See the latest Northwestern Vermont real estate market report presented by NVBR below.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for September 2020. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings increased 9.2 percent for single-family homes and 14.9 percent for townhouse-condo properties. Pending Sales increased 26.8 percent for single family homes and 10.6 percent for townhouse-condo properties. Inventory decreased 48.9 percent for single-family homes and 43.1 percent for townhouse-condo properties.

The Median Sales Price was up 11.1 percent to $342,250 for single-family homes and 6.4 percent to $284,000 for townhouse-condo properties. Days on Market decreased 4.3 percent for single-family homes and 40.9 percent for townhouse-condo properties. Months Supply of Inventory decreased 51.1 percent for single-family homes and 45.5 percent for townhouse-condo
properties.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

Coldwell Banker Islands Realty is launching Island Insights! Island Insights will serve as a monthly bulletin, we are aiming to help you to get to know the Lake Champlain Islands of Vermont through the eyes of its local real estate experts. We have our ear to the ground and are eager to share our knowledge with you!

About Island Insights

Our close-knit community is always evolving and our goal is to help you stay up to date and connected. With that said, we will be sharing articles with insider information on the latest activity in the Grand Isle County. These will be filled with community stories, small business spotlights, and be sure to keep an eye out for a featured Hidden Home!

On the first Wednesday of every month an issue will be sent out via email, posted on our website, as well as on our Facebook Page. Don't miss the first Island Insights bulletin and subscribe today!

We always welcome your feedback. If you have a suggestions or a story idea please let us know with a comment below. Also if you have a family member or friend who may benefit from the information in Island Insights - we encourage you to share! 

Sneak Peak of our November Issue...

Stay tuned for ‘Conversations with CIDER’ where we talk to Robin Way, CIDER Executive Director, about their plans for senior housing in South Hero, Vermont. This issue will be sent out on November 4, 2020! Make sure to subscribe!

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

"Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

New Listings decreased 15.0 percent for single-family homes but increased 27.3 percent for townhouse-condo properties. Pending Sales increased 24.6 percent for single-family homes and 53.6 percent for townhouse-condo properties. Inventory decreased 44.2 percent for single-family homes and 40.1 percent for townhouse-condo properties.

The Median Sales Price was up 10.6 percent to $350,000 for single-family homes and 4.7 percent to $269,725 for townhouse-condo properties. Days on Market increased 12.0 percent for single-family homes but decreased 35.6 percent for townhouse-condo properties. Months Supply of Inventory decreased 46.8 percent for single-family homes and 48.1 percent for townhouse-condo properties.

While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market."

Want to know what your home would sell for in the current market? Please provide some basic information through our What’s My Home Worth tool and a local Realtor will reach out to you for a FREE evaluation. Want to talk to someone directly? Please call our office, (802) 372-5777, a Realtor will be happy to assist you with no obligation.

If you’re thinking about selling your home now is a great time to put it on the market. Despite the current economic climate in Vermont and the United States, the Vermont real estate market is booming. Properties listed in 2020 are going under contract faster and for a higher price than usual. Properties are seeing multiple offers and some that are above asking. Want to know what your home would sell for in the current market? Please contact us for a free professional opinion of your property.

Coldwell Banker Islands Realty is excited to announce that after 26 years at 2 Ferry Road we have moved into our new office space at 38 Community Lane in South Hero, Vermont. This state of the art building was designed by Nate Hayward of Hayward Design Build and is located in between Worthen Library, Wally’s Place Bagels, and the Community Health Center. Coldwell Banker Islands Realty has welcomed several new agents in the past 2 years and simply outgrew our old space. We are sharing this office with 4 other local businesses that include CIDER, Bauer Gravel Farnham Attorneys at Law, Let’s Pretend Catering, and Hayward Design Build. We are excited to be in this communal space and the synergy it will bring to all. 

Our office is currently open and following social distancing and safety guidelines. If you would like to make an appointment please contact your Realtor or call our office, (802) 372-5777, to set up an appointment. We hope to have a celebration in our new space at a later date when we can gather safely.