First Half 2017 Market Report - Champlain Valley

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

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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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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

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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.

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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.

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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