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Vermont Market Update: September 2021

Vermont Real Estate Market Update September 2021

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for September 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

New Listings decreased 10.4 percent for single-family homes and 10.4 percent for townhouse-condo properties. Pending Sales increased 0.4 percent for single-family homes but decreased 11.3 percent for townhouse-condo properties. Inventory decreased 40.5 percent for single-family homes and 47.7 percent for townhouse-condo properties.

The Median Sales Price was up 15.7 percent to $395,000 for single-family homes and 0.5 percent to $284,050 for townhouse-condo properties. Days on Market decreased 35.6 percent for single-family homes and 33.3 percent for townhouse-condo properties. Months Supply of Inventory decreased 41.7 percent for single-family homes and 46.2 percent for townhouse-condo properties.

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

If you have questions about the real estate market please contact us at (802) 372-5777 or request a complimentary market analysis today.

Island Insights: Fall Festivities in the Champlain Islands

Happy Fall from the crew at Coldwell Banker Islands Realty! The Lake Champlain Islands are one of the most spectacular spots to spend autumn days. As the leaves begin to change, local farmers gather their crops and invite members of the community to enjoy the fruits of their labor. There are an abundance of ways to get into the fall spirit throughout Grand Isle County from pick your own apples to fall festivals.

Weekend in the Islands
Head to South Hero for a culinary celebration of the Lake Champlain Islands. Many local businesses are partaking and will have fun events as well as great local products available during this fall festival on October 9th-10th. See the map to learn more! Map 

Emmon's Island Haunted Trail

The annual Emmons Island Haunted Trail  will take place on October, 9th in Grand Isle. Tickets are sold the night of the event. The children's walk is free from 4:30pm - 6pm with a costume contest at 5pm. The main event will take place from 6:30pm to 10pm. Entry is $10 a person or bring seven non perishable goods to donate to the food drive.

Farmers Market Harvest Fest 

The Champlain Islands Farmers Market will be holding its annual Harvest Festival from 10am to 3pm on October 9th at the Saint Rose of Lima Church in South Hero. Stop by to support your local farmers and makers while enjoying music and games! 

Evening Nature Ramble 

Head to the South Hero Recreational Park for a mile nature walk hosted by the South Hero Land Trust. This will take place Wednesday evening on October 13th from 5:30pm to 6:30pm. RSVP here

Pick Your Own Apples
Apple picking is plentiful throughout the Islands during the month of October. Hacketts, Allenholm, or Halls Orchard all host the best varieties of Vermont Apples from Honeycrisps to Macintosh.

Green Mountain Marathon
The Green Mountain Marathon and Half Marathon will be held at the Folsom School on South Street. On October 17th at 8:30am runners will take to the West Shore of South Hero and Grand Isle. Register here

Champlain Islands CROP Hunger Walk
The CROP Hunger Walk will take place on Sunday, October 17th, from 1pm - 4 pm at the Congregational Church of South Hero. Diane Irish, local Yoga instructor, will warm everyone up for the walk; Joe Pobieglo will send walkers off with his rousing bagpipes; Robin Way of CIDER will lead the 1/2 mile to the site of the new senior housing project, Bayview Crossing. Register here

Bayview Crossing Groundbreaking Ceremony

CIDER (Champlain Islands Developing Essential Resources) has partnered with Cathedral Square (a leading creator of affordable housing with services for older adults and people with special needs) to bring this multi million dollar project to the Champlain Islands and it is now officially underway! 

Over the last 15 years CIDER and Cathedral Square have been working hard to come up with an affordable senior housing solution for the Grand Isle County community. The new senior living facility will be known as Bayview Crossing and the nonprofit CIDER will have a new office at this location as well. It will house 30 apartments for older adults, a variety of amenities and services for residents, and an office space for CIDER. It is planned to be a mixed-income community, with apartments at both market-rate and subsidized rents. 

The groundbreaking ceremony of Bayview Crossing took place on September 22th behind Community Lane. The town of South Hero welcomed community members onto the site and provided information as well as acknowledgements. The program also included many brief remarks from members of the Vermont Government such as Governor Phil Scott, Grand Isle’s Senator, Dick Mazza as well as C.I.D.E.R’s Executive Director, Robin Way and Cathedral Square’s CEO Kim Fitzgerald. 

Watch the video below to learn more or call Cathedral Square at 802-863-2224 to get rental information!

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Vermont Market Update: August 2021

Vermont Real Estate Market Update for August 2021

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for August 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

New Listings decreased 21.7 percent for single-family homes and 15.2 percent for townhouse-condo properties. Pending Sales decreased 4.5 percent for single-family homes and 16.1 percent for townhouse-condo properties. Inventory decreased 37.3 percent for single-family homes and 36.5 percent for townhouse-condo properties.

The Median Sales Price was up 23.4 percent to $412,000 for single-family homes and 1.6 percent to $249,000 for townhouse-condo properties. Days on Market decreased 57.1 percent for single-family homes and 31.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 42.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

If you have questions about the real estate market please contact us at (802) 372-5777.

Island Insights: Temps May Be Cooling but the Markets are Not

As we head into September we’re savoring the last of the Summer moments. While we will miss Summer, Autumn is one of our favorite times of year in the Champlain Islands. Cool mornings, warm days, and the smell of Fall in the air.

During this time of transition while kids head back to school there is a temporary pause for some families searching for their next home. Continuing into Fall, new listings will come on the market as sellers prepare to list and sell their home before the end of the year. Despite being in a tight market, we have helped buyers and sellers navigate this fast paced market to get the best terms possible. Coldwell Banker Islands Realty remains busy as ever helping guide our clients into their next home.

Throughout the country businesses are struggling to find workers and this is being felt in our community. Are you or someone you know searching for a job opportunity? Read to see who is hiring in Grand Isle County. Let's get back to work, Vermont! 

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