1. Lake Champlain is 120 Miles in Length

Lake Champlain is about 120 miles long and 12 miles in width at its widest point. It reaches Vermont, New York, and Canada and even gets all the way down to 400ft at its deepest point.

2. Lake Champlain was once the Sixth Great Lake

President Clinton declared Lake Champlain the sixth Great Lake on March 6th, 1998. Most of the country disagreed with the decision and convinced Clinton to rescind the title only a couple of weeks later, on March 24th, 1998.

3. There are 71 Islands throughout Lake Champlain

These range from tiny remote islands to larger islands with towns. The three largest islands are towns that include: South Hero/Grand Isle, North Hero, and Isle La Motte.

4. Lake Champlain is Home to the Oldest Reef in the world.

The Chazy Reef is a fossil reef in Isle La Motte, Vermont, that spans over 1,567 acres and is over 480 million years old. As a National Natural Landmark, the reef is viewable to the public at the Goodsell Ridge Fossil Preserve and the Fisk Quarry Reserve.

5. Lake Champlain Holds over 90 species of fish. 

Over 90 species of fish live in the waters of Lake Champlain. It’s considered a frontline fishery for two species in particular: 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!

6. It was the Location of the Battle of Plattsburgh.

The lake was a vital part in many battles and wars. The Battle of Plattsburgh, also known as the Battle of Lake Champlain, took place during the War of 1812 and prevented the British from invading New York.

7. Lake Champlain has a 14-Mile Long Recreational Trail

The Island Line Trail takes you from Burlington, Vermont to the Lake Champlain Islands. Historically, the trail was not meant for recreational use. It was built in 1899 by the Rutland-Canadian Railroad for coastal market connections. Eventually, in the 1980s, the railroad was converted into a recreational path.

If you found these facts interesting, learn more about Lake Champlain here!

 

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.

 

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.

July's Hidden Home is a delightful lakefront cottage located on North Hero’s east shore. Tucked among the trees is this well-cared-for cottage that has outstanding views of Lake Champlain, the Green Mountains and Butler Island.

After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.

New Listings decreased 6.7 percent for single-family homes but increased 17.9 percent for townhouse-condo properties. Pending Sales remained flat for single-family properties but increased 20.8 percent for townhouse-condo properties. Inventory decreased 35.8 percent for single-family homes and 28.3 percent for townhouse-condo properties. The Median Sales Price was up 15.8 percent to $439,950 for single-family homes and 26.7 percent to $332,500 for townhouse-condo properties. Days on Market decreased 29.0 percent for single-family homes and 50.0 percent for townhouse-condo properties. Months Supply of Inventory decreased 28.6 percent for single-family homes and 25.0 percent for townhouse-condo properties.

The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

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