The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.

New Listings decreased 27.2 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 19.7 percent for single-family homes but increased 34.4 percent for townhouse-condo properties. Inventory decreased 40.7 percent for single-family homes and 48.6 percent for townhouse-condo properties.

The Median Sales Price was up 21.8 percent to $432,250 for single-family homes and 26.4 percent to $350,000 for townhouse-condo properties. Days on Market decreased 41.7 percent for single-family homes and 48.9 percent for townhouse-condo properties. Months Supply of Inventory decreased 30.8 percent for single-family homes and 45.5 percent for townhouse-condo properties.Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat.

Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS^®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.

Wondering what your home is worth in your current market? Get a free market analysis today! 

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Spring has sprung in the Champlain Islands! Your local guides are here to ensure that you stay in the know about all of the great activities going on during the month of May. We have gathered just some of the top events to look out for this month. Check them out below!

Kraemer & Kin Expands to Alburgh Golf Links

In April, the local Brewery, Kraemer & Kin, expanded their operations to the Alburg Golf Links where they recently opened a public taproom and restaurant. Be sure to stop by and check it out this May! 

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Green Up Day with South Hero Land Trust

Grab your friends and family and join South Hero Land Trust’s annual Green Up Day on May 7th for a community clean up. There are many volunteer opportunities and there will be a free barbecue afterwards. 
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North Hero House Mother's Day Brunch

The North Hero House Inn & Restaurant will open its doors again on May 6th with a special Mother’s Day Brunch on May 8th. Additionally, the Steamship Pier Bar & grill will be open Memorial Day Weekend.
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The Champlain Islands Farmers Market is Back

The first market of the season will take place on May 21st! It will be located at St. Joseph's Church in Grand Isle from 10am-2pm. Mark your calendars and go out to support local farmers, makers, as well as many other vendors

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Artisan Market at Shore Acres

Shore Acres Inn & Restaurant is hosting an outdoor Artisan Market the weekend of May 21/22. Shop small, support local vendors, and enjoy a cocktail at their beautiful lakefront  property. They will also have live music on Saturday!

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May's hidden home is a Champlain Island Lakefront Compound. This secluded lakefront paradise includes a Custom Contemporary Home, a Pottery Barn inspired Guest Cottage, and a finished detached garage. The west facing gradual sandy beach offers breathtaking panoramic sunset views, easy Lake and Dock access for boats, paddle boards and jet skis.

(This home is NOT for sale)

Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS^®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

New Listings decreased 12.7 percent for single-family homes and 12.5 percent for townhouse-condo properties. Pending Sales decreased 7.7 percent for single-family homes and 21.9 percent for townhouse-condo properties. Inventory decreased 38.2 percent for single-family homes and 33.3 percent for townhouse-condo properties. The Median Sales Price was up 20.7 percent to $420,000 for single-family homes and 21.0 percent to $337,500 for townhouse-condo properties. Days on Market decreased 26.3 percent for single-family homes but increased 14.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 38.5 percent for single-family homes and 25.0 percent for townhouse-condo properties.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

Wondering what your home is worth in your current market? Get a free market analysis today!