2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings decreased 26.7 percent for single-family homes and 29.4 percent for townhouse-condo properties. Pending Sales decreased 13.4 percent for single-family homes and 40.5 percent for townhouse-condo properties. Inventory decreased 5.4 percent for single-family homes and 22.2 percent for townhouse-condo properties.

The Median Sales Price was down 3.4 percent to $386,250 for single-family homes but increased 12.9 percent to $355,550 for townhouse-condo properties. Days on Market decreased 23.7 percent for single-family homes and 45.7 percent for townhouse-condo properties. Months Supply of Inventory increased 20.0 percent for single-family homes but increased 16.7 percent for townhouse-condo properties.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

 

The Lake Champlain Islands have been producing apples for generations. Fall apple picking is a must-try activity when visiting or living in Vermont. These popular Grand Isle County apple orchards have been family owned for generations. Learn more about them below! 

Allenholm Farm 

Allenholm Farm is located on South Street in South Hero, Vermont. Allenholm Farm has been around since 1870; the Allen family has run the farm for seven generations. According to the South Hero Land Trust, it is the oldest commercial apple orchard still operating in Vermont. They offer pick-your-own apples, desserts such as Papa Ray’s Pies, and the best maple creemees. 

Hackett's Orchard 

Family-owned since 1967, the 50-acre farm and market offer apples, fresh cider doughnuts, apple cider, cider slush, and even apple crisp! Hackett's Orchard has a total of 47 different varieties of apples. In September, they offer pick-your-own apples. Head to South Street to get your Vermont apples, pumpkins, and sweet treats.

Hall’s Orchard

Hall’s Orchard is a family-owned apple orchard located in Isle La Motte. The property in Isle La Motte has been in the Hall family since the late 1700s and the orchard has been family owned since 1828. The farmhouse is a historic structure made with stone quarried on the island and shows the famous ancient coral reef fossils. 

Owner-operator Allen Hall grows and harvests apples and pears on Main Street in the town of Isle La Motte, Vermont. The orchard has pick your own and fresh cider in season as well as pears, maple syrup, pumpkins, and honey!

The beautiful landscape, close-knit community, history, and countless places to explore are why so many are grateful to call the Champlain Islands home.

Thinking of making a move? Learn more about Life In The Champlain Islands or to begin your property search browse available homes in the Champlain Islands.

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.

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. 

 

New construction opportunity coming to North Hero. Located on the site of the Historic North Hero House Inn and Restaurant on Lake Champlain's City Bay in the center of North Hero Village. The project consists of nine new construction luxury residential condominiums designed in a manner consistent with the architecture and character of this picturesque village. The Steamship Pier Condominium Residences will offer commanding views of Lake Champlain and the Green Mountains and offer shared use of a sandy beach, the 150 ft Pier and private Marina with Boat slips available on-site. Various finish options are available including appliances, flooring, paint, cabinets and countertops. Construction to be completed by Hayward Design Build.

Available Units:

Homestead Unit #3

Southwind Unit #2

Southwind Unit #3

For more information about the Steamship Pier Condominiums please contact us.