Are you wondering about the Spring Market in your neighborhood? Coldwell Banker Hickok & Boardman's Spring 2015 Northwest Vermont Real Estate Market Report is an analysis of Northwest Vermont's 1st quarter market results. 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. 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!
At the start of 2015, Vermont's housing market is benefiting from some positive local and national trends, including historically low mortgage rates and an improving employment market. While there are reasons for optimism, some issues remain as an overhang from 2014, which resulted in an uneven year for Northwest Vermont's real estate market, with a slowdown during the winter and summer months followed by a pickup in fourth quarter sales. After unusually cold temperatures in February, which initially caused some buyers and sellers to delay their property plans, Vermont's housing market is now warming up, helped by historically low mortgage rates and a stronger employment market.
CHITTENDEN COUNTY VT REAL ESTATE MARKET REPORT
After ending 2014 on a strong note, Chittenden County's residential sales market continued to see increased buyer demand in the first three months of 2015. Sales of residential properties rose 12.1% during the first quarter, buoyed by demand in Burlington and Essex. Sales in Essex and neighboring towns in particular benefited thanks to the resolution of the future of IBM's semiconductor plant last fall. The tough winter weather did appear to dampen sales in the early part of this quarter as fewer Buyers were willing to brave the cold, but as temperatures have risen, so has activity. Agents are reporting a recent surge in new property listings and renewed interest from Buyers. Read the full Chittenden County report here!
LUXURY REAL ESTATE MARKET REPORT
Beautiful Hill Section Colonial
During the past 12 months, nine $1 million-plus home sales were recorded. Two $1 million-plus sales were recorded in the first quarter, with both sales closing in March. The remaining seven luxury sales closed in the summer or fall of 2014. Five of those properties included lakefront access, which is a traditional attraction for high-end buyers searching for homes in Northwest Vermont.
The past two years have witnessed a slower pace of luxury sales, with sellers readjusting their expectations. At the end of March, there were 58 residential properties priced over $1,000,000 on the market in Chittenden, Addison, Franklin, and Grand Isle counties with 3 properties under contract. Luxury homes require additional time to market than do mid-range homes, and the current inventory means Luxury homeowners must price competitively to sell more quickly.
Read the full Luxury Market report here.
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The complete report is currently available online only at www.VermontMarketReport.com.
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