Real Estate Market Update

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

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

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

 

Market Update: January 2020

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.

Northwest Vermont Market Update: January 2020

Market Update: December 2019

The Northwestern Vermont Board of Realtors has released the December 2019 real estate market update for Chittenden, Franklin, and Grand Isle Counties. While buyer demand remains high low inventory is the story across each county making buyers prolong their search. In 2019 homes prices increased in most markets and there were fewer sales. Mortgage rates remain at an all time low improving the affordability for buyers and helps offset rising home prices. If you are interested in learning more about the market in your neighborhood please call our office to speak to a Realtor. (802)372-5777

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Source: Northwestern Vermont Board of Realtors, December 2019 Market Statistics

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