Coldwell Banker Hickok & Boardman's Early 2014 Real Estate Market Report for Northwest Vermont is a Year End Review for the year 2013. This report 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. Having up-to-date information on current real estate market conditions in your area can help you both as a Buyer and a Seller! If you have any questions about this report or want to talk about a specific property or locale, please contact me today!
BURLINGTON VT REAL ESTATE MARKET REPORT
Residential single-family home sale rose 4.5% last year, although the median sale price dipped slightly by 2.4% to $259,000. This may indicate a stronger demand for homes priced below $250,000. Condominium sales in Burlington dipped by 3% and their median sale price declined by 5.5%. The numbers of homes going under contract in 2013 rose 2.1%, perhaps indicating strengthening consumer confidence. View Burlington VT Homes for sale here!
SOUTH BURLINGTON VT REAL ESTATE MARKET REPORT
Sales for both single-family homes & condominiums increased in South Burlington in 2013. Single-family home sales rose by 13.4% with the median sale price gaining 2.8%. Condos fared even better with a 23.6% increase in sales and a 3% gain in median sale price. South Burlington's diverse housing stock, from new construction to townhomes to classic New England architecture continue to be a strong draw to Buyers. View South Burlington VT Homes for sale here!
LUXURY & MULTI-FAMILY REAL ESTATE MARKET REPORT
The Luxury sector recorded fewer sales last year, however the median sale price rose by 8.3% to $1.44 million. There were ten luxury sales total, eight of which included waterfront access, while the other two properties were located on large estates with mountain views. Eight of these high-end properties were located in Chittenden County with Charlotte recording three sales in the $1 million plus range. The highest recorded sale was $3.8 million located in the town of Colchester on its own point on Lake Champlain. As high-end properties require more time to market, there's currently a 64-month supply of available inventory priced over $1 million. However that's an improvement over the 84-month supply that was available in August of last year.
Across Chittenden, Franklin, Addison and Grand Isle counties, sales of duplexes and multi-family homes rose 5% with a median sale price increase of 3.7%. Chittenden County alone recorded 87 sales of duplexes and three- to four-unit properties. In Burlington, sales remained steady at 54 units sold in 2013. However, demand from investors and other Buyers remained high, and the lack of inventory for multi-family properties made for increased competition and a resultant increase of the median sale price by 16.7%. Part of the city's appeal for investors is its low vacancy rate, which typically ranges between 1% to 2%. That was far below the fourth quarter U.S. apartment vacancy rate of 4.1%, according to Reuters.
The complete report is currently available online only at www.VermontMarketReport.com.