Real Estate Market Update

Market Update: July 2020

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.

Infographic: Real Estate Market Update July 2020

Yes, Now Is A Good Time To Sell!

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.

Infographic Is Now The Time To Sell

 

Market Update: June 2020

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

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

New Listings decreased 0.3 percent for single-family homes and 5.6 percent for townhouse-condo properties. Pending Sales increased 25.4 percent for single family homes and 25.0 percent for townhouse-condo properties. Inventory decreased 36.0 percent for single-family homes and 36.5 percent for townhouse-condo properties.

The Median Sales Price was down 1.7 percent to $325,000 for single-family homes but increased 5.1 percent to $264,000 for townhouse-condo properties. Days on Market decreased 10.1 percent for single-family homes and 28.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 40.0 percent for single-family homes and 42.3 percent for townhouse-condo properties.

While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.

From this recent activity we remain optimistic about the summer real estate market. In the last 2 weeks we have listed 11 properties, 13 properties are under contract and we have had 10 closings. There is high buyer demand and low inventory making this a sellers market. If you’re thinking about selling your home now is the time! We are here to help you reach your goals. If you have any questions about the current market or want to learn more about listing your property please contact us.

Infographic Real Estate Market Update June 2020

Market Update: May 2020

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

“While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May. 

New Listings decreased 31.2 percent for single-family homes and 12.6 percent for townhouse-condo properties. Pending Sales decreased 4.1 percent for single-family homes but increased 19.5 percent for townhouse-condo properties. Inventory decreased 34.2 percent for single-family homes and 28.4 percent for townhouse-condo properties. 

The Median Sales Price was down 2.3 percent to $315,000 for single-family homes and 0.5 percent to $237,450 for townhouse-condo properties. Days on Market increased 35.5 percent for single-family homes but decreased 21.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 38.6 percent for single-family homes and 32.0 percent for townhouse-condo properties. 

Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.”

From this recent activity we remain optimistic about the summer real estate market. In the last 2 weeks we have listed 13 properties, 13 properties are under contract and we have had 8 closings. There is high buyer demand and low inventory making this a sellers market. If you’re thinking about selling your home now is the time! We are here to help you reach your goals. If you have any questions about the current market or want to learn more about listing your property please contact us.

Real Estate Market Update Graph May 2020

June 13, 2020 Market Update

We've been busy since Realtors have been able to return to work. We are seeing high buyer demand and low inventory making this a sellers market. Properties are going under contract within days of going on the market. If you're thinking of selling you home now is the time to list your property! Contact us to get a free consultation of your property with no obligation and to learn more about our marketing strategy.

Graphic With Vermont Real Estate Market Data 

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