2017 First Half Market Report - Southern Vermont

FIRST HALF 2017 MARKET REPORT SOUTHERN 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

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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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SOUTHERN VERMONT REPORT

Total Sales in Units increased in most towns with the following showing significant gains: -D orset, Manchester, Marlboro, Londonderry, and Stratton exhibited substantial increases by +4.5%, +26.5%, +33.3%, +16.7% and +16.7% respectively -D over, Shrewsbury and Ludlow all decreased by -20.5%, -50.0% and -17.7% respectively

Average Sale Price varied by towns:

$

-D orset, Manchester, Wilmington, Londonderry and Winhall showed significant increases of +9.1%, +3.5%, +1.7%, +64.1% and +10.2% respectively -S tratton and Ludlow showed significant declines of -34.3% and -22.2% respectively

Average Days on Market varied widely by individual town: -D orset, Manchester, Dover, Stratton and Ludlow exhibited increases of +23.0%, +26.8%, +65.8%, +32.1% and +18.2% respectively -W ilmington, Wardsboro, Winhall, Peru and Chester exhibited decreases of -3.6%, -35.6%, -10.6%, -33.1%, and -19.6% respectively

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TOTAL SALES IN UNITS

Number of Sales

KEY

-20.5%

90

88

67.5

2017 First Half

-17.7%

2016 First Half

79

70 65

+26.5%

44 44

+25.0% 15

13

14

12

8

-50.0%

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

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rsfie ld

22 22

14

8

4

Wea the

uth Plym o

Ludl ow

tton

ll Winh a

ry

3

+133.3%

21

6

Ches ter

+62.5%

12

nder

Marl

Dove r

Wilm ingto n

Man

ches ter

t Dors e

boro

4

0

13

24

18

ndis h

+33.3%

21

Peru

+8.3%

0.0%

+50.0%

28

Cave

22

+16.7%

y

25 25

Lond o

23

+16.7%

0.0%

Shre wsbu r

34

+4.5%

Stra

43

22.5

0.0%

Ward sbor o

45

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

SOUTHERN VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

700,000

-34.3%

2017 First Half 2016 First Half 525,000 +9.1% +10.2%

-22.2%

+3.5%

350,000

+1.7%

+64.1%

-20.6%

+0.1%

+58.7% +20.0%

+6.0%

175,000

-26.5%

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

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254k

196k

Ches ter

202k

242k

Peru

151k

239

y Shre wsbu r

192k

167k

141k

rsfie ld Wea the

Cave ndi

sh

149k

272k

216k

Plym outh

373k

290k

Ludl ow

630k

414k

tton Stra

348k

383k

ll Winh a

167k

275k

ry Lond onde r

116k

133k

ro Ward sbo

183k

194k

boro Marl

238k

239k

Dove r

280k

285k

gton Wilm in

337k

348k

ches ter Man

Dors e

403k

439k

+14.3%

t

0

-10.5%

-22.8%

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

KEY

AVERAGE DAYS ON MARKET

2017 First Half

Average Days on Market

2016 First Half 400

+89.0% -10.6% -35.6%

+26.8% +23.0%

300

331

337

+68.8%

358

-0.3% 309 310

300

350

+35.3%

261 244

185

192 173

372

-33.1%

341

308

255

+68.3%

378

296

+32.1%

-3.6%

-68.0%

320

292

200

+18.2%

-19.6% 276

-74.0%

252

223

217 193

222 206

200

170

119

100

101 58

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

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Ches ter

Peru

y Shre wsbu r

rsfie ld Wea the

ndis h Cave

outh Plym

ow Ludl

tton Stra

ll Winh a

ry nder Lond o

boro Ward s

boro Marl

Dove r

Wilm ingto n

Man ches ter

Dors e

t

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