Vermont Real Estate Market Statistics

red barn fall foliageAs we approach the last quarter of 2014, I thought I’d share the most recent Vermont real estate market statistics report. This report is generated by The Northwestern Vermont Board of Realtors® and covers Chittenden, Franklin, and Grand Isle Counties. These reports are published monthly.

In summary, the report indicates the real estate market is shifting from a seller’s market to a buyer’s market. That’s good news if you are looking to buy. However, if you are a seller you may need to bring down your asking price to get the deal done!

Take-away points for Chittenden, Franklin, and Grand Isle Counties:

  • From January 1 through August 31, 2014, new listings of single-family homes have increased by 3.4% over the same time period in 2013. However, new listings of condo/townhomes are down 7%. That’s the big picture. The smaller picture is the month of August 2014 compared to August 2013, where new single-family homes listings are down 14.8% to 253 properties and new condo/townhomes listings are down 11.8%.
  • During the same time periods (August 2013 and August 2014), closed sales were down 27.3 percent from 198 to 144 single-family homes. Condo/townhouse closed sales dropped 5.5 percent from 73 to 69 units.
  • Median sales price was up for single family homes 1.0 percent to $263,550. Townhouse-condo properties decreased 3.5 percent to $223,000.
  • There are more homes on the market, sales prices show marginal change, and the days on market and month’s supply of inventory is rising.
Underhill, Vermont, home for sale, 41 Sam Ward Road. $610,000.

Underhill home for sale, 41 Sam Ward Road. $610,000.

Jericho and Underhill Real Estate Markets

Now let’s take a look at the towns where I work most, Jericho and Underhill, Vermont. As you will see, Underhill’s real estate market was on vacation in August!

JerichoSingle-family homes, January 1 through August 31, 2013 compared to the same time period in to 2014

  • New listings were up, from 53 in 2013 to 62 in 2014.
  • Not as many homes sold. Closings were down slightly from 30 in 2013 to 29 in 2014.
  • Median sales price was also slightly down from 295,500 to $270,000.
  • People are pricing their homes too high and not getting their original asking price. The percent of original list price received was down from 95.3% to 94.4%.
  • Homes are selling much faster! The number of days on the market went from 80 to 64.

JerichoSingle-family homes, August 2014 compared to August 2013

  • The number of new listings stayed the same—5.
  • Not as many homes sold; 4 closed in 2013 and only 2 in 2014.
  • Median sales price was up from 273,300 to $280,000.
  • People are pricing their homes too high and not getting their original asking price. The percent of original list price received was down from 98% to 95.3%.
  • Homes are selling like pumpkins in October! The number of days on the market went from 72 to 42.
  • The number of homes on the market went from 24 to 34.
Homes for sale in Underhill, Vermont

Underhill home for sale. 25 Waughbrook Lane. $349,000.

Underhill—Single-family homes, January 1 through August 31, 2013 compared to the same time period in to 2014,

  • New listings were up, from 40 in 2013 to 56 in 2014.
  • Not as many homes sold. Closings were down slightly from 17 in 2013 to 16 in 2014.
  • Median sales price was down from $245,000 to $242,500.
  • The percent of original list price received was up from 91.0% to 94.1%.
  • Homes are selling much faster, but not as fast as homes in Jericho! The number of days on the market went from 95 to 86.

Underhill—Single-family homes, August 2014 compared to August 2013

  • The number of new listings stayed the same—5.
  • The number of homes sold stayed the same: only 1, and it was a foreclosure that went for $104,900.
  • Homes are not selling like pumpkins in October! The number of days on the market went from 10 to 64 (for that one home).
  • The number of homes on the market went from 28 to 40.
  • Underhill’s real estate market was on vacation in August, 2014.

If you are thinking about selling your Jericho or Underhill home any time soon, be prepared to lower your price. If you don’t you will most likely stay in your home for awhile, which is not necessarily a bad thing. If you are looking to buy, the total number of homes on the market for Jericho and Underhill is around 74. There is a lot to chose from, so make a reasonable offer and you will get the home you want!

More info:

For a complete report please visit The Northwestern Vermont Board of Realtors® August Market Report .

More blogs about Vermont’s real estate market:

June 28, 2014—Healthy Vermont Real Estate Market by Lea Van Winkle

April 15, 2014—Vermont Real Estate Marketing Report by Lea Van Winkle

Sincerely,

Lea Van Winkle, Owner/Broker

Pleasant Valley Real Estate

 

Posted in Pleasant Valley News, Rural Vermont Real Estate, Uncategorized.