice of Burlington with 3 buildings on a large corner lot in a great neighborhood sandwiched between the UVM Medical Center, colleges and the Old North End. | MLS# 4839746
MEDIAN SALE PRICE
VS 2019
UNITS SOLD
VS 2019
NEWLY LISTED
VS 2019
DAYS ON MARKET
All Counties
Multi-Family
$350,000
0.30%
164
14.70%
214
-8.20%
87
Chittenden County
$417,300
7.00%
108
17.40%
138
-4.20%
57
Addison County
$250,000
13.60%
15
114.30%
20
-13.00%
220
Franklin County
$229,750
8.50%
40
-4.80%
51
-16.40%
111
Grand Isle County
$179,900
-44.10%
1
-50.00%
5
0.00%
475
The investor market remains strong in northwest VT, mostly driven by low-interest rates and strong equity positions in existing properties for owners. The median sale price of $350,000 was stable across the region with 7% growth to $417,300 in Chittenden County.
The number of units sold grew substantially over 2019, while properties coming on the market continued a year over year decline. Burlington, the largest city in Vermont, accounts for most multi-family sales in the region, boasting an average sale price in excess of $700,000.
According to the recently published Allen, Brooks & Minor Report, the apartment vacancy rate in Chittenden County is the lowest reported in the past six years at 1.1%. As long as tenants can stay on top of their rent payments – some struggling with unstable unemployment – and housing for college students remains in high demand, the desirability of owning multi-family properties in the region will continue.
20 acre lot with stellar Otter Creek Valley & Adirondack views! Approved 4 bedroom septic design. Minutes to Vergennes & Middlebury! | MLS# 4843107
Land January-December 2020
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$109,950 +10.0%
$159,496 +16.5%
244 +23.9%
495 +11.5%
321 +9.2%
After a brief slow down in early 2020, land sales ended up increasing across the region. The declining inventory for existing homes and buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contribute to this growth.
Options remain for purchasers looking to build their dream home. Factors to consider include the longer wait time to occupancy and higher costs associated with building a home during the pandemic.
More buyers in 2020 found the option to build new a wise choice. Demand for land and new construction is expected to be strong in 2021.
Spectacular waterfront home with 150’ of deeded lakefront on a beautiful 1.14 acre lot in South Hero. MLS# 4832540.
Just 3 months ago, in our Mid-Year 2020 market report, we provided data on the effect that the coronavirus had on real estate in northwest Vermont. The market had heated up after a pause due to the statewide shutdown. Low inventory, low interest rates and pent up demand pushed median prices higher year over year. The height of the real estate market – typically spring – had been pushed into summer. What we could not predict was the sustained demand for Vermont real estate that surged through the 3rd quarter of 2020, showing little sign of letting up.
Single-Family January-September 2020
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$322,500 +5.7%
$368,630 +6%
1,815 -2.8%
2,335 -15%
75 +2.7%
Condo January-September 2020
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$259,950 +6.2%
$282,962 +2.6%
590 +4.8%
670 +2.1%
55 -19.1%
In a recent article in Forbes, George Ratiu, Senior Economist at Realtor.com is quoted “Real estate markets have undergone noticeable shifts since the start of the coronavirus pandemic, in the wake of the lockdowns in March, Americans discovered that existing homes were not adequate for the new work, teach, exercise, cook and live at home reality. Based on realtor.com surveys of consumers, we learned that home shoppers are looking for more space, quieter neighborhoods, home offices, newer kitchens and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas.” This, coupled with accolades for Vermont’s handling of the virus – quickly flattening the initial wave and slowly opening the economy in a safe way, has contributed to the continued demand in our region.
Our website, HickokandBoardman.com, has seen a 27% increase in users and pageviews year over year. In-state visits to the site increased by 23% while out-of-state visits were up 33%. New York, New Jersey New England states, and California topped the list for out of state visitors searching for Vermont property.
The luxury market (defined for this report as residential property above $850,000) has benefited substantially. In search of a “second primary home,” buyers from out of state – most with ties to Vermont – are snapping up larger homes with amenities that meet their desire for space and a sense of safety. Newly listed homes in this category increased 36%, offering a variety of options for those looking for a lifestyle change.
Nationally, the median price of existing homes pushed to a record high of $310,600 – up 11.4% annually. Locally, the median price has increased nearly 6% to $322,500 for a single-family home. These prices vary by county and town, so it is important to consult with our Realtors for data in your specific area.
In August, mortgage rates set several record lows, which added to the fierce competition for housing. Low rates give buyers additional purchasing power while sellers benefit from increased equity positions in their homes. A “seller’s market” continues, as buyers are often challenged by the reality of multiple offers. Being well prepared, pre-approved and working with a Realtor experienced in navigating the intricacies of crafting purchase offers in this unprecedented market is critical for buyers wanting to achieve their dream of home ownership this year.
Despite the calendar pointing us in the direction of winter, and what used to be a slower period for real estate transactions, Sellers should view this as an extended spring/summer market. Get your home on the market and keep it on the market through the winter and “holiday season.” Virtual showings and video enable buyers to view your home at their convenience. And, COVID guidelines reduce the number of people actually entering your home. Yet, the number of serious buyers in the market remains strong. With guidance from your Realtor, you should be able to negotiate a contract with price and terms that meet your needs still allowing you time to enjoy the holidays with family and plan a move for early 2021.
Spectacular views of Lake Champlain & the Adirondacks await from this beautiful 5 bedroom, 5.5 bath home on 1.99 landscaped acres in South Burlington. | MLS# 4833167
Nestled between the shores of Lake Champlain and the rolling fairways and greens of The Alburgh Golf Links lies this exciting new community of Terrapin Lane | 10 Lots Available