Click below to download a copy of the Annual Report on the

Northwestern Vermont Housing Market for 2017.

2017 Annual Report

There is an ongoing and undeniable national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Consumers are still purchasing for the first time and relocating to other, presumably more ideal homes.

Having the financial ability to make a move clearly seems feasible to many eager buyers amidst a healthy economy, whether life events such as marriage, children, employment change or desirable downsizing is the reason for moving.

There are further positive signs on the horizon, as builder confidence has improved and construction job gains are measurably higher. It will still take more effort than a lone year can provide for building activity to reach a needed level for inventory balance, but a step in the right direction is welcome.

More sellers should feel ready and willing to list in 2018. Economic indicators such as unemployment rates and consumer confidence are in an improved state, and sellers currently hold the keys in the buyer-seller relationship. This does not mean that sellers can set their price and watch the offers roll in. On the contrary, buyers will be poised to test prevailing price points, particularly in markets where home price increases are outpacing wage growth and in light of the fact that mortgage rates are expected to increase further in 2018.

• New Listings were down 23.6 percent for Single Family homes but increased 13.9 percent for Townhouse-Condo properties.
• Pending Sales increased 31.3 percent for Single Family homes and 48.4 percent for Townhouse-Condo properties.
• The median sales price was up 8.7 percent to $267,500 for Single Family homes but decreased 21.2 percent to $205,000 for townhouse-condo properties.
• Closed sales decreased 10.1 percent for Single Family properties and decreased 25.6 percent for townhouse- condo properties.
• Average days on market decreased 9.1 percent or 80 days for Single Family homes and decreased 13.7 percent or 82 days for the townhouse-condo market.
• Month’s supply of inventory decreased 26.5 percent for Single Family units and decreased 22.6 percent for townhouse-condo units.

• New Listings were down 25.2 percent for Single Family homes but increased 3.4 percent for Townhouse-Condo properties.
• Pending Sales increased 13.1 percent for Single Family homes and 26.7 percent for Townhouse-Condo properties.
• The median sales price was up 4.3 percent to $297,079 for Single Family homes and 12.7 percent to $247,000 for townhouse-condo properties.
• Closed sales increased 16.9 percent for Single Family properties but decreased 12.9 percent for townhouse- condo properties.
• Average days on market decreased 27.9 percent or 80 days for Single Family homes and increased 24.1 percent or 67 days for the townhouse-condo market.
• Month’s supply of inventory decreased 18.0 percent for Single Family units and decreased 21.9 percent for townhouse-condo units.

• New Listings were up 18.5 percent for Single Family homes and increased 31.3 percent for Townhouse-Condo properties.
• Pending Sales increased 20.3 percent for Single Family homes and 6.4 percent for Townhouse-Condo properties.
• The median sales price was up 8.2 percent to $289,900 for Single Family homes and 0.1 percent to $212,950 for townhouse-condo properties.
• Closed sales decreased 20.1 percent for Single Family properties and increased 3.7 percent for townhouse- condo properties.
• Average days on market decreased 9.6 percent or 86 days for Single Family homes and increased 13.5 percent or 84 days for the townhouse-condo market.
• Month’s supply of inventory decreased 17.9 percent for Single Family units and decreased 15.2 percent for townhouse-condo units.

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

Changes for October over last year at this time include:

– New Listings remained flat for Single Family homes but increased 4.8 percent for Townhouse-Condo properties.
– Pending Sales increased 28.1 percent for Single Family homes but decreased 1.6 percent for Townhouse-Condo properties.
– The median sales price was up 8.0 percent to $278,000 for Single Family homes but decreased 9.5 percent to $219,000 for townhouse-condo properties.
– Closed sales increased 5.6 percent for Single Family properties and increased 13.1 percent for townhouse-condo properties.
– Average days on market decreased only 1 percent or 101 days for Single Family homes and decreased 35.8 percent or 52 days for the townhouse-condo market.
– Month’s supply of inventory decreased 19.4 percent, or 5.0 months for Single Family units and decreased 18.9 percent, or 3.0 months for townhouse-condo units.

