Market Update – May 2016

The Northwestern Vermont Board of REALTORS® (NVBR) has released its real estate market statistics for May 2016. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes seen from last year at this time include:

• New Listings were down 23.6 percent for Single Family homes and down 15.1 percent for Townhouse-Condo properties.
• Pending Sales decreased 2.0 percent for Single Family homes and decreased 11.4 percent for Townhouse-Condo properties.
• The median sales price up 0.6 percent to $270,000 for Single Family homes but decreased 2.7 percent to $215,000 for townhouse-condo properties.
• Closed sales decreased 2.9 percent for Single Family properties and decreased 9.5 percent for townhouse-condo properties.
• Average days on market dropped 5.9 percent or 96 days for Single Family homes and decreased 25.0 percent or 72 days for the townhouse-condo market.
• Month’s supply of inventory decreased 18.0 percent, or 8.2 months for Single Family units and decreased 23.6 percent, or 4.2 months for townhouse-condo units.

The market continues to be very active. Inventory continues to be stretched thin in many areas and for the most part properties are selling quickly, at or near asking price.