2016 Annual Market Report

2016 ANNUAL MARKET REPORT

Knowledge is Power We are proud to share with you our Vermont and New Hampshire 2016 Annual Market Report. Our focus is to ensure that our clients (whether selling or purchasing real estate) have comprehensive information in order to make informed decisions. Ultimately, your success is ours.

I

n this report, you will find year over year market trends in order to help you identify where the market is headed. Please don’t hesitate to contact one of our Associates for more detailed information.

We hope you find our Full Year Market Report for 2016 helpful as you

evaluate your real estate options. At Four Seasons Sotheby’s International Realty, we are committed to providing the highest level of service and expertise to buyers and sellers alike in all price categories.

It will be our privilege to serve you.

Staige Davis, CEO

MLS#4605598

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TABLE OF CONTENTS 1 Market Review 2 Central Vermont Rutland County Washington County Lamoille County 3 Champlain Valley Chittenden County Addison County

ON THE COVER: MLS#4613614

4 Lake Sunapee Region Merrimack County Sullivan County 5 Lake Winnipesaukee Region Belknap County Carroll County

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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+

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MARKET REVIEW Top Housing Trends for 2017

Next year’s predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for eight key housing trends: 1. Prices will continue to rise--but more slowly.

Prices rose every month last year (through October) with the largest gains coming in the later half and a 5.61% increase in national.

Experts expect prices will continue their climb, but gains will slow.

"We believe price increases will hold steady despite slowing sales growth, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale," notes Nela Richardson, chief economist at real estate brokerage Redfin.

"With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends," noted David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in the December release of the Case-Shiller home price index.

"Nevertheless, home prices cannot rise faster than incomes and inflation indefinitely.”

A decade ago a mismatch like this would not have been so apparent because buyers could get subprime loans, but now high credit is a requirement. The percent of new listings in the lowest price tier of the market has declined nearly every month in the last five years.

Experts agree that even if builders are more active this year, they are unlikely to significantly add to the starter home stock in 2017.

WITH THE CURRENT HIGH CONSUMER CONFIDENCE NUMBERS AND LOW UNEMPLOYMENT RATE, AFFORDABILITY TRENDS DO NOT SUGGEST AN IMMEDIATE REVERSAL IN HOME PRICE TRENDS

3. Mortgage rates will be volatile.

The two major political events of 2016 set mortgage rates moving in opposite directions. In June, the British vote to exit the European Union put rates near a record low. In November, the U.S. election of Donald Trump had the opposite effect, sending rates above 4% for the first time in two years. By historic standards rates are still low. In 2017 experts expect movement, but differ on where for the 30-year fixed rate will land. Estimates out there range from between 3.75% and 4.6%--not so far from where it is today.

"Mortgage rates going up is a bit of euphoria and optimism over [Trump's] promise to lower taxes, increase infrastructure spending and drive 4% econ growth," says Richardson. "As more details materialize and we get a realistic assessment, we will see rates bump around." Notes Gudell: "If you squint at line you will see nice upward trend, but it will happen at a volatile pace."

Redfin expects the median home sale prices to gain 5.3% in 2017 compared to 2016, which would not be a major change from the 5.5% year-over-year gain expected to close out this year. Zillow is forecasting the median home value to rise 3.2% from $192,500 between November 2016 to November 2017. Zillow's home value index rose 6.5% in the year ending November 30th.

2. Affordability will worsen.

Wages are expected to grow in America's big cities this year, but the share of homes affordable to someone earning the median income is not. This trend, which has stymied many aspiring to buy their first home over the past few years, will be intensified by a continued shortage in low- to moderate-priced inventory and rising mortgage rates. "The irony of the modern housing market is that the places where we are seeing wage growth are places where people can't live because they are too un-affordable. There is a mismatch," says Nela Richardson, chief economist at real estate brokerage Redfin.

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year average," wrote Trulia Chief Economist Ralph McLaughlin.

"The historical view looks like there’s also more room for housing starts to grow." Construction, however, is unlikely to improve the affordability picture because there is a growing premium for new homes and most building in recent years has been on the high-end, since builders feel they can get a better return there.

When it comes to existing homes a phenomenon Richardson calls "rate lock" may constrain inventory. Homeowners who locked in a mortgage below 4% are likely to stay in low priced homes rather than upgrade, a pattern that last emerged when rates briefly rose in 2013.

6. More Millennials will become homeowners--and renters.

According to Zillow half of all buyers are under age 36. Not every economist agrees with this assessment, however it is clear that Millennials will continue to make up a large and growing portion of the buyer pool. Of course much of this is due to the fact that Millennials--adults born after 1980--are now the largest adult generation and make up the greatest percentage of the workforce.

