Northwestern Vermont Board of REALTORS® Releases January 2021 Market Statistics

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

Northwestern Vermont Board of REALTORS® Releases January 2021 Market Statistics

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for January 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
     
January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.

Changes for January over last year at this time include:

• New Listings decreased 14.6 percent for single-family homes and 41.3 percent for townhouse-condo properties.

• Pending Sales increased 8.0 percent for single family homes but decreased 18.6 percent for townhouse-condo properties.

• Inventory decreased 56.7 percent for single-family homes and 65.4 percent for townhouse-condo properties.

• The Median Sales Price was up 6.9 percent to $339,000 for single-family homes but decreased 9.4 percent to $234,750 for townhouse-condo properties.

• Days on Market decreased 44.3 percent for single-family homes and 27.8 percent for townhouse-condo properties.

• Months Supply of Inventory decreased 57.1 percent for single-family homes and 65.0 percent for townhouse-condo properties.

The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.

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.