Addison County

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$255,000 (+11.1%)	$279,539 (+9.7%)	256 (+6.2%)	470 (-6.9%)	132 (-7%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$191,000 (+12.4%)	$254,520 (+22.5%)	17 (+70%)	17 (-19%)	71 (+9.2%)

Residential sales in Addison County continue to recover after a few soft years. 

First-time homebuyers looking for properties listed at $200,000 – $250,000 have created a growing market in Addison County. Our Realtors have noticed that parents of Middlebury College students are purchasing condos as either short-term or long-term dwellings. The median sale price of a condo in Addison County has jumped to $191,000, while the median sale price of a single-family home has increased by 11%, to $255,000.

Lower inventory in nearby Chittenden County might be pushing buyers a bit farther south, where buyers may find more house for their money.

There has been a sharp decline in Q3 inventory (-27%) in single-family homes in Addison County over the past 4 years, while sales have increased 21%.

While there is still an inventory shortage among all price ranges, sales have risen on homes listed between $250,000 to $450,000, according to our Realtors.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$248,000 (+11.96%)	$270,269 (+7.84%)	138 (0%)	335 (-3.74%)	158 (-0.63%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$191,000 (+28%)	$262,253 (+51.83%)	11 (+83.33%)	7 (-53.33%)	103 (+25.61%)

After a number of years with little to no growth in the median and average sales price for single family homes, Addison County saw an increase in 2016 with the trend continuing into 2017.

The majority of residential property in Addison County is single family homes versus condominiums. Therefore, a small change in the number of sales of condominiums can have a large impact on the data.

Middlebury, Ferrisburgh, Bristol, Monkton, and Vergennes draw buyers attracted to the quaint Vermont feel enhanced by vibrant downtowns with restaurants, galleries and community events.

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$232,000 (+14.3%)	$259,481 (+6.4%)	51 (-8.9%)	111 (-16.5%)	135 (-38.6%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$194,500 (+28%)	$269,321 (+57%)	7 (+133%)	1 (-85%)	113 (-9.6%)

The growth in the median and average sold price for residential property in Addison County continued into the first quarter of 2017.

The majority of residential sales in Addison County is single-family homes; therefore a small change in the number of sales on Condominiums can have a large impact on the data.

New homes coming on the market continue to decline, with demand increasing as buyers are extending their searches to Addison County because of Chittenden County’s shrinking inventory and higher prices.

After a number of years of little to no growth in the median and average sales price for single-family homes, Addison County saw an increase in 2016 and is continuing that trend into 2017.

County Averages
Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$258,343 (+4.7%)	346 (0%)	607 (-5.5%)	140 (-8.5%)

 

 

 

 

 

 

Addison County’s residential market witnessed mixed trends in 2016. While the average sale price rose 4.7% last year, the number of sold units was little changed.

With fewer homeowners listing their properties in 2016, tight inventory resulted in fewer choices for buyers, which also pushed home prices higher. Demand for property remains stable in the county, partly as some buyers are extending their searches to Addison County because of Chittenden County’s shrinking inventory and higher prices.

The luxury market in Addison recorded three sales, with high-end buyers drawn to the county’s lakefront homes and country estates. Professionals who can telecommute to their jobs are also relocating for the county’s lifestyle and outdoor appeal. Middlebury College Alumni are often drawn back to the region.

Homes in the sub-$250,000 range are in demand, where inventory can be especially tight. Buyers on the hunt for properties in the $500,000 range and higher will find more options and inventory.

The growing popularity of Ferrisburgh

As it borders Chittenden County, Ferrisburgh offers an easy commute into Burlington, as well as Addison County’s towns and villages. Sales in Ferrisburgh jumped 40% last year. The average sale price rose almost 20% to $337,980.

Three luxury sales

The county has recorded three sales of more than $850,000 this year.

Lower inventory

Across the county, new listings declined by 5.5%. Some towns saw tighter conditions than others, such as Vergennes, where new listings declined by almost 19%.

Land purchases increase

More buyers turned to land purchases in Addison County last year, boosting sales by more than 44%. The county remains popular with people seeking to build custom homes for primary or vacation residences. The average sale price gained almost 16% to $109,786.

