Northwestern Vermont Housing Market Snapshot for 2017
The Northwestern Vermont Board of REALTORS® has released its market statistics for January 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase. New Listings were down 15.1 percent for Single-Family homes and 10.0 percent for Townhouse-Condo properties. Pending Sales decreased 1.8 percent for Single-Family homes and 12.5 percent for Townhouse-Condo properties. The Median Sales Price was down 1.4 percent to $246,400 for Single-Family homes but increased 16.4 percent to $259,624 for Townhouse-Condo properties. Months Supply of Inventory decreased 29.2 percent for SingleFamily units and 19.4 percent for Townhouse-Condo units.
Changes for January over last year at this time include:
New Listings were down 15.1 percent for Single Family homes and 10.0 percent for Townhouse-Condo properties.
Pending Sales decreased 1.8 percent for Single Family homes and 12.5 percent for Townhouse-Condo properties.
The median sales price was down 1.4 percent to $246,400 for Single Family homes but increased 16.4 percent to $259,624 for townhouse-condo propertie
Closed sales increased 0.9 percent for Single Family properties and 2.3 percent for townhouse-condo properties.
Average days on market decreased 48.5 percent or 86 days for Single Family homes and decreased 35 percent or 93 days for the townhouse-condo market.
Month’s supply of inventory decreased 29.2 percent, or 4.6 months for Single Family units and decreased 19.4 percent, or 2.9 months for townhouse-condo units.
The bottom line- inventory in our market is low creating strong competition for available properties priced appropriately. Active buyers are struggling to find houses and acting quickly when properties come available. If you're looking to buy or sell in 2017 give Vermont Real Estate Company a call to stay ahead of the game.