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.

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.

If you’re thinking about selling your home now is a great time to put it on the market. Despite the current economic climate in Vermont and the United States, the Vermont real estate market is booming. Properties listed in 2020 are going under contract faster and for a higher price than usual. Properties are seeing multiple offers and some that are above asking. Want to know what your home would sell for in the current market? Please contact us for a free professional opinion of your property.

The Northwestern Vermont Board of Realtors has released the May 2020 real estate market update for Chittenden, Franklin, and Grand Isle Counties. Below is their market report.

“While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May. 

New Listings decreased 31.2 percent for single-family homes and 12.6 percent for townhouse-condo properties. Pending Sales decreased 4.1 percent for single-family homes but increased 19.5 percent for townhouse-condo properties. Inventory decreased 34.2 percent for single-family homes and 28.4 percent for townhouse-condo properties. 

The Median Sales Price was down 2.3 percent to $315,000 for single-family homes and 0.5 percent to $237,450 for townhouse-condo properties. Days on Market increased 35.5 percent for single-family homes but decreased 21.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 38.6 percent for single-family homes and 32.0 percent for townhouse-condo properties. 

Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.”

From this recent activity we remain optimistic about the summer real estate market. In the last 2 weeks we have listed 13 properties, 13 properties are under contract and we have had 8 closings. There is high buyer demand and low inventory making this a sellers market. If you’re thinking about selling your home now is the time! We are here to help you reach your goals. If you have any questions about the current market or want to learn more about listing your property please contact us.

We've been busy since Realtors have been able to return to work. We are seeing high buyer demand and low inventory making this a sellers market. Properties are going under contract within days of going on the market. If you're thinking of selling you home now is the time to list your property! Contact us to get a free consultation of your property with no obligation and to learn more about our marketing strategy.