Redfin expects Millennial homebuyers will move from the coasts to "inland markets" where starter homes are more affordable.

7. Competition will grow fiercer.

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In December the Federal Reserve bumped short term interest rates o between 0.50% and 0.75%, the second hike in a decade. The 25 basis point move left rates low by historic standards and on did not have a huge impact on mortgage rates. However, the Fed's policy makers indicated they anticipate three hikes in 2017, which could have a larger effect. That's up from the two officials projected before Donald Trump was elected. That said, Fed projections can be taken with a grain of salt: they also originally thought they would hike three times in 2016.

4. Credit availability will improve--maybe.

By and large early Trump administration priorities are not expected to deal directly with housing. However, the president-elect and his team have made it clear that they hope to roll back much of the post-crisis financial regulation laid out in the Dodd-Frank Act. In theory, this could open up banks to lend more freely to widerange of would be buyers. Though not everyone is convinced this type of lending is the direction banks would go with any new

found freedom. Meanwhile, there is speculation that Trump would return government-controlled mortgage companies Fannie Mae and Freddie Mac to private control. Investors have cheered the possibility, but some housing economists worry such a move would further restrict who could get credit to buy a home.

5. Supply will improve but remain short.

Declining inventory was without a doubt the defining feature of the housing market in 2016. It led to price appreciation, as well as a hyper fast market for buyers and discouraged would-be-sellers who feared entering the buying fray. A complete turnaround is unlikely in 2017, but there are some signs the coming year could see a small bump in housing supply--at least on the new home front.

Homebuilder sentiment picked up late last year, as many expect Trump to be a friend to the industry. Meanwhile, strong demand should also encourage building. "Controlling for the number of households in the U.S., housing starts are still only 55% of the 50-

In 2017 sellers will maintain the edge over buyers as demand is expected to increase. In 2016 the typical homes stayed on the market for just 52 days, about a week faster than in 2015 and the fastest year since Redfin began measuring in 2009. The brokerage expects 2017 to be even faster.

8. Political uncertainty will be replaced with policy uncertainty.

Experts agree that three of President-Elect Donald Trump's policy priorities could meaningfully impact the housing market: his pledges to spend more on infrastructure, to cut taxes and to crack down on immigration. The consensus is that in the very short term any moves in these three ares could have a neutral-to-positive impact on the housing market. Over the longer term, however, opinions vary widely-Source: Forbes January 3 Housing Outlook, 2017

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Vermont Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

New Listings were down 18.8 percent for single-family homes and 15.3 percent for townhouse-condo properties. Pending Sales increased 11.4 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties.

The Median Sales Price was up 4.7 percent to $225,000 for single-family homes and 0.3 percent to $190,250 for townhouse-condo properties. Months Supply of Inventory decreased 22.6 percent for single-family units and 1.0 percent for townhouse-condo units.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, limited population and wage growth, but opportunities are there for diligent and savvy consumers.

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New Hampshire New Hampshire is closing out 2016 with the nation’s lowest unemployment rate, wages that are on the rise and strong real estate sales.

Combined, these factors show the state’s economy is strong heading into 2017. The state’s gross domestic product growth rate of 2.9 percent is among the highest in the nation, according to the most recently available federal data.

New Hampshire's housing market finished 2016 posting a 18.4% increase inSingle Family homes sold with a 5.9% increase in Average Sales Price to $248,750.

However, Inventory of available homes has fallen quickly, making it more of a sellers’ than a buyers’ market.

Mortgage interest rates remain low but have finally started to rise, which adds uncertainty to the housing market heading into 2017.

MLS#4515583

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Source: NH and VT Association of Realtors Source: NEREN 1/1/16 - 12/31/16

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THE LUXURY MARKETS IN NEW HAMPSHIRE AND VERMONT The Luxury market was strong in New Hampshire and showed a slight uptick in the Fall in Vermont during 2016.

However, the luxury market continues to be primarily a Buyer's market, particularly in Vermont, due to 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. Additionally, we have sold more than double the amount of $1MM+ properties than our next closest competitor.

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CENTRAL VERMONT REPORT

Rutland City, Brandon, Randolph, Poultney, Stowe and Shrewsbury showed significant increase in total units sold.

