Blog :: 02-2021

Vermont Market Update: January 2021

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

January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.

New Listings decreased 14.6 percent for single-family homes and 41.3 percent for townhouse-condo properties. Pending Sales increased 8.0 percent for single-family homes but decreased 18.6 percent for townhouse-condo properties. Inventory decreased 56.7 percent for single-family homes and 65.4 percent for townhouse-condo properties.

The Median Sales Price was up 6.9 percent to $339,000 for single-family homes but decreased 9.4 percent to $234,750 for townhouse-condo properties. Days on Market decreased 44.3 percent for single-family homes and 27.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 57.1 percent for single-family homes and 65.0 percent for townhouse-condo properties.

The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.

Real Estate Market Report for Northwest Vermont January 2021

Hidden Home: Fowler Lane, Isle La Motte, VT

 

February's hidden home sold this past July and it is an adorable abode nestled among the cedars, maples, and pines that offers privacy and seclusion. This lakefront retreat is sited on an amazing 2.3 acre peninsula with 670 ft of direct shoreline down a ½ mile private drive! Complementing this hidden home is a detached two-car car heated garage/shop with covered boat storage and a 2 bedroom apartment with full kitchen and a massive 2nd story deck overlooking the water. 

There is frontage with moorings on protected Holcomb Bay with awe inspiring views over the broad lake, Mount Mansfield, and the Green Mountains. It even has footpaths to secret swimming spots and a lakefront deck along with easy waterfront access and a semi-private boat ramp. The property owners through careful stewardship and preservation of the natural shoreline were awarded the Lake-wise Designation by the State of Vermont! 

The interior of the main house oozes with warmth and rustic charm and includes the living room overlooking the water with fieldstone hearth,Vermont Hearthstone stove, and cherry and walnut hardwood floors. The eat in kitchen has custom-built cabinets, fieldstone fireplace, and an island.The backsplash is composed of polished slabs of Isle La Motte limestone with embedded fossils. The 20x16 three season porch feels like a treehouse with vaulted ceilings, custom cabinets, and cedar floors. 

We hope you enjoyed this exclusive look inside this covert home located in Isle La Motte! 

(Note: This home is NOT for sale) 

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Island Insights: 2020 Market Highlights in Grand Isle County

Frozen lake graphic

Grand Isle 2020 Market Update

This past year was unprecedented in many ways, at the start of the pandemic it was hard to say what the impact would be on the housing market. However, despite the many challenges, 2020 turned out to be one of the hottest markets we have ever seen with homes selling faster than ever. 

One of the factors that led to this ‘pop’ in the market was that the coronavirus had homebuyers reassessing their criteria for a home. Folks spent more time at home which led to clients searching for more square footage, home offices, as well as larger outdoor space. Due to many working remotely, new areas of the state were considered. This along with the inability to travel, resulted in an increase in the second home market or second homeowners became full time residents. 

The Lake Champlain area was an ideal place for many in-state and out-of-state buyers and people selling their home took advantage of the sellers market. These factors combined with the record low mortgage rates made buyers eager to find their dream home. However, the lack of inventory made for a very competitive market. 

Ultimately, both buyers and sellers overcame, making 2020 one for the books. In Grand Isle County, 181 homes were sold. That is an increase of 19.1% from 2019 with more luxury and lakefront homes selling than usual. 14 homes sold for over $1 million in Grand Isle County--more homes than the last 4 years combined!

In Grand Isle County new listings were down 5.2% to 219 compared to 231 in 2019. Due to low inventory, competition among buyers was high and many listings were seeing multiple offers and selling above asking price. As a result, the days on market till sale has decreased 14.6% and the median sales price has increased 13.2%. As we kick off the new year, the real estate market is holding strong and buyers are still actively searching in our area. Inventory is at an all time low with just 32* homes for sale in Grand Isle County giving sellers the upper hand. Home prices are on the rise and buyers are in high demand, if you're thinking of selling now is the time!

*As of February 1, 2021

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Hidden Home:

Nestled among the cedars, maples, and pines this adorable abode offers privacy and seclusion. This lakefront retreat is sited on an amazing 2.3 acre peninsula with 670 ft of direct shoreline down a ½ mile private drive! Enjoy this exclusive look inside this covert home located in Isle La Motte. (Note: This home is NOT for sale) 

Don't miss our next issue, get Island Insights in your inbox! Subscribe today.

Vermont Market Update: December 2020

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 December 2020. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.

New Listings decreased 4.3 percent for single-family homes but increased 31.0 percent for townhouse-condo properties. Pending Sales increased 13.6 percent for single-family homes and 31.3 percent for townhouse-condo properties. Inventory decreased 54.7 percent for single-family homes and 57.0 percent for townhouse-condo properties.

The Median Sales Price was up 14.8 percent to $350,000 for single-family homes and 1.1 percent to $242,500 for townhouse-condo properties. Days on Market decreased 41.8 percent for single-family homes and 21.7 percent for townhouse-condo properties. Months Supply of Inventory decreased 56.3 percent for single-family homes and 57.1 percent for townhouse-condo properties.

With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.

Vermont Real Estate Market Update December 2020

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