As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

New Listings were down 22.1 percent for Single-Family homes and 14.9 percent for Townhouse-Condo properties. Pending Sales increased 20.1 percent for Single-Family homes but remained flat for Townhouse-Condo properties.

The Median Sales Price was up 6.3 percent to $260,000 for Single-Family homes but decreased 2.0 percent to $232,800 for Townhouse-Condo properties. Months Supply of Inventory decreased 32.0 percent for Single- Family units and 20.4 percent for Townhouse-Condo units.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for August 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

– New Listings were down 15.4 percent for Single Family homes but increased 28.4 percent for Townhouse-Condo properties.
– Pending Sales decreased 3.6 percent for Single Family homes but increased 1.8 percent for Townhouse-Condo properties.
– The median sales price was down 2.8 percent to $257,000 for Single Family homes but increased 15.8 percent to $220,000 for townhouse-condo properties.
– Closed sales increased 7.1 percent for Single Family properties but decreased 16.7 percent for townhouse-condo properties.
– Average days on market decreased 10.7 percent or 75 days for Single Family homes and decreased 30.4 percent or 55 days for the townhouse-condo market.
– Month’s supply of inventory decreased 23.8 percent, or 8.0 months for Single Family units and decreased 16.7 percent, or 4.5 months for townhouse-condo units.

“Tight inventory continues to be a concern in our area”, said Kathleen Sweeten, CEO of the Northwestern Vermont Board of Realtors®. “Demand continues to be strong, especially in Chittenden County which signals that the market should see a healthy trend as we head into the end of the year.”

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for July 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

– New Listings were down 15.4 percent for Single Family homes and 5.0 percent for Townhouse-Condo properties.
– Pending Sales increased 4.2 percent for Single Family homes but decreased 21.9 percent for Townhouse-Condo properties.
– The median sales price was down 3.0 percent to $263,500 for Single Family homes but increased 3.3 percent to $219,500 for townhouse-condo properties.Closed sales decreased 10.3 percent for Single Family properties but increased 16.1 percent for townhouse-condo properties.
– Average days on market increased 6.7 percent or 96 days for Single Family homes and increased 59.6 percent or 75 days for the townhouse-condo market.
– Month’s supply of inventory decreased 23.6 percent, or 8.1 months for Single Family units and decreased 25.0 percent, or 4.2 months for townhouse-condo units.

It is anticipated that the healthy trends in both demand and pricing will continue through the remainder of 2016.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for June 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

– New Listings were down 21.3 percent for Single Family homes but increased 1.4 percent for Townhouse-Condo properties.

– Pending Sales increased 14.5 percent for Single Family homes and 11.6 percent for Townhouse-Condo properties.

– The median sales price remained flat at $275,000 for Single Family homes but increased 1.4 percent to $223,000 for townhouse-condo properties.

– Closed sales increased 9.0 percent for Single Family properties and 10.3 percent for townhouse-condo properties.

– Average days on market dropped 3.7 percent or 78 days for Single Family homes and decreased 4.9 percent or 77 days for the townhouse-condo market.

– Month’s supply of inventory decreased 23.6 percent, or 8.1 months for Single Family units and decreased 32.2 percent, or 4.0 months for townhouse-condo units.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for May 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

• New Listings were down 23.6 percent for Single Family homes and down 15.1 percent for Townhouse-Condo properties.
• Pending Sales decreased 2.0 percent for Single Family homes and decreased 11.4 percent for Townhouse-Condo properties.
• The median sales price up 0.6 percent to $270,000 for Single Family homes but decreased 2.7 percent to $215,000 for townhouse-condo properties.
• Closed sales decreased 2.9 percent for Single Family properties and decreased 9.5 percent for townhouse-condo properties.
• Average days on market dropped 5.9 percent or 96 days for Single Family homes and decreased 25.0 percent or 72 days for the townhouse-condo market.
• Month’s supply of inventory decreased 18.0 percent, or 8.2 months for Single Family units and decreased 23.6 percent, or 4.2 months for townhouse-condo units.

