The Northwest Vermont REALTOR® Association (NVRA) has released its market statistics for July 2022. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

New Listings decreased 32.5 percent for single-family homes and 41.7 percent for townhouse-condo properties. Pending Sales decreased 30.0 percent for single-family homes and 30.1 percent for townhouse-condo properties. Inventory decreased 22.4 percent for single-family homes and 49.3 percent for townhouse-condo properties.

The Median Sales Price was up 9.3 percent to $437,000 for single-family homes and 24.3 percent to $360,500 for townhouse-condo properties. Days on Market decreased 48.0 percent for single-family homes but increased 69.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 11.1 percent for single-family homes and 36.4 percent for townhouse-condo properties.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.

Do you have questions about the current market? We're here to help. Contact us today.

Are you curious about Vermont’s largest lake, Lake Champlain? At Coldwell Banker Islands Realty, we breathe the Lake Champlain lifestyle and are here to share more information about the beautiful Lake Champlain region. Discover how the lake got its name, its battles, how many islands it contains, and other interesting facts.

• Lake Champlain History

Home to the oldest reef in the world, Lake Champlain is full of history. The Chazy Reef, a fossil reef in Isle La Motte, Vermont, spans over 1,567 acres and is over 480 million years old. This National Natural Landmark is viewable to the public at the Goodsell Ridge Fossil Preserve and the Fisk Quarry Reserve.

Lake Champlain was first discovered in 1609 by French explorer Samuel De Champlain, hence the name. Still, there are records of multiple names given by indigenous tribes, such as the Iroquois and Abenaki. 

The lake was a vital part of many battles and wars throughout the next couple of hundred years. During the Revolutionary War, Lake Champlain played a crucial role in shipbuilding, colony movement, and naval battles. The Battle of Lake Champlain, also known as the Battle of Plattsburgh, took place during the War of 1812 and prevented the British from invading New York. This battle was quite significant as it stopped the last invasion of the northern states by the British.

Shipwrecks dating back to the 18th century can be found in Lake Champlain. You can even go diving to see some of them through the Vermont Underwater Historic Preserves. 

• Lake Champlain Facts

Lake Champlain is about 120 miles long and 12 miles wide at its widest point. Even though the average depth is 64ft, the deepest point reaches down to 400 feet. There are 71 islands throughout Lake Champlain. These range from tiny remote islands to larger islands with towns and full-time residents. Three are state parks: Knight, Woods, and Burton Island. There are also vacation rental opportunities out on Butler Island. The three largest islands are towns that include: South Hero/Grand Isle, North Hero, and Isle La Motte. Approximately 200,000 people use Lake Champlain as their home’s water source.

• Fish and Wildlife

Over 90 species of fish live in the waters of Lake Champlain. It’s considered a frontline fishery for two species: salmonid species (lake trout and salmon) and bass. Bassmaster magazine even named Lake Champlain the fourth-best lake in the region for fishing in 2021!

There are over 318 bird species that live near or around Lake Champlain! The state's second most productive waterfowl site is located right in the marshes around The Sandbar Causeway. 

Another form of life is believed to live beneath the surface of Lake Champlain. The mythical lake monster, Champ, is a creature similar to the Loch Ness Monster that some believe is living in the depths of the waters. There are reports of Champ sightings as early as the 17th century.

• Travel

Lake Champlain plays an essential role in travel for everyone. Two ferries travel year-round between New York and Vermont, making it easy to commute for recreational or work purposes.

In 2022, Burlington welcomed back a commuter rail service between Burlington and New York City. The Burlington Union Station is located right on Main Street. The Rutland-Canadian Railroad ended its use in 1962 and was developed into a public trail for bicyclists and pedestrians. The trail runs along the shores of Lake Champlain, offering a unique recreational experience.

You can easily travel to the Lake Champlain Islands by the causeway that connects the Vermont mainland to the island of South Hero. Multiple bridges connect the different island towns and to the mainland of Swanton and New York State.

• Fun Facts

You've heard of the five Great Lakes of North America, but did you know there used to be a sixth? On March 6th, 1998, President Clinton declared Lake Champlain the sixth Great Lake. Despite the bill being signed, the title for Lake Champlain didn’t last long. Many countries ended up disagreeing with the decision and wanted the status rescinded. So, only a couple weeks later, on March 24th, 1998, President Clinton did as the public wished, and Lake Champlain was no longer a Great Lake. Even though it’s not official anymore, the “Sixth Great Lake” nickname has stuck with the lake.

Lake Champlain is full of history, life, and adventure. If you want to learn more about life on Lake Champlain, our Realtors are here to help.

Increasing your home’s curb appeal doesn’t have to be extremely costly or timely. Spending some time maintaining the exterior of your property has great benefits. It will increase your home's charm and help you keep up with general maintenance whether you're thinking of putting your home on the market or not. Check out these easy projects that will help your home achieve that sought after exterior appearance without breaking the bank!

1. Pressure Wash & Paint

Rent or borrow a pressure washer from your neighbor to clear any debris and dirt from the home's exterior. Consider also adding a fresh coat of paint to the front door or trim for a quick transformation.

 

2. Plant Colorful Flowers

Add a pop of color to your front entry to draw your eye to the front entrance. Add a flowerpot to the front steps or plant some annuals in the front garden to complement your home's style.

3. Refresh Your Old Hardware 
This is an affordable yet impactful way to take your home’s exterior appeal to the next level. Replace the door knob and/or purchase new house numbers.

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Office News

New Agent Welcome
Please join us in welcoming Jackson Valley as a licensed sales associate. Jackson looks forward to helping guide folks through the biggest decision of their life, and getting to know more about them through the process. Learn more about Jackson.

Tim Trapani Retired!
A big congratulations to Tim Trapani on his retirement! Tim was a Realtor with Coldwell Banker Islands Realty for the last 12 years and has helped countless families with their real estate needs. Enjoy retirement Tim!

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August’s hidden home is a covert cedar shake Island Cape with expansive views over Lake Champlain and the Green Mountains. It is located on 1.9 acres with 100 ft of Inland Sea frontage. 

 

 

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

New Listings decreased 11.8 percent for single-family homes and 20.4 percent for townhouse-condo properties. Pending Sales decreased 19.6 percent for single-family homes and 9.0 percent for townhouse-condo properties. Inventory decreased 22.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

The Median Sales Price was up 19.5 percent to $460,000 for single-family homes and 23.3 percent to $357,555 for townhouse-condo properties. Days on Market decreased 47.8 percent for single-family homes and 41.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 12.5 percent for single-family homes and 33.3 percent for townhouse-condo properties.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

Do you have questions about the current market? We're here to help. Contact us today.