- Rutland City +14.3%

- Shrewsbury +33.3%

- Brandon +52.8%

- Randolph +14.3%

- Stowe +3.7%

- Poultney +36.4%

Average Sale Price increased in numerous markets:

$

- Rutland City +12.0%

- Brandon +35.5%

- Shrewsbury +23.2%

- Waterbury +25.7%

- Proctor +14.8%

- Stowe +21.0%

Average Days on Market varied widely depending on market: - Rutland City -16.7%

- Randolph -38.1%

- Rutland Town -6.3%

- Poultney -60.2%

- Stowe -7.3%

- Waterbury -20.4%

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TOTAL SALES IN UNITS Number of Sales

KEY

+14.3%

160

160

2016 Annual 140

+3.7%

139

2015 Annual

134

120

-27.5%

80

80

24

22

21

36

-6.3%

30

ey

Proc tor

Cast leton

ho Jeric

lph

y Shre wsbu r

d Tow n Rutla n

Rutla n

d Cit y

0

+36.4%

12

Rand o

16

63

15

16

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

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Stow e

+4.3%

ry

+33.3%

39

Wate rbu

36

don

42

Bran

48

61

55

-7.7%

don

51

58

Poul tn

49

+14.3%

Men

-3.9%

40

-3.2% +52.8%

Source: NEREN 2015-2016

CENTRAL VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

600,000

+21.0%

2016 Annual 2015 Annual 450,000 +25.7% -3.0%

300,000 -5.7%

+23.2%

+20.6%

-7.0% +3.5%

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

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440k

532k

Stow e

297k

374k

ury Wate rb

121k

165k

don Bran

215k

259k

don Men

171k

152k

ey Poul tn

117k

134k

Proc tor

242k

225k

ton Cast le

308k

299k

ho Jeric

183k

189k

lph Rand o

195k

241k

y Shre wsbu r

220k

208k

d Tow n

117k

+35.5%

+14.8%

Rutla n

Rutla n

d Cit y

0

131k

150,000

-11.1%

+12.0%

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market

KEY

400

2016 Annual 2015 Annual

+60.2%

300

306

+2.0%

200

-16.7%

162

-6.3%

164

200 196

+84.1%

+20.7%

+38.1%

222

214 -16.5%

175

200

191

184

135

203

136

126

113

+0.0%

61

219

+20.4%

132

100

210

158

155

-7.3%

-4.8%

232

61

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

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Stow e

ury Wate rb

don Bran

don Men

Poul tney

r Proc to

Cast leton

ho Jeric

lph Rand o

y Shre wsbu r

n d Tow Rutla n

Rutla n

d Cit y

0

Source: NEREN 2015-2016

CHAMPLAIN VALLEY REPORT

Total Sales in Units increased in many markets with a few notable exceptions: - S. Burlington -4.1%

- Middlebury -27.4%

- Burlington -17.4%

- Vergennes -16.7%

- Winooski -37.0%

Average Sale Price increased significantly in three towns: - Charlotte +26.6%

$

- Shelburne +17.3% - Ferrisburgh +19.7%

Average Days on Market varied widely by individual town: -C harlotte, Richmond and Shelburne increased by 34.9%, 46.4% and 54.8% respectively -S outh Burlington, Burlington, Middlebury and Vergennes decreased by 18.2%, 20.3%, 14.3% and 31.4% respectively

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TOTAL SALES IN UNITS Number of Sales

