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.

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.

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.

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.

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

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings decreased 0.9 percent for single-family homes and 25.6 percent for townhouse-condo properties. Pending Sales increased 15.7 percent for single-family homes but decreased 4.4 percent for townhouse-condo properties. Inventory decreased 47.5 percent for single-family homes and 51.1 percent for townhouse-condo properties.

The Median Sales Price was up 18.5 percent to $339,500 for single-family homes and 0.2 percent to $277,500 for townhouse-condo properties. Days on Market decreased 34.4 percent for single-family homes and 47.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 48.8 percent for single-family homes and 54.5 percent for townhouse-condo
properties.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.