Islands Realty

Market Update: April 2020

The Northwestern Vermont Board of Realtors has released the April 2020 real estate market update for Chittenden, Franklin, and Grand Isle Counties. Below is their market report.

“While the stock market recovered significantly in March, the effects of COVID19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly. 

New Listings decreased 48.2 percent for single-family homes and 32.9 percent for townhouse-condo properties. Pending Sales decreased 47.2 percent for single-family homes and 45.7 percent for townhouse-condo properties. Inventory decreased 27.3 percent for single-family homes and 14.8 percent for townhouse-condo properties. 

The Median Sales Price was up 9.3 percent to $320,500 for single-family homes but decreased 4.1 percent to $236,000 for townhouse-condo properties. Days on Market decreased 11.6 percent for single-family homes and 26.3 percent for townhouse-condo properties. Months Supply of Inventory decreased 34.1 percent for single-family homes and 20.8 percent for townhouse-condo properties.

While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.”

Under Governor Phil Scott’s order Realtors were able to return to work with limitations on April 20, 2020. We were able to meet with clients  and show property but continue to work remotely when we can. With the slow opening of real estate services we saw a surge in activity from buyers and sellers leaving us optimistic that the market will rebound. That being said, we will not know the true impacts of the pandemic on the real estate market without seeing its full projection and how long it will last. We will continue to monitor the market and follow safety guidelines to best serve our clients and community. If you have any questions please contact us.

Infographic Real Estate Market Update April 2020

Realtors Return To Work

Starting Monday, April 20, we are back open and can provide real estate services in a responsible safe manner per Governor Scott's phased return-to-work plan. Read the announcement and guidelines from Vermont Association of Realtors here.

Face-to-face meetings with no more than 2 people present (the client and the real estate professional) are allowed while following the Vermont Department of Health and CDC guidelines such as social distancing, wearing face protection, and proper hygienic standards. Showing property and listing consultations are allowed.

Your safety is our number one priority. Remote work will continue when possible to ensure the health and safety of our community members. It's a new way of doing business but we are happy to get back to work to provide real estate services to those in our community who need them. 

Be safe and healthy so we can protect our loved ones, our neighbors, ourselves, first responder's and health care workers in our community. If you have any questions please Contact Us.

 

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Market Update: March 2020

The Northwestern Vermont Board of Realtors has released the March 2020 real estate market update for Chittenden, Franklin, and Grand Isle Counties. Below is NVBR's market report.

As COVID-19’s impact spread across the country in March, the stock market declines starting in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over. 

New Listings decreased 13.2 percent for single-family homes but increased 16.4 percent for townhouse-condo properties. Pending Sales decreased 5.9 percent for detached homes but increased 14.1 percent for attached properties. Inventory decreased 28.0 percent for detached homes and 27.0 percent for attached properties. 

The Median Sales Price was up 1.0 percent to $306,000 for detached homes and 10.9 percent to $266,000 for attached properties. Days on Market decreased 13.5 percent for detached homes and 35.4 percent for attached properties. Months Supply of Inventory decreased 36.6 percent for detached homes and 33.3 percent for attached properties.

While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. We will not know the true impacts of the pandemic on the real estate market without seeing its full projection and how long it will last.  With the current stay home order from Governor Scott, Realtors have not been able to conduct in-person business and have been utilizing technology to conduct virtual appointments. We are adapting our business to continue to serve our community in a safe and responsible manner. If you have questions about the current state of the market please contact us or reach out to your agent directly.

 

Infographic Real Estate Market Update March 2020

Guiding You Virtually

At Coldwell Banker Islands Realty we are committed to finding solutions for our clients. We understand that the need to sell a home cannot wait. Our agents can guide you virtually to prepare you and your home to go on the market. Here’s how we are helping you virtually:

  • Video Consultation: While in-person business is suspended, video calls are a great personal way to get to know you and discuss your goals to prepare for when business can continue as usual.
  • Remote Property Research: With online research tools we are still able to research your property and compare it to similar properties. Through our partnership with town clerks we are able to get essential information about your property.
  • Your Personal Market Monitor: This is not the first time the real estate market has seen a crisis. We are monitoring the market daily and adjusting our strategy so that we can bring you success. 
  • Electronic Docs: We can easily send and sign agreements by email making it possible to continue the selling process without an in-person meeting.

We have seen the real estate market rebound before and it will happen again. People will continue to sell or buy homes during a crisis. To have an informed partner through this time is more important than ever. If you’re thinking of selling your home or would like to learn more about the current market please Contact Us or connect with a Realtor.

Committed To You - Agent talking on the phone

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Market Update: February 2020

The Northwestern Vermont Board of Realtors has released the February 2020 real estate market update for Chittenden, Franklin, and Grand Isle Counties. 

As February comes to an end we continue to monitor the impact of COVID-19 on the real estate market. It is hard to predict/tell at this time the true impact it will have on our world. With the stock market decline bringing low interest rates it brought good news to buyers and homeowners interested in refinancing. 

Overall buyer demand continues to be strong with Pending Sales increasing by 30.7% and Closed Sales increased 3.4% for Single Family homes and 63% for Townhouse/condos. Homes for sale have decreased 26.6%. 

The recently released January Showing Time Showing Index® saw a 20.2% year-over-year increase in showing traffic nationwide. With showings comes home sales. It will be important for us to monitor the effects COVID-19 will have on the overall economy. If you have any questions or concerns about the real estate market at this time please contact us.

February 2020 Real Estate Market Update Info Graphic

 

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