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.