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

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

New Listings decreased 21.7 percent for single-family homes and 15.2 percent for townhouse-condo properties. Pending Sales decreased 4.5 percent for single-family homes and 16.1 percent for townhouse-condo properties. Inventory decreased 37.3 percent for single-family homes and 36.5 percent for townhouse-condo properties.

The Median Sales Price was up 23.4 percent to $412,000 for single-family homes and 1.6 percent to $249,000 for townhouse-condo properties. Days on Market decreased 57.1 percent for single-family homes and 31.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 42.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

If you have questions about the real estate market please contact us at (802) 372-5777.

We are pleased to announce that Paul Habersang has joined Coldwell Banker Islands Realty as a licensed sales associate. Learn more about Paul below. 

Paul has enjoyed living in the Green Mountain State since 2011, when he relocated from his native state of Connecticut for a new career opportunity. He is a seasoned professional with many years’ experience in sales, customer service, and relationship development. Throughout his career both in corporate and non-profit settings, Paul has always believed that timely responsiveness to client inquiries and consistent follow through on commitments are two key elements that drive customer satisfaction. In the business of transacting real estate, both timely responsiveness and following through on commitments are key when striving for a successful outcome!

Paul earned a Bachelor of Science degree in Business Management from Quinnipiac University in Hamden, CT. He worked in the electrical industry for nearly twenty years with both General Electric and Square D Companies. During that time, several job transfers around the country required the sale and purchase of a number of homes. As a result, Paul understands and appreciates the purchase and sales process, particularly by recognizing that the sale or purchase of a home is often the biggest transaction of one's life! 

In 2008, Paul earned a Masters of Divinity from the General Theological Seminary, New York City, and has served in several capacities within The Episcopal Church USA. Paul is a believer in giving back to the community and dedicates some of his time to serving on a Professional Advisory Team at the UVM Medical Center in Burlington while also serving on the Board of Trustees for the Brookhaven Treatment and Learning Center, Chelsea, VT. Paul enjoys staying physically active and working outdoors. He is the proud father of two adult sons and currently resides in South Burlington. 

Connect with Paul Habersang today!