2017 First Half Market Report - Central Vermont

FIRST HALF 2017 MARKET REPORT CENTRAL VERMONT

Knowledge is Power

W

e are proud to share our First Half 2017 Market Report for the Vermont and New Hampshire real estate markets.

In this report you will find year over year market trends

by Region/Town in order to provide you with the most updated information so you can make informed decisions

as you evaluate your real estate options.

To keep you better informed, we have recently launched a new Mobile App which will result in more traffic to your listings. You can download our new App at http://app.sir.com/sir/. Additionally, we will be rolling out a new program in the Fall that will allow our Agents to provide you with monthly market information on a local level via a Neighborhood News newsletter which will provide dynamic market conditions so you always have the most updated information.

Overall, the market remains strong, however, we are experiencing a shortage of inventory in many price points in many of our regions and towns. Mortgage rates are increasing modestly, but are still at relatively historic lows. As long as the economy continues to grow, we see the current trends continuing into the second half of 2017.

We are committed to providing you with the highest level of service and expertise to buyers and sellers at all price points.

It would be our privilege to serve you.

Staige Davis, CEO MLS#4647843

V I S I T FO U R S E A S O N S S I R .C O M | F I R ST H A L F 2 0 1 7 M A R K E T R E P O R T | 2

TABLE OF CONTENTS 1 Market Overview 2 Central Vermont Rutland County Washington County Lamoille County 3 Champlain Valley Chittenden County Addison County

ON THE COVER: MLS#4507633

4 Lake Sunapee Region Merrimack County Sullivan County 5 Lake Winnipesaukee Region Belknap County Carroll County 6 Northeast Kingdom Caledonia County Orleans County 7 Southern New Hampshire Hillsborough County Rockingham County 8 Southern Vermont Bennington County Windham County Windsor County Rutland County 9 Upper Valley Grafton County Orange County Windsor County Sullivan County 10 Luxury Market $600K+ $1 Million+

MLS#4644500

MLS#4644546

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MARKET OVERVIEW Vermont The Vermont market is the tale of two trends. The moderately priced market is very active and considered a Seller's Market.

Inventories have shrunk and we are seeing some multiple offers.

The higher end or Luxury Market is showing signs of improving but would still be considered more of a buyers’ market.

Overall, new listings were down 6.0 percent for single-family homes and 9.1 percent for townhouse-condo properties.

Pending Sales increased 9.4 percent for single-family homes and 12.5 percent for townhouse-condo properties.

The Median Sales Price was up 5.7 percent to $222,000 for single-family homes but decreased 4.0 percent to $192,000 for townhouse-condo properties.

The general consensus is that First Half 2017 has been a good start to the year for residential real estate sales. As long as the economy continues to grow, we are optimistic this trend will continue into throughout the second half of the year.

MLS#4622616

New Hampshire New Hampshire's housing market finished First Half 2017 posting a 2.6% decrease in Single Family homes sold with a 8.0% increase in Median Sales Price to $264,000.

Condo activity reflected a 7.7% increase in closed sales with a 3.9% increase in Median Sales Price.

However, Inventory of available homes has fallen quickly, making it more of a sellers' market.

Now is a great time to sell your house if you are considering it.

MLS#4641860

Source: NH and VT Association of Realtors Source: NEREN 1/1/17 - 6/30/17

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MLS#4629754

THE LUXURY MARKETS IN NEW HAMPSHIRE AND VERMONT The Luxury market was strong in New Hampshire and showed continued signs of movement during the first half of 2017 in Vermont.

However, the luxury market continues to be primarily a Buyer's market, particularly in Vermont, due to a relatively large supply of inventory and dearth of Buyers.

This has resulted in many homes staying on the market for a prolonged period of time. Pricing appropriately in this type of marketplace is critical and many Seller's have had to lower their price expectations.

Four Seasons Sotheby's International Realty continues to be the leader in the Luxury market in Vermont and New Hampshire with the most total sales above $600K and $1MM+ properties than our next closest competitors.

