Relocating. Moving Up. Downsizing. Moving On …

Year End Review & Trends to Watch

Before we close the books on 2015, I wanted to share our Early 2016 Vermont Market Report, including a complete year end review market and trends to watch for 2016.

Across Northwest Vermont, including Chittenden, Addison, Franklin, and Grand Isle counties, sales jumped 12.1% and median sale price was up 3.4% in 2015. Job creation is strong. Mortgage rates are stable. These are all great indicators for a healthy market in 2016. With that said, real estate truly is hyper local. Trends vary by town, price point, condition of property — even your personal situation. Demand for housing in the under $350,000 range remains the greatest, particularly given the emergence of first-time buyers. In 2015, 37% of the buyers we worked with were making an investment in their future by purchasing their first home. However, inventory in this price range remains tight.

Below you will find a summary with quick links to our current report. As always, please feel free to contact me with any questions. I look forward to hearing from you.

Chittenden County
The most active real estate market in the region, the number of residential sales jumped 14.9% with the median price rising 3.1%. Several towns benefited from a surge in home-buying, including Burlington and Essex, where the number of sales rose 22.5% and 16.1%, respectively. See a town by town comparison in Chittenden County

Franklin County
Franklin County remains a popular location for professionals seeking homes below $200,000. The number of residential sales rose 6.4%, while median pricing gained 1.9 percent. Living in Franklin County continues to provide housing options and economical alternatives for commuters working in Chittenden County. See a town by town comparison in Franklin County

Grand Isle
Residential sales in Grand Isle rose 18.9%, but buyers sought lower-priced inventory than in 2014. That led to the county’s median sale price to decline by 14.5%. It’s important to note that as Grand Isle is Northwest Vermont’s least active county for real estate transactions, a small number of sales can have a relatively large impact on pricing trends. See a town by town comparison in Grand Isle County

Addison County
Property sales increased 3.9% last year, while the median sale price rose 4.7%. A stronger economy has encouraged some professionals to make their first home purchase. In particular, Middlebury saw sharply higher sales and pricing than last year. See a town by town comparison in Addison County