Northwestern Vermont Board of REALTORS® Releases October 2020 Market Statistics

NOVEMBER 2020
FOR IMMEDIATE RELEASE
Contact: Kathleen A. Sweeten, CEO

Northwestern Vermont Board of REALTORS® Releases October 2020 Market Statistics

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for October 2020. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

Changes for October over last year at this time include:

• New Listings decreased 0.9 percent for single-family homes and 25.6 percent for townhouse-condo properties. 
• Pending Sales increased 15.7 percent for single-family homes but decreased 4.4 percent for townhouse-condo properties. 
• Inventory decreased 47.5 percent for single-family homes and 51.1 percent for townhouse-condo properties.
• The Median Sales Price was up 18.5 percent to $339,500 for single-family homes and 0.2 percent to $277,500 for townhouse-condo properties. 
• Days on Market decreased 34.4 percent for single-family homes and 47.8 percent for townhouse-condo properties. 
• Months Supply of Inventory decreased 48.8 percent for single-family homes and 54.5 percent for townhouse-condo properties.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

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.