Coldwell Banker Hickok & Boardman's Fall 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 7.5% from May through August. Single family home sales were especially strong, jumping 21%, although the median sale price fell by 9.9%, perhaps indicting a stronger demand for entry-level homes priced below $250,000. Condominium sales slipped by 7.3%, however they gained in median sale price by 3.1%. Also of note was a 17% surge in new listings coming on the market during the summer months. View Burlington VT Homes for sale here!
SOUTH BURLINGTON VT REAL ESTATE MARKET REPORT
The number of sold residential properties in South Burlington jumped by 35% when compared to last year. Condominium sales led the way with a dramatic 42% increase in sold properties over last year, while single family home sales increased by 26%. The median sale price of single family homes fell by 7.7% however, indicating a possible shift toward lower-priced inventory in the city. The median sale price of condominiums rose slightly. Finally, pending listings, that is homes that went under contract during May through August, rose to nearly 30%, indicating increased consumer confidence. View South Burlington VT Homes for sale here!
LUXURY & MULTI-FAMILY REAL ESTATE MARKET REPORT
This real estate report also provides insight on the Luxury Market and the Multi-Family market. The luxury market saw nine sales of $1-million-plus estates during the first eight months of 2013, with the median sale price tipping to $1.5 million. Of these nine sales, seven were waterfront properties, while the last two were on large estates with mountain views. Seven of the sales were in Chittenden County with Charlotte recording three of those sales. Grand Isle recorded two sales.
In the multi-family market, demands continues to grow resulting in upward pressure on pricing and multiple offers being generated on some properties. The median sale price in Chittenden County increased by 19% over last year. Sales of multi-family units also increased with Burlington leading the way at a 17% increase. Despite these rising sales, inventory remains little changed from last year which may mean higher pricing if demand continues. The extremely low vacancy rate in Burlington compared to the national average 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!