2018 Q1 Real Estate Update
2018 1st Quarter Vermont Real Estate Update
The Federal Housing Finance Agency (FHFA) is reporting appreciation across the board, nationwide in all markets. The number of homes for sale remains low, while continued consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.
More locally, the Vermont real estate market is consistent with the national trends. YTD total dollar volume of residential sales increased by1.72%, and while unit sales decreased by 2.7% we are continuing to see increases in median sale price, a good indicator of appreciation!
The Stowe market continues to be strong through the first quarter. Interest and activity remains high in the marketplace. We have also seen a near-record number of condominiums move within the first quarter, with 19 moving as of April 1, 2018.
We continue to see our neighbors in Waterbury flourish as a satellite community for Burlington and Montpelier. We attribute the slightly low sales volume to extremely tight inventory levels, as demonstrated by the increased median sale price for single-family homes. As we enter the spring and summer expect to see momentum pick up as properties enter the marketplace. On another note, paving on Rte 100 between Stowe and Waterbury is planned for this summer, so be wary of delays when making your travel plans!
Morristown has really become quite a gem as the Village flourishes and new businesses move in. Buyers are clearly valuing this flourishing community as the market remains strong and median sale price has risen 10% in the first quarter of 2018 over the first quarter of 2017.
Mortgage rates, however, continue to rise. With rates projected to crest 5% by year-end, we may see a small shift as buyers experience a purchasing-power slide…or will it encourage those on-the-fence to move forward with their purchase?
Sorry we are experiencing system issues. Please try again.