| Single Family | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $200,000 (-2.68%) | $207,617 (+2.16%) | 220 (-17.91%) | 420 (-9.87%) | 118 (+18%) |
| Condo | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $206,750 (+8.39%) | $214,419 (+14.65%) | 22 (+37.5%) | 32 (-17.95%) | 135 (-33.5%) |
With a surge in home sales during 2016, the decline in single family homes sales in 2017 may be viewed as a “normalizing” of the market versus a decrease in buyer interest. Sales are still up over 2015 and prior years.
Because Franklin County has the lowest median sale price in Northwest Vermont, with many cities or towns easily accessible from I-89 – homebuyers have been turning to the county over the past 2 years as they seek available inventory and more home for their money.
The construction of condominiums, particularly in St. Albans Town, Swanton, and Fairfax, has given buyers additional choices to own a newly built home. For the first time, the median and average sale price of condominiums surpassed that of single family homes in Franklin County.
The median price of condominiums reflects the costs of brand new product often with upgrades and features desired by today’s consumer.
The pace of the market is reflected in the “Days on the Market until Sale” which shows that it will take approximately 4 months from listing to close for the average home. Sellers and Buyers alike need to be prepared to act when they decide to enter the real estate market.
