Lake Champlain Real Estate

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

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings increased 9.2 percent for single-family homes and 14.9 percent for townhouse-condo properties. Pending Sales increased 26.8 percent for single family homes and 10.6 percent for townhouse-condo properties. Inventory decreased 48.9 percent for single-family homes and 43.1 percent for townhouse-condo properties.

The Median Sales Price was up 11.1 percent to $342,250 for single-family homes and 6.4 percent to $284,000 for townhouse-condo properties. Days on Market decreased 4.3 percent for single-family homes and 40.9 percent for townhouse-condo properties. Months Supply of Inventory decreased 51.1 percent for single-family homes and 45.5 percent for townhouse-condo
properties.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

Vermont Real Estate Market Update Infographic

Vermont Market Update: October 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 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.

Vermont Real Estate Market Report October 2020

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: 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: May 2021

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for May 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

New Listings increased 2.7 percent for single-family homes but decreased 8.4 percent for townhouse-condo properties. Pending Sales increased 0.4 percent for single-family homes but decreased 4.7 percent for townhouse-condo properties. Inventory decreased 49.8 percent for single-family homes and 62.3 percent for townhouse-condo properties.

The Median Sales Price was up 20.6 percent to $380,000 for single-family homes and 8.3 percent to $259,950 for townhouse-condo properties. Days on Market decreased 63.1 percent for single-family homes and 60.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 56.7 percent for single-family homes and 66.7 percent for townhouse-condo properties.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

If you're thinking of selling your home you need an agency who can help you navigate this fast paced market. Contact one of our local realtors to learn more.

Vermont Real Estate Market Report May 2021

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