{"id":669,"date":"2016-04-26T12:58:02","date_gmt":"2016-04-26T16:58:02","guid":{"rendered":"http:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=669"},"modified":"2022-11-06T08:52:31","modified_gmt":"2022-11-06T13:52:31","slug":"multi-family-market-2","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2016\/04\/multi-family-market-2\/","title":{"rendered":"Multi-Family Market"},"content":{"rendered":"
\"Multi-Family
Turn-key 3 unit investment property. MLS#4480526 <\/a>\u00a0 \u00a0| \u00a0\u00a0Renovated Burlington 4 + Unit! MLS#4442453<\/a><\/figcaption><\/figure>\n\n\n\n\n\t\n\n\t\n\t
Multi-Family Averages<\/th><\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$351,000 (+12.3%)<\/td>29 (45%)<\/td>39 (-30.4%)<\/td>84<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

With an extremely low vacancy rate and a growing and diverse professional population, Northwestern Vermont continues to draw local and out-of-state investors to its multi-family property market.<\/strong><\/p>\n

Across the four counties, the number of sales jumped 45 percent, while the median sales price gained 12.3 percent to $351,000 during the first quarter. Our agents are finding that well-priced, well-located properties are selling quickly, especially given the tight inventory for these homes.<\/p>\n

Inventory remains an issue for the multi-family market<\/a>, given that there\u2019s more demand from buyers than can currently be met by sellers, especially in Burlington and neighboring Winooski<\/a>. Given the interest from investors, our agents note that it\u2019s an excellent time to list multi-family properties for sale.<\/p>\n

The following are details about trends impacting the multi-family market:<\/p>\n

\"2016<\/p>\n

\n

\"\"Winooski Remains Attractive<\/h3>\n

Investors continue to search for multi-family properties in this revitalized mill town, thanks to demand from professionals who like the atmosphere and lower costs than Burlington<\/a>. Multi-family sales in Winooski rose to 5 transactions in the first quarter compared with 3 a year ago. A lack of inventory continues to be an issue.<\/p>\n

Higher Vacancy Rate<\/h3>\n

The rental market<\/a>\u2019s vacancy rate has seen some easing in recent months due to new apartment building construction. In December the rate stood at about 3 percent in Chittenden County, or almost double the rate from a year earlier. Our Realtors<\/a> note that it hasn\u2019t impacted pricing for multi-family properties, although rents are stabilizing.<\/p>\n

Burlington Shifts to Lower Price Points<\/h3>\n

In the city of Burlington, multi-family property sales jumped 71 percent to 12 transactions in the first quarter, the median sale price slipped by about one-fifth to $372,500. Investors are searching for smaller multi-family properties, which is shifting the price-point lower.<\/p>\n

About 3,500 new units are either planned or have been built recently in Chittenden County<\/a>, which may bring the vacancy rate higher and continue to stabilize rents, according to Allen & Brooks\u2019 December report.
\n.<\/p>\n","protected":false},"excerpt":{"rendered":"

With an extremely low vacancy rate and a growing and diverse professional population, Northwestern Vermont continues to draw local and out-of-state investors to its multi-family property market. Across the four counties, the number of sales jumped 45 percent, while the median sales price gained 12.3 percent to $351,000 during the first quarter. Our agents are … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/669"}],"collection":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/comments?post=669"}],"version-history":[{"count":13,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/669\/revisions"}],"predecessor-version":[{"id":3837,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/669\/revisions\/3837"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}