KEY

400

+15.1% -4.1% 338

300

2015 Annual

327

324

2016 Annual

366

-17.4%

318

270

+2.2% 232 227

200 +2.7% +37.5%

bury Midd le

h burg Ferri s

n Willis to

e Shel burn

mon d Rich

Hine sbur g

Esse x

este r Colc h

lotte Char

Wino oski

Burli ngto n

lingt on

5

4

6 6

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

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12 12

7 7

7 7

8 8

-14.3% 18

21

-16.7% 30

36

nnes

13 13

30

0

So. B ur

+160.0% -33.3% +71.4% -12.5%

Verg e

42

New Have n

48

Shor eham

40

port

41

84 61

Brid

58 41

+40.0%

m

55

80

+2.5%

Walt ha

51

+34.1%

n

81

-27.4%

110

+20.8%

Addi so

-37.0%

100

153 149

Source: NEREN 2015-2016

CHAMPLAIN VALLEY REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

600,000

+26.6%

2016 Annual

+17.3%

2015 Annual 450,000

+48.8% +2.1%

-1.8%

+3.1%

+15.5% -10.6%

+0.8%

+19.7%

-1.5%

300,000

-4.1%

-3.2% +3.9%

+47.2%

-4.4%

+3.2% +6.6%

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

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177k 166k

nnes Verg e

254k 266k

New Have n

254k 172k

am Shor eh

216k 210k

Brid port

246k 256k

m Walt ha

407k 274k

Addi son

241k 249k

y lebu r Midd

338k 282k

h burg Ferri s

333k 323k

n Willis to

505k 430k

e burn Shel

279k 312k

Rich mon d

314k 272k

Hine sbur g

276k 280k

Esse x

304k 302k

este r Colc h

551k 435k

lotte Char

223k 215k

Wino oski

308k 314k

ngto n Burli

So. B ur

lingt on

0

327k 320k

150,000

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market

KEY

500

-70.4% -60.7%

2016 Annual

469

466

2015 Annual 375 -36.8% 277

-31.9%

250

+54.6%

226

218

+34.9% +0.9%

147

125 -18.2% -20.3% -33.9% 54

66

51

+46.4%

109

108 107

-33.3% 81

64

62

54

41

-30.4%

123

92

183

175

+54.8%

73

64

72

143

139

-14.3%

+14.3%

113 84

154

-31.4%

-14.7%

153

141

122 105

72

63

84 12

13

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

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nnes Verg e

n Have New

ham Shor e

port Brid

m Walt ha

Addi son

ry lebu Midd

h burg Ferri s

n Willis to

burn e Shel

d Rich mon

Hine sbur g

Esse x

Colc hest er

lotte Char

ki Wino os

ngto n Burli

So. B ur

lingt on

0

Source: NEREN 2015-2016

LAKE SUNAPEE REPORT

Total Sales in Units increased in most towns with the following showing significant gains: - Newport +30.3%

- Sunapee +4.8%

- New London +15.0%

- Newbury +1.8%

- Grantham +25.7%

Average Sale Price increased in the following towns:

$

- Sunapee +19.3%

- Newbury +19.3%

- New London +6.3%

- Sutton +31.7%

Average Days on Market varied widely by individual town: -S unapee, Bradford, Wilmot, Warner and Newbury exhibited fewer days on market

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TOTAL SALES IN UNITS Number of Sales

KEY

140

-25.7%

2016 Annual +15.0%

115

105

101

100

+30.3%

86

127

2015 Annual

+3.0%

70 66

69

+1.8%

67 +4.8%

44

35

42

-11.6% -3.8%

25

26

-20.0%

-13.3%

13

16

15

38

57

-13.2%

43 33

38

+0.0%

26

20

56

26

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

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ry New bu

t Wilm o

Warn er

Sutt on

gfiel d Sprin

tham Gran

Gosh en

Brad ford

Ando ver

Lond on New

Suna pee

New port

0

Source: NEREN 2015-2016

LAKE SUNAPEE REPORT

AVERAGE SALE PRICE Average Sale Price +19.3%

600,000

KEY 2016 Annual 2015 Annual

+19.3%

+6.3%

450,000

-25.7%

-35.4%

300,000

-15.1%

+42.5%

+31.7%

-4.7%

+3.2%

-0.9%

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

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389k

464k

New bury

359k

267k

t Wilm o

223k

230k

r Warn e

227k

299k

Sutt on

283k

241k

d Sprin gfiel

251k

239k

Gran tham

156k

155k

Gosh en

180k

257k

Brad ford

274k

177k

Ando ver

400k

425k

n Lond o New

481k

122k

574k

pee Suna

New port

0

123k

150,000

+1.1%

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market

KEY

+22.2%

200 -16.5%

170

+19.7%

150

2016 Annual

-14.3%

2015 Annual

175

+17.8%

152 142

150

139

127

118

177 -32.9%

158

+65.4%

-16.4%

177

176 153 139

134

100

-21.5%

+15.0%

193

148

146

+14.8% +54.4%

101 88

98

88

81

57

50

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

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New bury

t Wilm o

Warn er

Sutt on

field Sprin g

tham Gran

en Gosh

Brad ford

Ando ver

n Lond o New

Suna pee

New

port

0

Source: NEREN 2015-2016

LAKE WINNIPESAUKEE REPORT

Total Sales in Units increased in all towns with a few noticeable gains: - Laconia +20.6%

- Center Harbor +52.6%

- Moultonborough +7.6% - Meredith +9.5%

Average Sale Price varied by town: - Decreased in Alton and Gilford

$

- I ncreased slightly in Meredith, Wolfeboro, Laconia and Moultonborough - I ncreased significantly in Center Harbor by 96.0%

Average Days on Market also varied by town: -W olfeboro, Moultonborough and Center Harbor increased -M eredith, Alton, Gilford and Laconia decreased

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TOTAL SALES IN UNITS Number of Sales

