| MARKET INSIGHTS |
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| Five of the nine $1,000,000+ home sales were waterfront properties. |
| Seven of the past year's nine luxury sales were located in Chittenden County. |
Northwest Vermont’s lakefront properties and country estates maintain a strong pull on high-end buyers, although this year’s below-normal winter temperatures may have slowed down some prospective buyers. With Vermont finally experiencing spring, our agents are seeing some signs of renewed activity. Both primary residences and vacation homes are popular with buyers seeking $1 million-plus properties.
During the past 12 months, nine $1 million-plus home sales were recorded. Two $1 million-plus sales were recorded in the first quarter, with both sales closing in March. The remaining seven luxury sales closed in the summer or fall of 2014.
Five of those properties included lakefront access, which is a traditional attraction for high-end buyers searching for homes in Northwest Vermont. The most expensive property was a $1.35 million estate in South Hero, located on 13 acres with 350 feet of shore access.
Seven of the past year’s luxury sales were located in Chittenden County, while one was recorded in Addison County’s Ferrisburgh. Grand Isle’s South Hero had one luxury sale, as noted above.
The most recent high point for the luxury market, in terms of number of sold properties, was in 2012, when 16 homes sold for more than $1 million.
The past two years have witnessed a slower pace of luxury sales, with sellers readjusting their expectations. At the end of March, there were 58 residential properties priced over $1,000,000 on the market in Chittenden, Addison, Franklin, and Grand Isle counties with 3 properties under contract. The inventory will increase over the spring and summer months. At this pace, it could take two years or more for the inventory to be absorbed by the market.
With a wide inventory available in the luxury market, many $1 million-plus homes require additional time to market than do mid-range homes. Current luxury inventory has been on the market for an average of is 338 days. Competitively priced properties may sell more quickly.
