Northwestern Vermont Board of REALTORS® Releases September 2020 Market Statistics

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

Northwestern Vermont Board of REALTORS® Releases September 2020 Market Statistics

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for September 2020. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
    
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings increased 9.2 percent for single-family homes and 14.9 percent for townhouse-condo properties. Pending Sales increased 26.8 percent for single family homes and 10.6 percent for townhouse-condo properties. Inventory decreased 48.9 percent for single-family homes and 43.1 percent for townhouse-condo properties.

The Median Sales Price was up 11.1 percent to $342,250 for single-family homes and 6.4 percent to $284,000 for townhouse-condo properties. Days on Market decreased 4.3 percent for single-family homes and 40.9 percent for townhouse-condo properties. Months Supply of Inventory decreased 51.1 percent for single-family homes and 45.5 percent for townhouse-condo
properties.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

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

___________________

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.