 

County Averages
Median Sale Price:	Units Sold:	Days on Market:
$224,450 (+4%)	254 (0%)	192 (-11%)

With tight inventory in Chittenden County, more buyers are extending their property searches to Addison County. The county is also experiencing demand for high-end properties, such as lakefront estates, and from professionals who are moving to the county and seeking mid-priced properties. 

Local employers such as Middlebury College and UTC Aerospace are hiring, helping to keep market trends steady.  The Addison County median sale price rose 4% during the first 9 months of the year, while the number of sold units was unchanged from a year ago.

Stable inventory

• The county has about 11 months of available inventory, little changed from a year earlier.
• First-time homebuyers are looking for homes in the sub-$250,000 price range, although our Realtors note that this segment has the most competition from buyers.
• Sold properties are requiring an average of 115 days on the market, down slightly from 122 days a year earlier.

Village Living

• Buyers are interested in living near towns, such as Middlebury and Bristol, as well as close to ski areas such as Sugarbush and the Middlebury Snow Bowl.
• Even though Middlebury remains one of the busiest towns for sales, transactions declined 38% during the first 9 months of the year. Pricing slipped 9%, as buyers sought lower-priced inventory.
• Sales in Ferrisburgh jumped 43%, although buyers sought out slightly lower-priced inventory. The median sale price slipped 3% to $266,500.
• Towns such as Vergennes and Bristol continue to attract buyers who want to live near amenities and each town boasts a great mix of restaurants and stores, our Realtors note.
• The median sale price in Vergennes jumped almost 10% in the third quarter. Inventory in Bristol has declined from 17 months a year ago to about 11 months today.

Land and Luxury Sales

• Land sales have jumped 64% this year through September. The stronger economy and tighter inventory levels are prompting some professionals and retirees to custom-build homes. The median sale price for land rose 15% to $84,000.
• The county has recorded five luxury sales of more than $800,000 this year, making it the second-busiest county for high-end sales after Chittenden County. With lakefront property and mountain estates, luxury buyers have plenty of options.

 

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$215,000 (+0.7%)	145 (+8.2%)	378 (-5%)	155

Addison County is showing an increased demand and an influx of new buyers, some of whom have expanded their property searches within the county because of tight inventory levels in neighboring Chittenden County.

As a result, demand remains robust in the first half of 2016, with the number of residential transactions rising 8.2%. Of the four counties tracked by this report, Addison County reported the smallest increase in median sale price, with a rise of 0.7%, indicating that some buyers are opting for lower-priced inventory.

The boost in activity has helped to absorb excess inventory in Addison County, which currently has about 10 months of available inventory compared with a recent high of more than 15 months in February.

With gas prices remaining below $2.50 a gallon, the county is more affordable for professionals who commute within the county or into Chittenden County than before 2014, when prices at the pump were more than $3 a gallon.

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Demand For Ferrisburgh

Ferrisburgh witnessed an 82 percent jump in residential sales, although buyers sought out slightly lower-priced inventory, with the median sale price slipping 7.3% to $255,000. With 20 sales so far this year, Ferrisburgh is the county’s second-busiest market after Middlebury.

Mixed Trends in Middlebury

Middlebury remains the largest market for real estate transactions, although the number of transactions slipped 20.7% to 23 sales in the first six months. Pricing was relatively steady, with a small decline of 2.7%, which may indicate that buyers are seeking out affordable properties.

Local Employers are Hiring

Middlebury College and other local employers such as Otter Creek Brewing are adding staff, helping to bring more buyers into the Addison County market. The unemployment rate in the county stands at 3.5%.

Land Demand

Sales of land jumped by 44%, driven by professionals and retirees interested in building their own custom homes on property in the county. The median sale price for land rose 17% to $95,000

The luxury market is typically a draw for buyers seeking waterfront properties or mountain estates. The county recorded four luxury sales of more than $800,000 in the first six months of the year, out of the region’s 18 sales of homes in the over-$800,000 range. That puts Addison County on track to match the 2015’s luxury market, when buyers bought seven properties above $800,000 within the county.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$194,050 (-8.7%)	62 (+10.7%)	147 (-2.6%)	169

After a strong 2015 when sales and pricing demonstrated strength, Addison County witnessed a somewhat more mixed first-quarter. Property demand remained robust, although the median sales price slipped by 8.7% during the first three months of the year. Because the first three months of the year represent the slowest period for real estate sales, a few transactions can have an overly large influence on the entire county’s market.

