FIRST HALF 2017 MARKET REPORT NORHEAST KINGDOM
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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NORTHEAST KINGDOM REPORT
Total Sales in Units are up in most towns: - St. Johnsbury +46.4% - Lyndon +64.7% - Burke +50.0%
Average Sale Price varied by town: - Greensboro +49.3%
$
- St. Johnsbury +39.3% - Lyndon -19.0% - Burke -36.8%
Average Days on Market increased for a majority of towns: - S t. Johnsbury decreased -G reensboro, Orleans, Lyndon and Burke exhibited an increase
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TOTAL SALES IN UNITS Number of Sales
KEY
50
2017 First Half +46.4
2016 First Half
41
37.5 +64.7%
28
25
28
+50.0%
17
15
12.5 -16.7%
0.0%
10 6
5
6
6
Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.
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Source: NEREN 1/1/17-6/30/17
NORTHEAST KINGDOM REPORT
AVERAGE SALE PRICE Average Sale Price
KEY
400,000
2017 First Half 2016 First Half
+49.3
300,000 -36.8%
200,000 -19.0%
+39.3% +70.8%
Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.
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96k
134k
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Orle ans
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58k
99k
138k
112k
234k
148k
202k
301k
100,000
Source: NEREN 1/1/17-6/30/17
AVERAGE DAYS ON MARKET Average Days on Market
KEY
500
2017 First Half +81.7%
375
2016 First Half
407
-22.7%
250 224
+8.3%
182
+37.1%
168
225
181
174
+49.4%
125
132
127 85
Note: Small bases can lead to significant percentage increases/decreases and should be used cautiously.
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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