KEY

500

2016 Annual

+20.6%

434

2015 Annual 375

360 +4.2%

250

247 +2.3% +9.5%

125

178

174

+7.6%

+6.4%

149

138

237

126

169 140

157

+52.6% 19

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 1

Harb Cent er

gh Mou ltonb

orou

nia Laco

Gilfo rd

Alton

oro Wolf eb

Mere dith

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

19

or

29

0

Source: NEREN 2015-2016

LAKE WINNIPESAUKEE REPORT

AVERAGE SALE PRICE Average Sale Price 600,000

KEY

+18.0%

2016 Annual -15.3%

+16.4%

+8.6% +112.0%

2015 Annual

450,000 -25.7%

300,000

+10.3%

227k

480k

481k

522k

216k

238k

349k

259k

490k

415k

460k

543k

4101k

477k

150,000

Mou lto

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 2

Cent er Ha rbor

nbor ough

nia Laco

rd Gilfo

Alton

Wolf ebor o

Mere dith

0

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market

KEY

+21.3%

180

2016 Annual

171 -25.6%

135

141

-15.4%

133

2015 Annual -16.4%

117 90

116

99

99

-9.1%

121

+0.0%

121

121

+0.8%

121

120

110

97

45

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 3

bor r Har Cent e

gh ltonb orou Mou

Laco nia

Gilfo rd

Alton

Wolf ebor o

Mere dith

0

Source: NEREN 2015-2016

NORTHEAST KINGDOM REPORT

Total Sales in Units were down slightly across the board:

- St. Johnsbury -10.4% - Lyndon -9.3%

Average Sale Price varied by town: - Greensboro +33.9%

$

- St. Johnsbury +21.9% - Lyndon +26.3%

Average Days on Market decreased for a majority of towns: -S t. Johnsbury, Burke and Lyndon Lyndon all decreased -G reensboro and Orleans exhibited an increase

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 4

TOTAL SALES IN UNITS Number of Sales

KEY

70

-10.4%

2016 Annual

67

2015 Annual

60

52.5 -9.3%

43 39

35 -19.2%

26 21

-35.7%

17.5

-50.0%

14

14

9

7

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 5

ur y ohns b St. J

s Orle an

Lynd on

Burk e

Gree

nsbo

ro

0

Source: NEREN 2015-2016

NORTHEAST KINGDOM REPORT

AVERAGE SALE PRICE Average Sale Price 240,000

-13.2%

KEY

+33.9%

2016 Annual 2015 Annual 180,000 +26.3% +21.9%

120,000 -22.0%

108k

131k

90k

70k

118k

148k

235k

204k

167k

224k

60,000

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 6

bury ohns St. J

s Orle an

Lynd on

Burk e

Gree

nsbo

ro

0

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market 280

KEY

+17.5%

2016 Annual

262

2015 Annual 223

210

-17.9%

+1.7% -3.7%

157

140

-9.8%

163

178

179

175

153

147

138

70

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 7

bury ohns St. J

s Orle an

n Lynd o

Burk e

Gree

nsbo

ro

0

Source: NEREN 2015-2016

SOUTHERN NEW HAMPSHIRE REPORT

Total Sales in Units increased in most towns with the following showing significant gains: - Londonderry increased +7.9% - M errimack increased +7.2% - Peterborough increased +12.3%

Average Sale Price was up across all towns: - Francestown +6.6%

$

- Londonderry +3.1% - Merrimack +3.0%

Average Days on Market varied widely by individual town: - Francestown increased significantly +32.0% - A mherst, Bedford, Peterborough, Londonderry, Chester and Merrimack all decreased