Addison County is drawing more buyers thanks to record low mortgage rates and declining prices at the gas pump, which is making the county more attractive to professionals willing to commute.

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Demand For Ferrisburgh and Middlebury Homes

While Middlebury is traditionally one of the busiest real estate markets in Addison County Ferrisburgh caught up in the first quarter. Both towns recorded 9 residential sales during the quarter, making them the county’s most active real estate markets during the period.

Local Employers are Hiring

Institutions such as Middlebury College and Vermont Hard Cider are adding new employees, helping to draw more buyers into the market.

Shift to Lower-Priced Inventory

During the winter months, homebuyers sought out homes at lower price points, shifting the market toward the below-$200,000 range.

Search for Land

Demand for lots doubled in the first quarter, driven by professionals and retirees interested in building their own custom homes on property in the county.

County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$215,000 (+2.4%)	257 (+14.2%)	559 (0.4%)	158

A healthier economy and lower gas prices are helping bring buyers back to the real estate market in Addison County.

Middlebury is the county’s most active town for home sales. The number of transactions jumped by almost 29%, while the median sale price rose 8.8% to $225,000.

Some towns, such as Cornwall and Hancock, recorded signifi cant jumps in median sale prices, which is due to the small number of overall transactions. That means one or two expensive sales can have an oversized infl uence in median pricing.

Land sales were relatively steady at 26 transactions, while the median sale price rose 15.7% to $88,500. Some retirees and homebuyers have been seeking land purchases in the county in order to custombuild homes.

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A Vibrant Local Economy

Employers including UTC Aerospace, a supplier of aerospace and defense products, and Middlebury College are hiring, helping to draw more buyers into the market.

Lower Gas Prices

When gas prices decline, as they have in recent months, the county becomes more desirable to buyers who work in Chittenden County because commuting costs are lower.

Steady Luxury Sales

With high-end waterfront property, luxury buyers are drawn to the county. Five out of this year’s luxury sales were recorded in the county, including four sales in Cornwall and one in Hancock.

Higher Sales and Pricing

All of those trends helped boost the number of transactions by 14.2%, while the median sales price rose 2.4%.

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County Averages
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$214,001	133 (10.8%)	396 (3.4%)	166

Property sales in Addison County are benefiting from an improving economy and lower commuting costs.

The residential market in Addison County has been gaining momentum since late last year, when our Realtors noted that properties in good condition and locations were going under deposit quickly. A number of trends are helping the county’s real estate market.

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Lower Commuting Costs

Given that Addison County has a lower median sales price than neighboring Chittenden County, the area becomes even more attractive to professionals when gas prices are lower, as they have been this year.

A Diverse Employer Base

Employers including Middlebury College and UTC Aerospace, a supplier of aerospace and defense products, are drawing new buyers into the market.

Luxury Sales

The county’s waterfront and country estates appeal to high-end buyers. Four of this year’s $800,000-plus sales were recorded in the county, with three in Cornwall and the fourth in Hancock.

Higher Sales and Pricing

All of those trends helped boost the number of transactions by 10.8%, while the median sales price rose 7.3%.

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Middlebury remains the county’s most active town for home sales. While the number of transactions there dipped  3.4% in the first six months, the median sales price rose 3 percent.

Because some towns have a small number of overall transactions, one or two high-end sales can cause a significant jump in median pricing, as in Cornwall and Hancock.

Land sales were little changed during the first half of the year, while the median sales price slipped 4.7% to $81,000. Some retirees and homebuyers have been seeking land purchases in the county in order to custom-build homes.

MARKET INSIGHTS
Median pricing rose 7.3% in the first half of the year.
Lower gas prices and a diverse employer base are boosting interest from buyers.
Middlebury remains the most active town for property sales.

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.

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