The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for March 2018. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
New Listings were down 4.5 percent for Single-Family homes but increased 49.3 percent for Townhouse-Condo properties. Pending Sales increased 27.5 percent for Single-Family homes and 57.1 percent for Townhouse-Condo properties.
The Median Sales Price was up 7.1 percent to $292,800 for Single-Family homes but decreased 2.4 percent to $206,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 33.3 percent for Single- Family units and 16.1 percent for Townhouse-Condo units.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
Monthly Statistics By Town