Northwestern Vermont Board of REALTORS® Releases February 2021 Market Statistics

March 2021
FOR IMMEDIATE RELEASE
Contact: Kathleen A. Sweeten, CEO

Northwestern Vermont Board of REALTORS® Releases February 2021 Market Statistics

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for February 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.

Changes for February over last year at this time include:

• New Listings decreased 21.1 percent for single-family homes but increased 19.6 percent for townhouse-condo properties.

• Pending Sales increased 8.0 percent for single-family homes but decreased 18.0 percent for townhouse-condo properties.

• Inventory decreased 62.5 percent for single-family homes and 66.1 percent for townhouse-condo properties.

• The Median Sales Price was up 20.3 percent to $329,000 for single-family homes and 7.0 percent to $264,000 for townhouse-condo properties.

• Days on Market decreased 39.8 percent for single-family homes and 48.6 percent for townhouse-condo properties.

• Months Supply of Inventory decreased 63.0 percent for single-family homes and 66.7 percent for townhouse-condo properties.

For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.

For more details on the Market Statistics click here: http://www.nvbr.com/category/news/market-statistics/.

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The Northwestern Vermont Board of REALTORS® (NVBR) is the “Voice for Real Estate” in northwestern Vermont representing over 650 members involved in all aspects of the residential and commercial real estate industries. The monthly market statistics report is sponsored by NorthCountry Federal Credit Union.