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

– New Listings were up 2.9 percent for Single-Family homes and 28.1 percent for Townhouse-Condo properties
– Pending Sales decreased 2.2 percent for Single- Family homes but increased 29.6 percent for Townhouse-Condo properties.
– Median Sales Price was up 4.8 percent to $272,500 for Single-Family homes but decreased 13.6 percent to $199,500 for Townhouse-Condo properties
– Months Supply of Inventory decreased 15.2 percent for Single- Family units and 20.5 percent for Townhouse-Condo units.

Last year at this time, the national story-line was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for August 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
Changes for August over last year at this time include:

– New Listings were down 3.7 percent for Single Family homes and decreased 18.5 percent for Townhouse-Condo properties.
– Pending Sales increased 16.1 percent for Single Family homes but decreased 1.5 percent for Townhouse-Condo properties.
– The median sales price was up 10.7 percent to $292,500 for Single Family homes and 4.6 percent to $224,950 for townhouse-condo properties.
– Closed sales increased 3.3 percent for Single Family properties and decreased 12.3 percent for townhouse- condo properties.
– Average days on market decreased 28.3 percent or 81 days for Single Family homes and decreased 23.7 percent or 71 days for the townhouse-condo market.
– Month’s supply of inventory decreased 20 percent, or 5.6 months for Single Family units and decreased 20.0 percent, or 3.2 months for townhouse-condo units.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for July 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes for July over last year at this time include:

– New Listings were down 14.5 percent for Single Family homes and decreased 15.1 percent for Townhouse- Condo properties.
– Pending Sales increased 20.4 percent for Single Family homes and increased 6.6 percent for Townhouse-Condo properties.
– The median sales price was up 5.1 percent to $279,000 for Single Family homes and 10.4 percent to $240,000 for townhouse-condo properties.
– Closed sales remained relatively flat for Single Family properties and decreased 8.3 percent for townhouse- condo properties.
– Average days on market decreased 50 percent or 70 days for Single Family homes and decreased 54.3 percent or 48 days for the townhouse-condo market.
– Month’s supply of inventory decreased 19.4 percent, or 5.8 months for Single Family units and decreased 20.5 percent, or 3.1 months for townhouse-condo units.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for May 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes for May over last year at this time include:

– New Listings were up 24.9 percent for Single Family homes but decreased 9.5 percent for Townhouse-Condo properties.
– Pending Sales increased 9.5 percent for Single Family homes and increased 13.7 percent for Townhouse-Condo properties.
– The median sales price was up 1.5 percent to $277,000 for Single Family homes and 6.0 percent to $228,000 for townhouse-condo properties.
– Closed sales decreased 4.4 percent for Single Family properties and decreased 9.8 percent for townhouse-condo properties.
– Average days on market decreased 31.9 percent or 96 days for Single Family homes and decreased 41.0 percent or 69 days for the townhouse-condo market.
– Month’s supply of inventory decreased 18.3 percent, or 5.8 months for Single Family units and decreased 16.7 percent, or 3.6 months for townhouse-condo units.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for April 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes for April over last year at this time include:

– New Listings were down 15.0 percent for Single Family homes and 19.6 percent for Townhouse-Condo properties.
– Pending Sales decreased 7.6 percent for Single Family homes and remained flat for Townhouse-Condo properties.
– The median sales price was down 3.4 percent to $272,000 for Single Family homes and 15.0 percent to $206,500 for townhouse-condo properties.
– Closed sales decreased 18.2 percent for Single Family properties and decreased 2.0 percent for townhouse- condo properties.
– Average days on market decreased 58.9 percent or 67 days for Single Family homes and decreased 45.4 percent or 83 days for the townhouse-condo market.
– Month’s supply of inventory decreased 26.4 percent, or 5.3 months for Single Family units and decreased 12.1 percent, or 2.9 months for townhouse-condo units.

Tight inventory levels continue to be a challenge in the northwestern Vermont market. This has resulted in days on market decreasing substantially, and in many instances multiple offers are driving prices up.