Real Estate Market Update

Vermont Market Update: March 2021

The Northwestern Vermont Board of Realtors has released the latest real estate market report for March 2021.

Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

New Listings increased 11.0 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales increased 38.8 percent for single-family homes and 4.6 percent for townhouse-condo properties. Inventory decreased 59.1 percent for single-family homes and 64.2 percent for townhouse-condo properties.

The Median Sales Price was up 14.4 percent to $350,000 for single-family homes and 3.5 percent to $279,000 for townhouse-condo properties. Days on Market decreased 30.1 percent for single-family homes and 60.3 percent for townhouse-condo properties. Months Supply of Inventory decreased 60.7 percent for single-family homes and 68.4 percent for townhouse-condo properties.

While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.

Vermont Market Update: February 2021

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

Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.

New Listings decreased 16.6 percent for single-family homes but increased 19.6 percent for townhouse-condo properties. Pending Sales increased 21.1 percent for single-family homes and 18.0 percent for townhouse-condo properties. Inventory decreased 62.5 percent for single-family homes and 66.1 percent for townhouse-condo properties.

The Median Sales Price was up 20.3 percent to $329,000 for single-family homes and 7.0 percent to $264,000 for townhouse-condo properties. Days on Market decreased 39.8 percent for single-family homes and 48.6 percent for townhouse-condo properties. Months Supply of Inventory decreased 63.0 percent for single-family homes and 66.7 percent for townhouse-condo properties.

For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.

Vermont Real Estate Market Report February 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

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

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

November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.

New Listings decreased 2.2 percent for single-family homes and 38.6 percent for townhouse-condo properties. Pending Sales increased 21.5 percent for single-family homes but decreased 9.6 percent for townhouse-condo properties. Inventory decreased 52.2 percent for single-family homes and 55.6 percent for townhouse-condo properties.

The Median Sales Price was up 17.2 percent to $358,500 for single-family homes and 7.0 percent to $259,000 for townhouse-condo properties. Days on Market decreased 30.2 percent for single-family homes and 48.1 percent for
townhouse-condo properties. Months Supply of Inventory decreased 55.6 percent for single-family homes and 56.5 percent for townhouse-condo properties.

Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.

Vermont Real Estate Market Report November 2020

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