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 8

TOTAL SALES IN UNITS Number of Sales

KEY

600

+7.5%

+7.9%

2016 Annual

558

532

2015 Annual

519

493

450 -4.4%

+1.2%

-5.1%

296

312

247 +12.3%

20

20

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 2 9

k

ugh Pete rbor o

am Wind h

Bedf ord

erst Amh

98

imac

31

0

91

+55.0%

Merr

106

-7.1%

nder ry

119

Lond o

150

Ches ter

250

364

Fran cest own

300

348

Source: NEREN 2015-2016

SOUTHERN NEW HAMPSHIRE REPORT

AVERAGE SALE PRICE Average Sale Price 500,000

KEY

+6.6%

2016 Annual

+1.0%

2015 Annual 375,000

+0.3%

+2.9% +3.1%

+0.8%

250,000

+3.0%

+6.6%

241k

248k

330k

340k

287k

296k

231k

246k

225k

227k

441k

470k

424k

428k

344k

345k

125,000

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 0

k imac Merr

Ches ter

ry nder Lond o

Fran cest own

orou gh Pete rb

am Wind h

Bedf ord

Amh

erst

0

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market

KEY

200

+32.0%

2016 Annual

194

2015 Annual 150

147 -10.7%

100

+1.2% -8.7%

50

63

69

87

112 100

86

-6.2%

-3.9%

49

-13.0%

51 40

61

46

65

-9.8%

41

37

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 1

k imac Merr

Ches ter

ry nder Lond o

Fran cest own

roug h Pete rbo

am Wind h

rd Bedf o

Amh e

rst

0

Source: NEREN 2015-2016

SOUTHERN VERMONT REPORT

Total Sales in Units increased in most towns with the following showing significant gains: -D orset, Manchester, Marlboro, Dover, Ludlow, Londonderry, and Stratton exhibited substantial increases - Wilmington, Dover and Cavendish all decreased

Average Sale Price was up across a majority of towns: -D orset, Manchester Marlboro, Stratton, Plymouth,

$

Londonderry and Chester showed significant increase -D over, Wardsboro, Winhall, Ludlow and Cavendish showed modest decline

Average Days on Market varied widely by individual town: -D orset, Wilmington, Dover, Marlboro, Stratton, Plymouth, Cavendish and Peru exhibited decreases -M anchester, Londonderry, Winhall, Ludlow and Chester exhibited increases

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 2

TOTAL SALES IN UNITS

Number of Sales

KEY

-9.9%

180

2016 Annual

171

+17.3%

2015 Annual

154

149

135 127

-10.6% 104 93

44

+0.0%

35

-18.2%

26

21

19

5

19

18

22

26 25

+33.3% 16

Wea thers field

ndis h Cave

outh Plym

ow Ludl

ll Winh a

boro

44

+4.0%

5

Ward s

boro Marl

Dove r

Wilm ingto n

ches ter Man

Dors et

0

+25.7%

57

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 3

12

+0.0% 17

35

17

Ches ter

21 14

56

+62.9%

Peru

+180.0%

+0.0%

63

y

43

y

48

+69.2%

nder r

45

63

Lond o

+11.6%

+12.5%

Shre wsbu r

83

Stra tton

+31.7%

90

Source: NEREN 2015-2016

SOUTHERN VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

700,000

+59.5%

2016 Annual 2015 Annual +22.9% +19.3%

-4.3%

-3.2% +34.2%

+15.1%

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 4

236k

241k

139k

+50.4%

Peru

195k

224k

Wea thers field

177k

170k

sh Cave ndi

175k

279k

uth Plym o

376k

354k

ow Ludl

402k

620k

Stra tton

363k

351k

Winh all

218k

293k

nder ry Lond o

163k

158k

boro Ward s

230k

261k

boro Marl

259k

250k

Dove r

268k

294k

Wilm in

gton

340k

405k

ches ter Man

379k

466k

Dors e

t

0

+2.1%

-4.3%

-3.5%

175,000

+23.2%

208k

+15.1%

Ches ter

+13.7%

195k

-3.5%

241k

+9.9%

y

350,000

Shre wsbu r

525,000

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET KEY

400

Average Days on Market -30.3%

2016 Annual

+14.8%

2015 Annual 300

-2.6% 261 268

+26.5%

-22.2%

-38.2%

277 261

-23.8% 219

200

214

259

+40.3% 310

253

-46.0% 289

-17.9%

264

251

245

320

304

+12.1%

235

221 203

163

-20.3%

349

+19.5% 300

+3.3%

379

223 199

193 160

255

+2.0%

+44.8% 210

200 196

156

145

100

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 5

Ches ter

Peru

y Shre wsbu r

rsfie ld Wea the

h Cave ndis

uth Plym o

Ludl ow

tton Stra

ll Winh a

ry nder Lond o

boro Ward s

boro Marl

Dove r

gton Wilm in

ches ter Man

Dors e

t

0

Source: NEREN 2015-2016

UPPER VALLEY REPORT Total Sales in Units varies by individual town: - H anover and Hartford increased significantly -L ebanon and Fairlee reflected substantial decrease

• Average Sale Price also varied by town: -H anover, Lyme, Lebanon, Weathersfield, Cornish,

$

Thetford and West Fairlee all exhibited increases -N orwich, Woodstock, Pomfret and Fairlee all exhibited decreases

• Average Days on Market also varied by town: -H anover, Norwich, Weathersfield, Plainfield, Cornish, Enfield, Hartford and West Fairlee all exhibited increases -L yme, Lebanon, Woodstock, Thetford, Pomfret, Barnard, Sharon and Fairlee all exhibited decreases

