NVBR Market Reports are sponsored by the North Country Federal Credit Union.Download Summary ReportThe Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for December 2019. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings increased 15.6 percent for single-family homes and 3.6 percent for townhouse-condo properties. Pending Sales increased 36.6 percent for detached homes and 17.2 percent for attached properties. Inventory decreased 16.1 percent for detached homes and 25.9 percent for attached properties.
The Median Sales Price was down 5.1 percent to $305,000 for detached homes and 7.8 percent to $239,750 for attached properties. Days on Market decreased 15.0 percent for detached homes and 55.3 percent for attached properties. Months Supply of Inventory decreased 26.8 percent for detached homes and 28.6 percent for attached properties.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Monthly Statistics by Town and County