Coldwell Banker Hickok & Boardman Realty's End of Summer 2013 Real Estate Market Report for Northwest Vermont provides detailed real estate market information on Chittenden, Franklin, Grand Isle and Addison counties. Also find town-specific information on Burlington, South Burlington, Milton, Colchester & Winooski. As well as market information specific to the following School Districts: Chittenden South, Chittenden Central & Chittenden East.
BURLINGTON VT REAL ESTATE MARKET REPORT
Burlington residential sales (single family, condominiums) rose 1.3% from January through May 8th. More impressive was a 14.9% increase in the median sale price of single family homes. The number of single family sales remained stable as compared to same period last year. The condominium market softened a little with with a decrease of 18% in the median sale price, although the number of units sold increased slightly to 27 as compared to last year's 25 sales in the same period.
SOUTH BURLINGTON VT REAL ESTATE MARKET REPORT
South Burlington reversed last year's decline with an increase this period of 2.2% in the median residential sales price with single family homes leading the way at a 21.6% increase when compared to a year earlier. Homes are also on the market for a far shorter period: 69 days on average compared to the 102 day average in early 2012. Condominium sales were more stable with 4.2% increase in median sale price and about same number of units sold as compared to last year.
LUXURY & MULTI-FAMILY REAL ESTATE MARKET REPORT
In addition, this real estate report also provides insight on the Luxury Market and the Multi-Family market. The luxury market had six sales over $1 Million during the first four months of 2013. Four of those sales were waterfront properties and the other two were located on large estates with mountain views. Five of the luxury sales were in Chittenden County with three of those sales in Charlotte. The sixth sale was in Grand Isle County. The highest luxury sale price was a $3.8 million sale in Colchester on its own point on Lake Champlain.
In the multi-family market, supply remains low while demands continues to grow. Sales of duplexes and other multi-family homes jumped 27% across Chittenden, Franklin and Grand Isle counties. Chittenden County led the way with a 43% surge in multi-family sales from January through early May. The extremely low vacancy rate of 1.5% in Burlington compared to the national average of 7.4% continues to be a very strong pull for investors.
The complete report is currently available online only at www.VermontMarketReport.com.
If you have any questions about this report or want to talk about a specific property or locale, please contact me today!