Our Vermont Real Estate Update – August 2017

The Northwestern Vermont Board of Realtors (NVBR) has released its market statistics for August 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 August in their report:

  • New Listings were down 3.7 percent for Single Family homes and decreased 18.5 percent for Townhouse-Condo properties.
  • Pending Sales increased 16.1 percent for Single Family homes but decreased 1.5 percent for Townhouse-Condo properties.
  • The median sales price was up 10.7 percent to $292,500 for Single Family homes and 4.6 percent to $224,950 for townhouse-condo properties.
  • Closed sales increased 3.3 percent for Single Family properties and decreased 12.3 percent for townhouse- condo properties.
  • Average days on market decreased 28.3 percent or 81 days for Single Family homes and decreased 23.7 percent or 71 days for the townhouse-condo market.
    Month’s supply of inventory decreased 20 percent, or 5.6 months for Single Family units and decreased 20.0 percent, or 3.2 months for townhouse-condo units.

Chittenden County: We’re finishing up the end of the summer heat wave here – and yesterday was the last day of 90 degrees. So by the time you see this it should be back down to normal fall weather. We’re happy to report that August real estate results were as hot as it’s been since the spring season started. New Listings are even with last year for the month of August, and we’re down by around 100 listings for the year in Chittenden County. However, there has still been a total of around 1,200 listings for buyers to choose from. There has been a lot of talk about low inventory, and that is true in some categories but overall Chittenden County has had a reasonable year so far for buyers.

On the Pending side, August was an awesome month. Properties going under contract were up 16% compared to last August and that’s continuing a trend that we’ve seen for months now. It was a slow winter last year because of the snow, and we’ve been picking up the slack since then. For the year, we’re almost even with last year.

Finally, Pending Sales turn into closings, and for the month of August, we’ve continued the trend that we’ve seen for three months in a row and we’re up 3% in August, however we’re still down about 2% for the year. Regardless, we think September and October’s closings are going to be strong and we will probably finish the year up 1% compared to last year. It has been a good solid year, and the fact that there’s been a little less inventory has been helping pricing stay ahead of last year about 5%.

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 mike@conroyandcompany.com.

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

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