Our Vermont Real Estate Update – June 2017

The Northwestern Vermont Board of Realtors (NVBR) has released its market statistics for June 2017. The information is collected directly from the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties. They noted the following for the month of June in their report:

• New Listings were down 7.2 percent in June for Single Family homes and decreased 1.2 percent for Townhouse-Condo properties.
• The median sales price was up 5.2 percent to $289,950 for Single Family homes but decreased 5.3 percent to $213,000 for townhouse-condo properties.
• June’s Closed sales increased 1.3 percent for Single Family properties and decreased 7.6 percent for townhouse-condo properties.
• Average days on market decreased 40.7 percent or 73 days for Single Family homes and decreased 56.6 percent or 49 days for the townhouse-condo market.
• Month’s supply of inventory decreased 15.5 percent, to 6.0 months for Single Family units and decreased 18.9 percent, to 3.0 months for townhouse-condo units.

Our takeaway for the first half of the year in Chittenden County is the market is “steady as she goes”. So far this year, sales are down 6%, inventory is reduced by 3%, but prices are up 2% compared to last year.  Slow and steady like Vermont has normally been. The market is healthy – sales and inventory are off a little, but pricing is up a little –  it is a fairly steady market.

Three main things that contribute to this market are:

1. Unemployment continues to be low in Vermont – the economy is stable.
2. We don’t have the big increases or drops in our population growth – no drivers up or down.
3. Our interest rates continue to be low. Affordability continues to be solid with average monthly payments pretty comparable to last year’s numbers.

If we got more inventory on the market (I’m seeing that happening now), we could probably see sale close to last year’s level by the end of the year, and I suspect that’s where we’ll end up.

View Northwestern Vermont’s Real Estate Statistic Report and statistics by town.

If you have any questions about buying and selling real estate contact Mike Conroy at 802-363-3356 or [email protected].

Conroy & Company is a Keller Williams Vermont team of Realtors located in South Burlington, Vermont. Our mission is to serve our clients with the highest level of personal commitment to helping them reach their goals. Our focus is to bring the latest technology and marketing skills to our clients, and do so in the most personal, hands on way possible. Our collaborative, strength in numbers approach to exceeding your expectations, has helped keep us in the top 2% of Vermont agents/teams ever since 2003