| MARKET INSIGHTS | |
|---|---|
| Median Sale Price: | $212,500 |
| Units Sold: | 56 (+36.6%) |
| Newly Listed: | 150 (+20%) |
| Days on Market | 168 |
After a strong fourth quarter, property sales in Addison County continued with strong momentum in early 2015. An improving economy and declining gas prices helped bring buyers back into the market late last year. Our Realtors are noting pent-up demand for properties in good condition and locations, with those homes going under deposit quickly. Those trends helped boost the number of transactions by 36.6% during the first quarter, while the median sale price rose 18.1 percent. Local homebuyers who work for employers such as Middlebury College and Goodrich Aerospace are searching for homes in towns such as Middlebury and Vergennes. Middlebury remains the county’s most active town for home sales. Transactions there dipped slightly in the first quarter, with the town reporting 13 sales compared with 15 a year earlier. The median sale price slipped 3.6 percent. A few smaller markets saw strong growth in median sale pricing, although their smaller number of transactions means one or two sales can have a larger impact on overall trends. Ferrisburgh, for one, saw its median sale price jump by almost one-third, although that was based on just five property sales.
Addison County remains popular with high-end buyers seeking lakefront luxury property. Although only one luxury sale was recorded in the previous 12 months – a $1.29 million home in Ferrisburgh – our agents note that two high-end properties have recently gone under deposit. The county recorded 6 land sales during the first quarter, little changed from the 7 recorded a year earlier. The median sale price rose by less than 1 percent, to $75,250. Some retirees and homebuyers have been seeking land purchases in the county in order to custom-build homes.
