Limited home inventory made for a tight market in 2018

Milton contemporary Colonial including 3 bedrooms, 2.5 baths & finished basement that walks out to the enclosed in-ground pool. | MLS # 4731539
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$339,900 (+5.6%)$381,006 (+3.6%)1,236 (-1.8%)1,534(-3%)62 (-13.9%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$235,000 (+1.3%)$266,079 (+2.4%)670 (+4.2%)803 (+12.5%)58 (-2.8%)


Limited homes for sale continue to be the story across Chittenden County. With new listings to the market declining 3% over 2018 – units sold also dropped. This resulted in a median price increase of 5.6% for single family homes. 

The number of Condominiums available for purchase showed a healthy increase as some owners took advantage of a seller’s market and sold their entry level condos in order to move up to a larger home. Builders introduced new condominiums & townhouses to the market, offering easy maintenance and the “right size” floorplan for new families and empty nesters.

In South Burlington, Hillside at O’Brien Farm launched in March with 12 single family and townhomes closed and many more reserved or under construction. South Village, off of Spear Street, looks to finish the build out of phase 2 in 2019 – and possibly offer homes in phase 3 subject to permits.

Winooski continues to draw buyers with a revitalized downtown & walkability to restaurants, shopping and recreation. Multiple offers on single family homes from excited buyers pushed the median price up 18% – nearly the largest increase across the county. A number of resales in the Cascades Building along the Winooski River resulted in a 44% surge in the median price of condominiums in the city.

Multi Family properties were in high demand while inventory was extremely tight. Investors need to move quickly when a property becomes available.

 

 

 

 

 

 

Addison County homes sales remained stable in 2018

Enjoy the advantages of year-round lakeside living: tranquility, natural beauty, sunsets, and easy access to the water in FerrisburghMLS# 4727482
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$268,500 (+3.3%)$296,818 (+3.7%)348 (-0.9%)510 (-5.9%)113 (-19.3%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$209,000 (+7.5%)$223,614 (-9.1%)17 (-19.1%)24 (+26.3%)62 (+5.1%)

The number of single-family homes sold in 2018 remained stable while new listed properties declined. This resulted in a slight uptick in the median sale price. Condominium sales are minimal in this county – a total of 17 sales in 2018 – therefore statistics can be affected by a slight a change.

Buyers are attracted to the relative affordability compared to neighboring Chittenden County – along with the quaint Vermont feel of restaurants, galleries and small shops that make up the downtowns of many of the towns in Addison County.

Topping the list of closed sales in the county were Middlebury, Bristol, Ferrisburgh, Monkton and Vergennes. Construction in downtown Middlebury through 2019 may be a factor in the market, however Middlebury College will always be a strong draw.

 

Sales in Vergennes increased by 18% possibly affected by a 14% increase in homes available for purchase. Starksboro is an appealing option for home buyers with an affordable option median price of $238,750.

New Haven posted one of the highest increases in median price – at $333,000 a 42% increase over 2017. This increase is a result of an increase in the number of units sold – which rose by 50%. Median price is defined as the sale price of the property in the middle of the roster of sold properties – therefore a jump from 10-15 units sold will push the median price up while not necessarily equating to an appreciation in overall home values.

 

 

 

 

 

More Homes Available in Franklin County in 2018

Quintessential Vermont Farmhouse with 32.6 acres, 3 bedroom, 3,460 sq. feet of living, and a 40×80 Barn in Richford. MLS# 4728097
Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$208,950 (-2.8%)$216,706 (+0.7%)558 (+5.1%)796 (1.4%)104 (-14.1%)
Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$187,498 (-4.6%)$207,275 (+0.1%)64 (+60%)64 (+1.6%)205 (+61.4%)

The number of properties coming on the market in 2018 stabilized after declining for a few years. This was good news for buyers seeking affordable home ownership options. Franklin County, with a median price of under $209,000, is the most affordable in northwest Vermont.

Town by town data varies widely with median prices and sales fluctuating based upon proximity to interstate 89, Lake Champlain or second home areas.

Georgia and Fairfax posted the highest median sale prices of $280,000 and $286,000 respectively. A nearly 17% increase in new homes to the market in Fairfax helped push unit sales up by 6.8%. With proximity to both Burlington and St. Albans, both towns are popular options for families.