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 6

TOTAL SALES IN UNITS Number of Sales

KEY

300

2016 Annual 2015 Annual 225

+13.3% 230

-21.2%

203

198

150

156

+10.8%

80 78

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 37

+66.7% -25.0% 6 6

8 8

e

6 6

Fairl e

10

10

West Fairl ee

28 30

gewa ter

17

-6.7%

Brid

17

20 24

Shar on

11

rd

Pom fret

ford

13

Hart

18

11

-16.7%

+0.0%

Barn a

+18.2%

24 23

rd

23

Thet fo

31 30

+4.3%

+27.8%

d

Woo dsto ck

17

Leba non

Norw

ich

0

26 25

23

Lym e

27

+3.3%

Enfie l

+4.0%

-26.1%

Corn ish

63

Hano ver

+2.6%

-57.1%

Plain field

75

111 112

rsfie ld

102

Wea the

113

-0.9%

Source: NEREN 2015-2016

UPPER VALLEY REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

1,000,000

-35.4%

2016 Annual 2015 Annual 750,000 +2.7%

-12.8%

+30.2% +53.7%

500,000

-22.1% -31.6% -23.9%

320k

492k

278k

238k

296k

225k

352k

241k

418k

325k

927k

599k

218k

194k

238k

291k

206k

-14.1%

-11.0%

-3.5%

199k

+14.8%

212k

268k

241k

195k

284k

276k

231k

242k

438k

271k

554k

483k

579k

224k

+15.1%

250,000

595k

-10.0%

244k

-2.9% +4.8%

+22.3%

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 8

e Fairl e

lee West Fair

gewa ter Brid

Shar on

Barn ard

Pom fret

ford Hart

ford Thet

d Enfie l

h Corn is

eld Plain fi

rsfie ld Wea the

Woo dsto ck

on Leba n

Lym e

ch Norw i

Hano ver

0

Source: NEREN 2015-2016

AVERAGE DAYS ON MARKET Average Days on Market 400

KEY

-31.6%

2016 Annual 2015 Annual

-40.1%

300

380

-12.7% 322

299 281

+12.1% 223

200 -20.4%

183

179

142

+22.7% 81

127

113 95

69

66

+27.2%

+6.1% -15.9%

+277.6%

117

105 99

82

+38.0%

-40.4%

206

199

+33.7%

100

260

+148.2%

-22.9%

+6.3% 134

189

140

126

109

-56.5%

219

184 137

108

92

83

80 58

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

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 3 9

Fairl ee

lee West Fair

gewa ter Brid

Shar on

rd Barn a

Pom fret

ford Hart

ford Thet

d Enfie l

h Corn is

Plain field

Wea thers field

Woo dsto ck

Leba non

Lym e

ich Norw

Hano ver

0

Source: NEREN 2015-2016

LUXURY REPORT

$600k+ Vermont & New Hampshire

FSSIR is #1 in Total Units sold in Vermont & New Hampshire combined...nearly double our next closest competitor

