Market Update – April 2017

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for April 2017. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Changes for April over last year at this time include:

– New Listings were down 15.0 percent for Single Family homes and 19.6 percent for Townhouse-Condo properties.
– Pending Sales decreased 7.6 percent for Single Family homes and remained flat for Townhouse-Condo properties.
– The median sales price was down 3.4 percent to $272,000 for Single Family homes and 15.0 percent to $206,500 for townhouse-condo properties.
– Closed sales decreased 18.2 percent for Single Family properties and decreased 2.0 percent for townhouse- condo properties.
– Average days on market decreased 58.9 percent or 67 days for Single Family homes and decreased 45.4 percent or 83 days for the townhouse-condo market.
– Month’s supply of inventory decreased 26.4 percent, or 5.3 months for Single Family units and decreased 12.1 percent, or 2.9 months for townhouse-condo units.

Tight inventory levels continue to be a challenge in the northwestern Vermont market. This has resulted in days on market decreasing substantially, and in many instances multiple offers are driving prices up.