 

 

 

 

 

 

Strong luxury home sales drive average sale price higher in 2018

Escape everyday or just on holidays to this whimsical 3 bedroom Contemporary with soaring ceilings, loads of glass and lake views in South Hero MLS# 4729791

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$244,900 (-2%)$341,883 (+14.9%)133 (-13.1%)258 (+1.6%)169 (+9%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$244,900 (-2%)$259,000 (+0.4%)1 (-50%)1 (-66.7%)78 (+52.9%)

A number of high priced, luxury home sales throughout Grand Isle County drove the average sale price up nearly 15%. Savvy buyers seek the county’s access to Lake Champlain, Interstate 89 – and substantially lower property taxes than luxury, lakefront homes to the south.

The number of homes coming on the market in 2018 rose slightly – but with a decline of 13% in total units sold – the median sale price dropped. After 2 years of increased sales, 2018 could be viewed as a stabilizing of the market.

The natural confines of an island geography coupled with development and permitting restrictions will naturally limit growth in the county. With the smallest number of sales and inventory available throughout the 4 counties in this report, Grand Isle statistics can vary widely from season to season.

 

 

 

 

 

 

The investor market heats up in 2018

8-Unit Apartment building in the heart of downtown Brlington with parking plus 3 bedroom, 1 bedroom and studio rentals MLS# 4715628
Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$324,400 (+13.8%) $423,239 (+17.9%)156 (+19.1%)201 (-11.1%)95 (+2.2%)
Chittenden County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$377,500 (+13.8%) $519,974 (+15.4%)107 (+23%)123 (-12.8%)72 (+4.6%)

 

The super-hot investor market shows no sign of letting up as the number of properties sold increased by 19% while inventory remained scarce. Low supply and heavy demand pushed the median sale price up nearly 14% across the market.

Chittenden County, accounting for 68% of the total multi family sales in northwest VT, saw an average sale price of almost $520,000 – driven by some high-priced sales in Burlington. Some long-time investor owners are deciding to part with portions of their portfolio to realize price gains – while new investors to the market need to be well qualified and ready to act if an opportunity presents itself.

Despite newer apartment complexes becoming available over the last couple of years- and 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 of college students in downtown Burlington. Positive job growth in Chittenden County also contributes to the strong demand.

 

 

Land showed a healthy increase in 2018

Nice, open level lot with Adirondack Mountain views in a great location close to South Burlington/Shelburne town line. MLS# 4714389
Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$88,000 (0%)$150,130 (+36.7%)203 (+7.4%)463 (-19.3%)289 (+1.4%)

Land sales across northwest Vermont showed a healthy increase over 2017. With inventory of homes for sale declining year over year coupled with a strong seller’s market – many buyers are turning to land purchases to build a custom home. 

Addison County closed nearly the same number of land sales as Chittenden County – but at a more affordable median price of $70,000.

With an increase in sales and a decline in new land listings to the market, parcels that have been for sale for an extended period of time are being absorbed. Developers are looking for land in key locations to satisfy the demand from potential homeowners looking to down size or right size their lifestyle.

Still, land owners can plan on nearly a year, on average, for a property to sell.

 

Luxury Homes Sales increase 4% over 2017

Enjoy the spectacular views from this sun filled architectural designed home with 177 feet of sandy beach in Colchester. MLS# 4646487
Luxury Homes  
Median Sale Price:Average Sale Price:Units Sold:
$1,064,000 (+4.4%) $1,169,089 (-2%)48 (+4%)

Luxury Home sales in Northwest Vermont have continued to increase over previous years. While 2 additional properties sold in 2018, there has been an overall increase of 71% in units sold since 2015. The median sale price increased by 4.4% with the average sale price declining for the second year in a row. 

Nationally, the luxury market has slowed a bit 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 the cash buyer.

The months supply of luxury homes for sale has declined over prior years – which is good. While supply varies seasonally, it was at a low of 10 months and an average of 13-14 months during 2018; still a buyers market. Having said that, a number of homes that sold in 2018 went under contract within a few days – demonstrating there are buyers looking for homes with updated floor plans and amenities.