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CENTRAL VERMONT REPORT

Total Units Sold varied by town: - Rutland City -3.2%

- Randolph +50.0%

- Rutland Town -8.0%

- Castleton +71.4%

- Brandon -14.8%

- Waterbury +25.0%

- Stowe -6.6%

Average Sale Price increased in numerous markets:

$

- Rutland City +8.8%

- Brandon +4.4%

- Rutland Town +3.3%

- Shrewsbury +58.7%

- Poultney +27.6%

Average Days on Market generally declined depending on market:

- Rutland City -3.1%

- Randolph -45.9%

- Brandon -33.3%

- Castleton -38.2%

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TOTAL SALES IN UNITS Number of Sales 100

KEY

-3.2%

90

2017 First Half

93

2016 First Half

-6.6%

75

76 71

50 +25.0% -14.8%

+50.0%

23

28

27

15

Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.

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Stow e

ury

don

10

n

8

Bran

16

-20.0%

Men do

13

ey

lph

8

11

+6.7%

Poul tn

14

Rand o

Shre wsbu r

d Tow n Rutla n

City Rutla nd

y

4

0

-15.4%

r

20

-50.0%

24

Proc to

25

ton

23

Cast le

25

35

+71.4%

30

Wate rb

-8.0%

Source: NEREN 1/1/17-6/30/17

CENTRAL VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

500,000

-2.8%

2017 First Half 2016 First Half 375,000 -1.6%

+58.7%

250,000

+3.3%

-25.1% -6.0%

-3.4% +27.6% -19.1%

+8.8%

+4.4%

Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.

V I S I T FO U R S E A S O N S S I R .C O M | F I R ST H A L F 2 0 1 7 M A R K E T R E P O R T | 8

458k

445k

Stow e

308k

303k

ury Wate rb

130k

135k

n Bran do

223k

167k

don Men

132k

169k

ey Poul tn

146k

118k

r Proc to

195k

188k

leton Cast

194k

182k

lph Rand o

151k

239k

Shre wsbu r

y

193k

122k

200k

d Tow n Rutla n

Rutla n

d Cit y

0

132k

125,000

Source: NEREN 1/1/17-6/30/17

AVERAGE DAYS ON MARKET Average Days on Market

KEY

400

2017 First Half 2016 First Half -45.9%

300 +80.9%

325 +0.8%

292 -38.2%

-74.0%

237 200

-23.7%

266 264

232

228

223

+57.8%

+5.5%

248 220

-1.0%

243 -33.3%

-3.1%

208 210

177

158 163

158 131

100

154

141 118

58

Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.

V I S I T FO U R S E A S O N S S I R .C O M | F I R ST H A L F 2 0 1 7 M A R K E T R E P O R T | 9

Stow e

Wate rbur y

don Bran

don Men

ey Poul tn

r Proc to

leton Cast

lph Rand o

Shre wsbu r

n d Tow Rutla n

d Cit y Rutla n

y

0

0

Source: NEREN 1/1/17-6/30/17

VERMONT & NEW HAMPSHIRE OFFICE LOCATIONS

NORTH EAST KINGDOM

CHAMPLAIN VALLEY REGION

South Burlington 802.864.0541

GREAT NORTH WOODS REGION

Stowe 802.253.7267 St. Johnsbury 802.751.7582

Vergennes 802.877.3232

Randolph 802.565.8136

Middlebury 802.388.1000 CENTRAL VERMONT REGION

Rutland 802.774.7007

UPPER VALLEY REGION

Fairlee 802.333.4701

Manchester 802.362.4551

Mount Snow 802.464.1200

Hanover - Main St. 603.643.6400 Hanover - Lebanon St. 603.643.6070 West Lebanon 603.298.5155

Okemo 802.228.4537

Bromley 802.824.3113 SOUTHERN VERMONT REGION

WHITE MOUNTAIN REGION

New London 603.526.4050

Meredith 603.677.7012

UPPER VALLEY REGION

Wolfeboro 603.941.1000

LAKES REGION

LAKE SUNAPEE REGION

Stratton 802.297.1100

MERRIMACK VALLEY REGION MONADNOCK REGION

SEACOAST REGION

Bedford 603.413.7600