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
This custom-built contemporary home, in St Albans Town, is situated on a ridgeline atop Fairfield Hill allowing one of Northwest Vermont’s most incredible views. | MLS# 4794368
South Village was designed from the ground up to bring together two of Vermont’s most cherished traditions: open space and village living. New Home Sites available.
Summer is in full swing with high temperatures not felt since 2018. As the weather heated up, so did the real estate market after a short pause due to the Coronavirus. As the pandemic spread, Vermont Governor, Phil Scott, issued a “Stay At Home” order in late March. Real estate sales were on hold except for contracts already in the pipeline and ready to close. As the spigot was slowly turned back on, real estate showings resumed on April 20th with restrictions lifting weekly. The most recent change is flexibility in quarantining for out-of-state buyers – who were largely shut out of the Vermont market since March.
Single Family January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$306,500 +1.2%
$343,202 -0.3%
878 -13.3%
1380 -21.1%
91 +12.4%
Condo January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$249,900 +4.1%
$279,854 +4.1%
300 -9.9%
401 -5.0%
59 -25.3%
Single Family April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$316,700 0%
$347,860 -1.9%
500 -24.2%
848 -26%
85 +11.8%
Condo April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$249,000 +0.6%
$276,673 +0.5%
153 -30.1%
217 -19%
49 -38.8%
The height of the real estate market is typically in the spring, leading to closings in late spring and early summer. Therefore, we are providing additional data in this mid-year report. Typically, our report would present the statistics from January 1st – June 30th. However, we are including data from the 2nd quarter as well (April 1st- June 30th) to demonstrate the effect that the shutdown had on a market which started quite strong in 2020.
The pandemic has had a massive effect on the economy, but the housing market has not taken a major dive, unlike the Great Recession of 2008, which was largely driven by the housing sector. As sharp and quick as the decline in the market was – the recovery has been nearly as strong. Pent up demand of buyers ready for the spring market – wanting to benefit from historically low mortgage interest rates (briefly falling below 3% for the first time in 50 years)- has resulted in multiple offers on homes within days of hitting the market. Many homes are selling for well above list price – causing lenders, appraisers, buyers, sellers and even real estate agents to wonder where the “top” of the market will be. A real estate purchase or sale should be contemplated based upon your own needs and financial objectives. Attempting to “time” the market is simply impossible and will result in frustration and missed opportunities.
Other indications of strong demand include online search activity. Search traffic to HickokandBoardman.com remained strong, throughout the pandemic, with over 200,000 visits for property in Chittenden, Addison, Franklin, and Grand Isle Counties. Out-of-state traffic, perhaps driven by the desire to relocate to a more rural market, accounts for roughly 45% of overall traffic. We are seeing a significant increase in web traffic from prospective out-of-state buyers from Massachusetts, Florida, Virginia, New Jersey, and California.
Some Economists, nationally, caution that prices may fall later this year as the effects of unemployment and foreclosures weigh down the market. Homeowners, who opted to postpone mortgage and loan payments during the peak of the pandemic, are now receiving notices that their deferred payments are due. Locally, supply & demand may sustain price growth. Our area is not oversupplied, and the pipeline of new, affordably priced homes coming on the market is not enough to satisfy buyers. An experienced Chittenden County appraiser reported that he is factoring in an appreciation of 4-4.5% when calculating the market value of purchase and refinanced properties.
As we have reported for the past two years, a lack of inventory in homes for sale remains a challenge; decreasing over the past three months as sellers were hesitant to allow buyers inside. Seller confidence should improve as Vermont ranks top in the nation for management of the virus. With years of price growth in northwest Vermont and scheduled showings of well- qualified buyers rising dramatically (according to ShowingTime) – sellers can reap the benefits of their strong equity position. Getting on the market now is important to balance the real estate market.
Hunkering down in our homes has caused us to reflect on what we need for comfort and safety. Do we need a home office, more space for family, less indoor space and more outdoor living space? No doubt these discoveries will shape the direction of buyers, sellers and homeowners going forward. It has been reported that home improvement purchases have spiked during this pandemic – as many have the time and attention to devote to enhancements to living spaces. Never more than now, do we appreciate what home means to all of us.
Enjoy the best of both worlds in this lovely custom built home on 3 acres in Essex. You will love the charm, quality and custom features throughout. | Homes for Sale in Essex
Our mid-year report includes data for the first 6 months of 2020, as well as data for the 2nd quarter of 2020 alone. We cannot analyze the trends in the northwest Vermont real estate market without understanding the effects of COVID-19 which struck Vermont in mid-March.
Single Family January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$360,000 +1.4%
$420,483 +2.8%
467 -18.8%
715 -22.1%
56 0%
Condo January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$261,100 +6.6%
$286,077 +4.0%
272 -9.6%
353 -1.9%
55 -27.6%
Single Family April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$376,000 +3.0%
$427,373 +2.2%
257 -32%
437 -26.1%
42 -20.8%
Condo April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$249,000 +0.6%
$276,673 +0.5%
153 -30.1%
217 -19%
49 -38.8%
The median sale price for single-family homes continued the year over year climb to $360,000; a 7.5% increase over the same period in 2018. Condominium pricing also rose while still providing a more affordable and low maintenance option for home buyers. Newly listed homes dropped 26% during the second quarter amidst the spread of COVID-19 – increasing the pressure on an already undersupplied market. Sellers, hesitant to open their homes to in-person showings yet motivated to keep their home listed for sale, worked with our marketing team to create video tours of their property.
Buyers acted quickly when the right property caught their eye resulting in only 42 days on the market (DOM) – the number of days from list to contract; the lowest we’ve seen in many years. In some key price points and locations, the “DOM” is in the single digits.
Contemporary home on 142 acres of woods & meadows with breathtaking views of the Adirondacks and Lake Champlain. | MLS# 4808946
Our mid-year report includes data for the first 6 months of 2020, as well as data for the 2nd quarter of 2020 alone. We cannot analyze the trends in the northwest Vermont real estate market without understanding the effects of COVID-19 which struck Vermont in mid-March.
Single Family January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$260,000 +2.7%
$273,505 -4.7%
127 -16.5%
210 -27.8%
147 +26.7%
Condo January-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$229,900 +3.3%
$231,967 +2.2%
3 -70%
7 -56.3%
25 -60.3%
Single Family April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$275,000 +5.8%
$287,375 -4.8%
75 -21.1%
133 -33.5%
133 +22%
Condo April-June
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$233,000 -5.9%
$233,000 -11.1%
2 -71.4%
3 -72.7%
28 -54.8%
Buyers are attracted to the more rural feel and affordable home prices in Addison County. While the median price of single-family homes jumped to $275,000 during the 2nd quarter, the median price has been fairly stable since 2018. Middlebury, Vergennes, Bristol and Ferrisburgh topped the list for the number of closed sales so far in 2020.
As travel restrictions for out of state buyers loosen, sales of homes, including lakefront property in Addison County, should recover. Historically, the area accounts for 12-15% of the luxury home sales in northwest Vermont.