The market continues to be very active. Inventory continues to be stretched thin in many areas and for the most part properties are selling quickly, at or near asking price.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for April 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
Changes seen from last year at this time include:

– New Listings were down 3.2 percent for Single Family homes but increased 7.1 percent for Townhouse-Condo properties.
– Pending Sales decreased 4.6 percent for Single Family homes and decreased 4.7 percent for Townhouse-Condo properties.
– The median sales price up 10.3 percent to $280,750 for Single Family homes and 20.0 percent to $240,000 for townhouse-condo properties.
– Closed sales decreased 12.9 percent for Single Family properties and remained the same as the previous year for townhouse-condo properties.
– Average days on market dropped 10.0 percent or 108 days for Single Family homes but increased 64.2 percent or 110 days for the townhouse-condo market.
– Month’s supply of inventory decreased 17.0 percent, or 7.8 months for Single Family units and decreased 26.0 percent, or 3.7 months for townhouse-condo units.

Trends from the end of 2015 appear to be prevailing through the first part of 2016. Home prices have been steadily rising at moderate rates and the demand for properties continues to be strong.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for March 2016. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

– New Listings were down 1.4 percent for Single Family homes and down 19.8 percent for Townhouse-Condo properties.
– Pending Sales increased 7.9 percent for Single Family homes and increased 26.7 percent for Townhouse-Condo properties.
– The median sales price up 5.5 percent to $250,000 for Single Family homes but decreased 7.2 percent to $205,000 for townhouse-condo properties.
– Closed sales increased 13.2 percent for Single Family properties and increased 32.5 percent for townhouse- condo properties.
– Average days on market dropped 19.8 percent or 97 days for Single Family homes and decreased 39.5 percent or 53 days for the townhouse-condo market.
– Month’s supply of inventory decreased 21.7 percent, or 7.2 months for Single Family units and decreased 31.3 percent, or 3.3 months for townhouse-condo units.

According to the National Association of Realtors, the Northeast and Midwest contributed to the rebound in the gain of existing home sales nationally and remained slightly up from a year ago. Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing well.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for February 2016.

Changes seen from last year at this time include:

• New Listings were up 32.1 percent for Single Family homes and up 6.7 percent for Townhouse-Condo properties.
• Pending Sales increased 10.1 percent for Single Family homes and increased 9.8 percent for Townhouse-Condo properties.
• The median sales price up 3.4 percent to $237,250 for Single Family homes but decreased 20.4 percent to $179,000 for townhouse-condo properties.
• Closed sales dropped 2.1 percent for Single Family properties and dropped 30.3 percent for townhouse-condo properties.
• Average days on market dropped 27.8 percent or 109 days for Single Family homes but increased slightly to 3.9 percent or 106 days for the townhouse-condo market.
• Month’s supply of inventory decreased 21.8 percent, or 6.6 months for Single Family units and decreased 20.9 percent, or 3.7 months for townhouse-condo units.

“Inventory continues to be a concern in some areas of our market,” said Kathleen Sweeten, CEO of the Northwestern Vermont Board of Realtors®. “As we approach the start of the selling season we are closely watching for an increase in activity in the coming months.”

The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for January 2016. The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

New Listings were up 3.7 percent for Single Family homes but decreased 20.4 percent for Townhouse-Condo properties.

Pending Sales increased 3.9 percent for Single Family homes and 22.6 percent for Townhouse-Condo properties.

The median sales price was down .04 percent to $243,984 for Single Family homes but increased 21.8 percent to $225,000 for townhouse-condo properties.

Closed sales increased 25.9 percent for Single Family properties and increased 50.0 percent for townhouse- condo properties.

Average days on market dropped 15.4% to 115 days for Single Family homes and dropped 12.9% to 88 days for the townhouse-condo market.

Month’s supply of inventory decreased 26.7%, or 6.6 months, for Single Family units and decreased 19.6 percent, or 3.7 months for townhouse-condo units.

“2016 is starting off where 2015 ended in our market area,” said Kathleen Sweeten, CEO of the Northwestern Vermont Board of Realtors®. “Projections for the upcoming year are optimistic.” According to the National Association of Realtors® the median price is expected to increase around 5%.