Northwestern Vermont Board of REALTORS® Releases March 2021 Market Statistics

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

Northwestern Vermont Board of REALTORS® Releases March 2021 Market Statistics

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

Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home sellers and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

Changes for March over last year at this time include:

• New Listings increased 11.0 percent for single-family homes but remained flat for townhouse-condo properties.

• Pending Sales increased 38.8 percent for single-family homes and 4.6 percent for townhouse-condo properties.

• Inventory decreased 59.1 percent for single-family homes and 64.2 percent for townhouse-condo properties.

• The Median Sales Price was up 14.4 percent to $350,000 for single-family homes and 3.5 percent to $279,000 for townhouse-condo properties.

• Days on Market decreased 30.1 percent for single-family homes and 60.3 percent for townhouse-condo properties.

• Months Supply of Inventory decreased 60.7 percent for single-family homes and 68.4 percent for townhouse-condo properties.

While many home builders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.

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.