Based on third-quarter numbers, continued buyer activity, and low inventory it does not appear that we will be seeing a change in the real estate market, i.e. slow down, anytime soon. According to NAR Chief Economist Lawrence Yun, “strong existing-home sales and record-high pending home sales in August indicate no homebuying slowdown in fall.” It is the fruit of this COVID age, and we have seen an unbelievable real estate market YTD.
Vermont Real Estate
Almost all numbers are up from the third quarter over the previous period. In Stowe, we have seen an incredible increase in the number of single-family units and condos sold between July and September 2020. The $ volume sold for single-family units and condos in the Stowe area has more than doubled. We have also experienced a similar increase in the Waterbury region, although the numbers are significantly less than we are seeing in Stowe due to the inventory also being significantly less. Land units sold in the area, within the same time frame, are up tremendously, again, a direct reflection on lack of inventory in housing and buyer demand for a safe place to live.
We are seeing no signs of the Vermont real estate market slowing down in the upcoming months. With COVID continuing and the potential for cases to increase in the colder months, we are expecting city dwellers to continue flocking to Vermont at nearly the same pace or even more rapidly than we had seen this summer.
Real Estate During the Pandemic
We are witnessing low inventory and high demand, and the real estate market is moving very quickly – multiple offer situations and listings going under contract sight-unseen are continuing to happen. Thankfully, technology has allowed us to keep up and continue showing homes to those who are out of state or unable to visit the region due to the pandemic. We are continuing to assist buyers in every way that we can and are looking forward to another busy period in Q4 of 2020.
If you have any questions about purchasing a Vermont home, buying a home during the pandemic, the state of the market in Vermont due to COVID, or about the available inventory of Vermont homes, condominiums, or land parcels, please do not hesitate to contact us.