{"id":867,"date":"2016-10-25T14:25:53","date_gmt":"2016-10-25T18:25:53","guid":{"rendered":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=867"},"modified":"2022-11-06T09:02:33","modified_gmt":"2022-11-06T14:02:33","slug":"fall-2016","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2016\/10\/fall-2016\/","title":{"rendered":"Fall 2016"},"content":{"rendered":"
\"Northwest
South Village<\/a>, a neighborhood of single-family homes and Townhomes in the heart of Vermont\u2019s beautiful Champlain Valley.<\/figcaption><\/figure>\n

\"Northwest-Vermont-Real-Estate-Sale-Price\"The landscape of Northwest Vermont\u2018s property market<\/a> continues to show healthy growth, with prices and sales rising at sustainable rates. Our market is likely to continue to see similar trends within the next year, given growing local and national economies and low mortgage rates.\u00a0<\/strong><\/p>\n

One issue continues to shape the property market in our region: tight inventory levels. Popular locations such as Burlington<\/a> are still struggling to meet demand from buyers, with fewer homeowners opting to sell their properties during the first nine months of 2016 than in the previous years.<\/p>\n

The tight inventory levels are also boosting home prices, especially for sought-after towns in Chittenden County<\/a>. As a result, some buyers in the market for homes below $350,000 are extending their searches into neighboring counties with more affordable price points, such as Addison<\/a> and Franklin<\/a> counties.<\/p>\n

With those dynamics in play, it may be no surprise that the median sale price rose in each of our region\u2019s four counties. Median sale prices increased 3% across the region, while the number of sold units rose a healthy 4%.<\/p>\n

Local businesses<\/a> including transportation broker A.N. Deringer Inc. and institutions such as the University of Vermont Medical Center are continuing to hire. New professionals continue to relocate to our region, spurring demand for both residential properties and rental apartments. The unemployment rate in Vermont stood at 3.3% in August, among the lowest in the country.<\/p>\n

Still, several economic concerns may be making consumers feel less confident, at least for the moment. Consumer confidence slipped to a 2-year low in early October, with the pending presidential election prompting some unease among consumers.<\/p>\n

\"Northwest-Vermont-Real-Estate-Sold\"Concerns about the strength of the U.S. and international economies have prompted the Federal Reserve to postpone interest rate increases. Borrowers currently are enjoying record-low mortgage rates as a result, although economists believe the Fed will institute rate hikes later this year or in early 2017.<\/p>\n

As part of a buyer\u2019s due diligence, we recommend that they discuss the potential impact of Act 46, the education governance reform law passed last year that calls for larger school districts<\/a>, school board members and local lawmakers. The law is prompting some communities around the state to evaluate school mergers. We find all our local schools are open to providing consumers with the information they need to make good choices.<\/p>\n

Despite inventory levels, our Realtors note that buyers are increasingly choosy about properties. Well-priced homes in good condition are selling quickly, but homes that need renovation work may take longer to sell. Before listing, sellers should turn their attention to deferred maintenance and consider \u201csmart home\u201d upgrades such as Nest\u2019s thermostat, which can help make your home stand out.<\/p>\n

As always, it remains that both sellers and buyers need to reflect on their personal situation. Utilizing the local knowledge within this report and the advice of your agent \u2013 you can make an informed decision about your next move.<\/p>\n

Chittenden County<\/strong>
\n\"Chittenden-Prices\"<\/p>\n