VERMONT & NEW HAMPSHIRE Q3 YTD 20 17 MAR KE T R E P O RT
KNOWLEDGE IS POWER
W
e are proud to share our Q3 YTD 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. 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 throughout the remainder 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#4650955
V I S I T FO U R S E A S O N S S I R .C O M | Q 3 Y T D 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#4663620
4 LAKE SUNAPEE REGION Merrimack County Sullivan County 5 LAKE WINNIPESAUKEE REGION Belknap County Carroll County
MLS#4650795
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#4643370
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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.
The Average Sales Price was up 5.2%to $264,319 for singlefamily homes but decreased 2.1% to $228,584 for townhousecondo properties. We expect the current market trends to continue through the end of the year.
Overall, new listings were down 4.6% for single-family homes and 5.7% for townhouse-condo properties. Pending Sales increased 7.8% for single-family homes and 8.9 percent for townhouse-condo properties.
MLS#4644546
New Hampshire New Hampshire's housing market finished the first three quarters of 2017 posting a modest 0.3% decrease in Single Family homes sold with a 6.0% increase in Median Sales Price to $265,000. Condo activity reflected a 9.9% increase in closed sales with a 3.3% increase in Median Sales Price to $190,000. 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#4662553
Source: NH and VT Association of Realtors Source: NEREN 1/1/17 - 9/30/17
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MLS#4649529
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 three quarters 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, Londonderry, and Stratton exhibited substantial increases by +10.0%, +93.3%, +14.8% and +2.8% respectively -D over, Wilmington, Shrewsbury and Ludlow all decreased by -8.5%, -20.3%, -58.3% and -20.4% respectively
Average Sale Price varied by towns:
$
-M anchester, Wilmington, Dover, Londonderry and Winhall showed increases of +4.7%, +6.0%, +10.0%, +41.9% and +14.3% respectively -S tratton and Ludlow showed significant declines of -31.5% and -22.7% respectively
Average Days on Market varied widely by individual town: -D orset, Manchester, Dover, Stratton and Plymouth exhibited increases of +22.9%, +21.7%, +59.4%, +42.1% and +8.4% respectively -W ilmington, Wardsboro, Winhall, Peru, Londonderry, Ludlow and Chester exhibited decreases of -8.5%, -8.7%, -4.7%, -22.3%, -27.8%, -7.2% and -32.9% respectively
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TOTAL SALES IN UNITS
Number of Sales
KEY
-8.5%
120
118 108
2017 Q3 YTD
-20.4%
2016 Q3 YTD
103
90 82
-20.3% 69 55
-5.1%
+10.0% -23.5% -40.0% 13
37
37
+12.9% +61.1%
36
35
+20.0%
27
18
17
15
+14.3% 16
29 18
14
-58.3% 12
31
+15.4% 15
13
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 | Q 3 Y T D 2 0 1 7 M A R K E T R E P O R T | 3 1
Ches ter
Peru
Shre wsbu ry
rsfie ld Wea the
h Cave ndis
outh Plym
Ludl ow
tton
boro
5
Ward s
Marl bo
Dove r
gton Wilm in
este r Man ch
Dors et
0
ro
6
10
31
39
+2.8%
Stra
30
ry
30
nder
33
Lond o
30
+14.8%
ll
58
Winh a
+93.3%
60
Source: NEREN 1/1/17-9/30/17.
SOUTHERN VERMONT REPORT
AVERAGE SALE PRICE Average Sale Price
KEY
700,000
-31.5%
2017 Q3 YTD 2016 Q3 YTD 525,000
-13.2% +14.3%
+56.5%
-22.7%
+4.7%
350,000
+6.0%
+10.0%
+43.4%
+41.9%
+17.6%
-14.8% +11.6%
-13.6%
-13.3%
+14.0%
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 | Q 3 Y T D 2 0 1 7 M A R K E T R E P O R T | 3 2
232k
201k
Ches ter
220k
259k
Peru
209k
300k
y Shre wsbu r
225k
194k
Wea thers field
184k
205k
h ndis Cave
261k
222k
outh Plym
378k
292k
ow Ludl
648k
444k
tton Stra
358k
409k
Winh all
196k
277k
ry nder Lond o
147k
168k
boro Ward s
255k
399k
boro Marl
249k
274k
Dove r
273k
290k
ton Wilm ing
331k
347k
ches ter
494k
Man
Dors e
t
0
429k
175,000
Source: NEREN 1/1/17-9/30/17.
KEY
AVERAGE DAYS ON MARKET
2017 Q3 YTD
Average Days on Market
2016 Q3 YTD 400
-7.2% -4.7% -27.8%
+59.4% +21.7%
300 +22.9%
298
299
280
320
-8.7%
252 230
200
305
205
348
+42.1%
323
+8.4%
-40.9%
284
270
269
262
242 221
-8.5% 162
177
+26.6% 195
190
186 154
-2.6%
-32.9%
247
246
-67.2%
216
187
-22.3%
192 165
159
113 116
100
61
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 | Q 3 Y T D 2 0 1 7 M A R K E T R E P O R T | 3 3
Ches ter
Peru
Shre wsbu ry
Wea thers field
sh Cave ndi
outh Plym
Ludl ow
Stra tton
ll Winh a
nder ry Lond o
Ward sbor o
boro Marl
Dove r
Wilm ingto n
Man ches ter
Dors e
t
0
Source: NEREN 1/1/17-9/30/17.
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