Coldwell Banker Hickok & Boardman Realty's Mid-Year 2014 Real Estate Market Report is an analysis of Northwest Vermont's second quarter market results and real estate trends to watch in 2014. Read on to find out current market trends in your town. Contact me today with questions on your LOCAL real estate market!
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!
*All statistical information below is a comparison of the second quarter of 2014 to the second quarter of 2013.
BURLINGTON VT REAL ESTATE MARKET REPORT
While the median sale price rose 8.6%, overall residential transactions slipped by 27.8%. 42 single family homes sold during the second quarter, down almost a third from a year earlier. Condominium sales slipped as well to 34 transactions from 42 a year earlier, although their median sale price jumped by 25%. New residential listings were down by 4.2% this quarter. Given the lack of inventory and strong demand for housing, homeowners required an average of only 52 days to market their properties in the second quarter, down from 89 days a year earlier. That significant decline indicates that buyers are quickly moving on desirable properties. View Burlington VT Homes for sale here!
SOUTH BURLINGTON VT REAL ESTATE MARKET REPORT
After a strong start to 2014, South Burlington sold listings slipped 31.5% this quarter to 74 residential transactions with an 11% decline in sale price as Buyers opted for lower-priced condominiums. Single family home sales declined to 21 transactions, down from 53 transactions a year earlier, although the median sale price rose by 9.2% to $355,000. Inventory remained steady as compared to a year earlier. View South Burlington VT Homes for sale here!
LUXURY REAL ESTATE MARKET REPORT
This real estate report also provides insight on the Luxury Market.
The luxury market continued at a similar pace to 2013, although the median sale price did dip slightly from last year's $1.44 million to $1.35 million. Waterfront properties continue to dominate luxury sales with eight of nine $1 million-plus sales offering Lake Champlain access. Seven of the luxury sales were in Chittenden County, with three of those sales in Colchester. The highest sale was $3.26 million for a 125-acre lakefront property in the Addison County town of Panton.
The complete report is currently available online only at www.VermontMarketReport.com.