In Chittenden County, where 29 luxury sales were closed, buyers purchased homes in downtown Burlington, on spacious lots with views in Shelburne, along the popular Spear Street in South Burlington as well as on the Lake Champlain shore.

Grand Isle proved a draw for luxury buyers with 10 homes closing in 2018 versus 3 in 2017. The lower tax burden in Grand Isle is a contributing factor although the easy drive to Burlington coupled with the island vacation vibe likely contribute to the overall appeal.

*For this report, the Luxury market is defined as Residential sales $850,000 and above.

 

 

 

 

2018 Fall Market Report

Vermont Fall Real EstateMarket Report 2018
This custom home nestled on 10 private acres, in Hinesburg, is thoughtfully designed to showcase sweeping mountain views and a seasonal view of Lake Iroquois. MLS# 4685032


 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $289,950 (5.4%) $322,081 (3.5%)1,726 (0.8%)2,654 (-1.2%)89 (-8.3%)
Condos $226,000 (-1.3%) $256,243 (-0.7%)561 (7.7%) 744 (13.1%)70 (-21.4%)

Leaves fall from the trees, boats come out of the lakes, and hunters head for the woods. Welcome to fall in northwest Vermont, and welcome to our Fall 2018 Market Report, January – September 2018.

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.

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 to our clients.

The data through the end of the 3rd quarter is significant in that it includes closed sales for the busiest segment of the year. Traditionally, the “height of the market” is considered late spring through summer. The ongoing story in the national and regional market is the contraction of inventory for sale, so it is remarkable that closed sales through the 3rd quarter faired as well as they did. Closed sales of Single-Family homes remain flat across the region while sales of condos, land and multi-family properties show healthy increases over the same period last year. The median price of sold, single family homes continues to rise while prices of Multi-Family homes surged as investors clamor for properties in a tight market.

With mortgage interest rates increasing recently – and additional increases expected, sellers and buyers would be wise to stay in the market during the 4th quarter of 2018 and 1st quarter of 2019, while properties may be in the most demand and at their most affordable.

Buyer Demand Remains Strong & Homes for Sale Remain in Chittenden County

Move right in to this stylish, tastefully appointed cape on a small cul-de-sac in Shelburne. | MLS # 4722677

 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $339,950 (5.6%) $381,536 (4.3%)928 (-2.6%) 1,304 (-2.3%)62 (-12.7%)
Condos $231,500 (-0.6%) $263,455 (0.8%)497 (6%) 678 (15.7%)57 (-33.7%)


With record lows for Single Family homes available for sale and strong buyer demand – homes are on the market, on average, for only 2 months from list to close.

The median and average sale prices continue to post healthy increases across the county. Condominiums are a popular choice among buyers interested in ease of maintenance and more affordable pricing compared to single-family homes.

The number of condos sold through the 3rd quarter continues to rise as many newly listed options come on the market.

The large majority of multi-family sales across the region are in Chittenden County. An 8% decrease in available properties, coupled with a 32% increase in closed sales drove the median and average sale prices up 11.5% and 22% respectively.

 

 

 

 

Affordability Still Drives Homes Sales in Addison County

Historic Vermont 34-acre farm boasts a fully restored Farmhouse, Guest house, post and beam barn in Addison. MLS# 4722197
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Single-Family $265,000 (3.9%) $288,298 (3.4%)257 (0%) 448 (-4.7%)120 (-9.1%)
Condos $184,500 (-3.4%) $196,572 (-22.8%)13 (-23.5%) 16 (-5.9%)50 (-29.6%)

Buyers are attracted to the quaint, Vermont feel and vibrant downtowns of Bristol, Vergennes and Middlebury – along with the more affordable housing options in Addison County.

The Median and Average Sale price for single family homes rose a modest 3% likely affected by fewer properties for sale as well as the sale of 5 luxury property in Addison County so far in 2018.
Still, with a median sale price of $265,000 and days on market (DOM) of 4 months, buyers may find their dream home at a reasonable price without the pressure of multiple offers so common in Chittenden County.

Land sales continue to increase year over year as homeowners opt to build when options for existing homes remains challenging.