FIRST HALF 2017 MARKET REPORT CHAMPLAIN VALLEY
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
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 | 3
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
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 | 4
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.
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 | 5
CHAMPLAIN VALLEY REPORT
Total Sales in Units decreased in many markets:
- Essex -19.7%
- Shelburne -35.6%
- Burlington -3.2%
- Williston -7.4%
- Winooski -19.4%
- Richmond -27.0%
Average Sale Price increased significantly in many towns:
$
- Charlotte +12.9%
- Hinesburg +12.6%
- Burlington +7.1%
- Vergennes +45.2%
- Colchester +6.8%
- Middlebury +24.2%
Average Days on Market varied widely by individual town: -S outh Burlington, Charlotte Colchester, Essex, Williston and Middlebury increased by 7.9%, 22.4%, 11.7%, 22.7%, 44.4% and 94.5% respectively -B urlington, Winooski, Richmond, Shelburne, Ferrisburg and Vergennes decreased by 17.2%, 16.7%, 25.8%, 50.3%, 33.0% and 20.7% respectively
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 | 1 0
TOTAL SALES IN UNITS Number of Sales
+4.2% 148
135
KEY
-19.7%
180
150
2017 First Half
173
-3.2% 155
2016 First Half
142
139
0.0% 110 110
-7.4%
90 -35.6%
24
29
+40.0% -75.0% +16.7% +33.3% -81.8%
Midd lebu ry
h burg Ferri s
n Willis to
urne Shel b
d mon Rich
urg Hine sb
Esse x
Colc hest er
tte Char lo
ki Wino os
gton Burli n
So. B urlin gton
Addi son
7
0
5
1
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 | 1 1
4
7
6
4
3
2
28 29
+36.4% 15
11
11
Verg enne s
18
ho
27 20
Jeric
24
Have n
28 19
-3.4%
New
29
37
Shor eham
36
50
-25.0%
38
Brid port
+20.0%
+72.4%
59
-27.0% -32.1%
81
Walt ham
-19.4%
45
75
Source: NEREN 1/1/17-6/30/17
CHAMPLAIN VALLEY REPORT
AVERAGE SALE PRICE Average Sale Price
KEY
600,000
2017 First Half
+12.9%
-35.7%
-43.4%
2016 First Half 450,000 +7.1%
+4.1%
-.02%
+6.8%
300,000
+24.6% -32.2%
+0.1% +12.6%
-2.2%
-19.9%
+24.2%
+46.7%
-9.9%
-32.9%
-20.1% +45.2%
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 | 1 2
196k 135k
Verg enne s
359k 288k
Jeric ho
196k 246k
n Have New
252k 172k
Shor eham
239k 121k
port Brid
230k 287k
m Walt ha
291k 514k
Addi son
265k 214k
ry lebu Midd
327k 247k
h burg Ferri s
348k 334k
n Willis to
346k 537k
e burn Shel
215k 238k
d mon Rich
284k 252k
Hine sbur g
275k 274k
Esse x
311k 291k
este r Colc h
516k 457k
lotte Char
236k 241k
Wino oski
350k 327k
n ngto Burli
So. B ur
lingt on
0
315k 316k
150,000
Source: NEREN 1/1/17-6/30/17
AVERAGE DAYS ON MARKET Average Days on Market
KEY
500
2017 First Half -73.0%
2016 First Half
403
375
+44.3% 352
-43.2% 285
-33.0%
250
+22.4%
125 +7.9% 68 63
-16.7% -17.2%
+11.7%
142 116
115
+22.7% 103 81
48
58
50
60
+5.4%
181
-25.8%
92
90
89
244
196
+44.4%
154
+94.5%
-9.2% 109
107
90
66
-20.7%
162
+11.5%
142
130
120 97
-27.6%
230
-50.3%
120
109
97
135 107
87
55
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 | 1 3
Verg enne s
ho Jeric
New Have n
Shor eham
port Brid
Walt ham
Addi son
ry lebu Midd
burg h Ferri s
n Willis to
Shel
burn
e
d mon Rich
Hine sbur g
Esse x
Colc hest er
Char lotte
Wino oski
ngto n Burli
So. B ur
lingt on
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