We're over half way through 2015. Do you know the status of your local real estate market? Coldwell Banker Hickok & Boardman Realty's Northwest Vermont Mid-Year Real Estate Market Report is an analysis of Northwest Vermont's mid-year 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 County, Franklin County, Grand Isle County and Addison County 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!
1ST TIME HOME BUYERS ON THE RISE
LOW INTEREST RATES
OVERALL MARKET STATS
CHITTENDEN COUNTY VT REAL ESTATE MARKET REPORT
The first half of 2015 has brought buyers back in force to Chittenden County, returning the market to the type of activity that was typical before the recession in 2008. A number of factors helped lift the county's real estate transactions and median pricing: local business are growing & hiring, and Global Foundries completed its purchase of IBM's chip business, including its Essex plant, vowing to keep jobs intact. Economists at the Vermont Economic Outlook Conference earlier this year predicted the state's unemployment rate could decline to 3.5% by year-end, with corporations adding 1,500 private-sector jobs. Housing inventory remains tight. Properties in the $250,000 to $350,00 are in strong demand, which is driving up pricing as homebuyers compete in the marketplace. Median pricing rose 6.2% during the first six months of 2015.
Unit sales surged by 31%. Still, median pricing slipped 4.5% during the first half of 2015, which indicates that buyers are seeking lower-priced housing. Affordability remains an issue in the Queen City. Towns close to Burlington with lower price points also recorded higher sales, including Winooski, Essex, and Colchester.
Read the full Chittenden County report here!
LUXURY REAL ESTATE MARKET REPORT (homes above $800,000)
Sellers have readjusted their expectations for sales prices amid slower demand for high-end property. That means buyers may find excellent values among the region's luxury properties, with some homes selling below assessed value.
Our Agents note that buyers are increasingly looking for high-end homes in or close to Burlington because of a desire to be near restaurants, the arts, and the University of Vermont Medical Center.
Buyers seeking waterfront properties are interested in homes with higher elevations and seawalls in good condition, given concerns about flooding. Traditionally, the region's waterfront properties have maintained a strong draw on luxury buyers. However, the first half of 2015 has seen a shift toward properties closer to town or with large acreage. Only four of this year's sales included waterfront access.
Read the full Luxury Market report here.
The complete report is currently available online only at www.VermontMarketReport.com.