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.