FSSIR has the highest total sales at $298,528,000 MLS#4446245

$ Average Days on Market tends to be higher for luxury properties

MLS#4612544

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 0

TOTAL SALES IN UNITS KEY

280

FSSIR Competitor A Competitor B

277 210

Competitor C Competitor D

140 143

142

135

70

87

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 1

LUXURY REPORT

$600k+ Vermont & New Hampshire

TOTAL SALES IN $000 KEY

300m

FSSIR Competitor A Competitor B

298,528 225m

Competitor C Competitor D

150m 146,437

141,872 120,671

75m 71,401 0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 2

AVERAGE DAYS ON MARKET KEY FSSIR

190 184

Competitor A Competitor B

143

169

167

175

Competitor C Competitor D

95 94 48

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 3

LUXURY REPORT $600k+ Vermont

FSSIR is #1 in Vermont in Units and Dollars sold

MLS#4507640

FSSIR sold nearly twice as many properties as our next closest competitor

$ Average Days on Market increases the higher the price point

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 4

TOTAL SALES IN UNITS KEY

180

FSSIR Competitor A Competitor B

135

161

Competitor C Competitor D

90 87 45 41

31

29

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 5

LUXURY REPORT $600k+ Vermont

TOTAL SALES IN $000 KEY

160m

FSSIR Competitor A Competitor B

150,331 120m

Competitor C Competitor D

80m 71,401 40m 32,846

43,790

33,627

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 6

AVERAGE DAYS ON MARKET KEY FSSIR

300 295

Competitor A Competitor B

225 217

Competitor C Competitor D

277

150

75

175

106

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 47

LUXURY REPORT

$600k+ New Hampshire

FSSIR is #1 in New Hampshire for Total Dollar Volume Sold

MLS#4611062

FSSIR is has the highest Average Sale Price

$ Average Days on Market tend to be higher for luxury properties

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 8

MLS#4606291

TOTAL SALES IN UNITS KEY

150

FSSIR Competitor A Competitor B

143 113

141

135

116

Competitor C Competitor D

75 65 38

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 4 9

LUXURY REPORT

$600k+ New Hampshire

TOTAL SALES IN $000 KEY

150m

FSSIR Competitor A Competitor B

148,195 112.5m

146,437

141,872 119,881

Competitor C Competitor D

75m

37.5m

51,202

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 0

AVERAGE DAYS ON MARKET KEY FSSIR

170 169

167

Competitor A Competitor B

128

138

Competitor C Competitor D

85

94

97

43

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 1

LUXURY REPORT

$1 Million+ Vermont & New Hampshire MLS#4601444

FSSIR is #1 in Vermont & New Hampshire combined in dollar volume sold

FSSIR has sold more than twice as many properties as our next closest competitor

$ FSSIR has lower Average Days on Market than most of our competitors

MLS#4473093

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 2

TOTAL SALES IN UNITS KEY

100

FSSIR Competitor A Competitor B

94 75

Competitor C Competitor D

50 44 25

42 25

29

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 3

LUXURY REPORT

$1 Million+ Vermont & New Hampshire

TOTAL SALES IN $000 KEY

180m

FSSIR Competitor A Competitor B

135m

161,373

Competitor C Competitor D

90m 74,790

72,663

45m 42,912

34,645

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 4

AVERAGE DAYS ON MARKET KEY FSSIR

400

Competitor A Competitor B

300

323

Competitor C Competitor D

200

224 189

182

100 82 0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 5

LUXURY REPORT $1 Million+ Vermont

FSSIR is #1 in Total Units Sold

FSSIR sold as many properties as our next 3 closest competitors combined

$ FSSIR has one of the lower Average Days on Market

CHARLOTTE, VT

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 6

TOTAL SALES IN UNITS KEY

50

FSSIR Competitor A Competitor B

38

42

Competitor C Competitor D

25 21 13 9

8

8

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 57

LUXURY REPORT

Defined as $1 Million+ Vermont

TOTAL SALES IN $000 KEY

70m

FSSIR Competitor A Competitor B

52.5m

61,328

Competitor C Competitor D

35m 35,907 17.5m

18,879

16,490

14,512

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 8

AVERAGE DAYS ON MARKET KEY FSSIR

400

Competitor A Competitor B

366 300 282

Competitor C

200

309

209

100 C4

Competitor D

381

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 5 9

LUXURY REPORT

$1 Million+ New Hampshire

FSSIR ranked #1 in Total Units Sold

MLS#4457850

FSSIR ranked #1 in Total Sales at $100,004,000

$ FSSIR has one of the lower Average Days on Market

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 6 0

TOTAL SALES IN UNITS KEY

50

FSSIR Competitor A Competitor B

38

44

Competitor C Competitor D

52 42

25 24 13

21

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 6 1

LUXURY REPORT

Defined as $1 Million+ New Hampshire

TOTAL SALES IN $000 KEY

110m

FSSIR Competitor A Competitor B

100,004 82.5m 74,790

Competitor C Competitor D

72,663

55m

27.5m

59,558

34,645

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 6 2

AVERAGE DAYS ON MARKET KEY FSSIR

240 224

Competitor A Competitor B

180

182

Competitor C Competitor D

120

60

119

112 82

0

Source: Trendgraphix Data 1/1/16-12/31/16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | 2 0 1 6 A N N U A L M A R K E T R E P O R T | 6 3

VERMONT & NEW HAMPSHIRE OFFICE LOCATIONS

NORTH EAST KINGDOM

CHAMPLAIN VALLEY REGION

GREAT NORTH WOODS REGION

South Burlington 802.864.0541

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

WHITE MOUNTAIN REGION

Meredith 603.677.7012

Hanover - Main St. 603.643.6400 Hanover - Lebanon St. 603.643.6070 West Lebanon 603.298.5155

UPPER VALLEY REGION

Wolfeboro 603.941.1000

LAKES REGION

Okemo 802.228.4537 Manchester 802.362.4551

Mount Snow 802.464.1200

Bromley 802.824.3113 SOUTHERN VERMONT REGION

New London 603.526.4050

LAKE SUNAPEE REGION

Stratton 802.297.1100

MERRIMACK VALLEY REGION MONADNOCK REGION

SEACOAST REGION

Bedford 603.413.7600