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.

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.

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.

We are pleased to announce that Alex LaVigne has joined Coldwell Banker Islands Realty as a sales associate and licensed Realtor. Learn more about Alex below or visit his website. 

"Alex LaVigne has spent his entire life living in beautiful Vermont. His familiarity with the area
and many local connections help him provide his clients with extensive information and superior
customer service. Being from Vermont, Alex’s love for the area and all it has to offer is apparent.
Currently, Alex lives in Colchester, with his wife, two sons, and 100 pound fur-baby. He enjoys
boating, snowboarding, hiking, and coaching his boys tee ball team.
Real estate has run in his family for many years, from a young age Alex remembers admiring
and helping his grandfather who owned many rental properties. Alex purchased his first rental
property at the age of 21 in Burlington, and since has remodeled houses and more recently
went through the homebuilding process for his family's current home.
Before making real estate his full time career Alex has spent more than the last decade in the
retail industry, while owning and maintaining his rental properties. His background in customer
service paired with ability to see the potential in properties and construction knowledge are real
assets to his clients.
Alex is a real people person and will work to get the best end result for you. Whether buying or
selling, your first home or tenth, Alex will listen to make sure your needs are met and help make
the process as smooth as possible."

The Northwestern Vermont Board of Realtors has released the January 2020 real estate market update for Chittenden, Franklin, and Grand Isle Counties. The year has started off with continued low interest rates, low unemployment, and rising rents nationwide. These factors will encourage buyers. Inventory continues to be low in Northwest Vermont building a sense of urgency for homebuyers. If you’re interested in learning more about the market in your specific area or have any questions please Contact Us.

Thinking of selling and want to know what your home may be worth? Fill out our What’s My Home Worth form and a Realtor will complete an evaluation of your home at no cost or obligation to you.