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Island Insights: 2020 Market Highlights in Grand Isle County

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Grand Isle 2020 Market Update

This past year was unprecedented in many ways, at the start of the pandemic it was hard to say what the impact would be on the housing market. However, despite the many challenges, 2020 turned out to be one of the hottest markets we have ever seen with homes selling faster than ever. 

One of the factors that led to this ‘pop’ in the market was that the coronavirus had homebuyers reassessing their criteria for a home. Folks spent more time at home which led to clients searching for more square footage, home offices, as well as larger outdoor space. Due to many working remotely, new areas of the state were considered. This along with the inability to travel, resulted in an increase in the second home market or second homeowners became full time residents. 

The Lake Champlain area was an ideal place for many in-state and out-of-state buyers and people selling their home took advantage of the sellers market. These factors combined with the record low mortgage rates made buyers eager to find their dream home. However, the lack of inventory made for a very competitive market. 

Ultimately, both buyers and sellers overcame, making 2020 one for the books. In Grand Isle County, 181 homes were sold. That is an increase of 19.1% from 2019 with more luxury and lakefront homes selling than usual. 14 homes sold for over $1 million in Grand Isle County--more homes than the last 4 years combined!

In Grand Isle County new listings were down 5.2% to 219 compared to 231 in 2019. Due to low inventory, competition among buyers was high and many listings were seeing multiple offers and selling above asking price. As a result, the days on market till sale has decreased 14.6% and the median sales price has increased 13.2%. As we kick off the new year, the real estate market is holding strong and buyers are still actively searching in our area. Inventory is at an all time low with just 32* homes for sale in Grand Isle County giving sellers the upper hand. Home prices are on the rise and buyers are in high demand, if you're thinking of selling now is the time!

*As of February 1, 2021

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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: April 2021

See the latest real estate market report for Northwestern Vermont presented by NVBR below.

April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.

New Listings increased 102.3 percent for single-family homes and 77.6 percent for townhouse-condo properties. Pending Sales increased 128.7 percent for single-family homes and 81.1 percent for townhouse-condo properties. Inventory decreased 54.9 percent for single-family homes and 49.6 percent for townhouse-condo properties.

The Median Sales Price was up 10.8 percent to $355,000 for single-family homes and 18.4 percent to $279,500 for townhouse-condo properties. Days on Market decreased 19.7 percent for single-family homes and 16.1 percent for townhouse-condo properties. Months Supply of Inventory decreased 62.1 percent for single-family homes and 57.1 percent for townhouse-condo properties.

In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.

Wondering what the current market is like in your area? Call (802) 372-5777 and get a complimentary market analysis from a local expert. 

Vermont Real Estate Market Infographic April 2021

Source: Northwestern Vermont Board of Realtors

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