Chittenden County

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$351,000 +4.8%	$413,337 + 5.8%	208 +5.6%	276 -15.6%	45 +17.7%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$267,500 +11.7%	$291,699 +10.8%	132 +25.7%	162 +15.7%	59 -20.3%

 

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$355,000 +4.4%	$408,623 +7.2%	1403 +13.7%	1720 +12.4%	45 -27.4%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$255,000 +8.5%	$283,855 +6.9%	669 -0.9%	738 -8.7%	59 +1.7%

The housing market remains hot in Chittenden County posting double digit gains in the number of single-family homes sold.

The 12% increase in homes listed during 2019 was quickly absorbed by the buyers in the market. With mortgage interest rates dropping in 2019, many new buyers entered the market after remaining on the sidelines. Multiple offers in key areas and price points, continued to push the median and average sale prices up. Shelburne, Charlotte and South Burlington posted the highest median prices in the county while Winooski, Bolton and Milton offered homes below the county median. 

Condominiums remain a more affordable option than single-family homes in Chittenden County. The 8.5% increase in median price may be a result of newly built condos, at higher prices, in addition to the normal affects of supply & demand. Ease of maintenance, the “right size” floorplans and energy efficiency of new condominiums are attractive to families and empty- nesters alike.

In South Burlington, Hillside at O’Brien Farm welcomed 23 new homeowners with 13 more awaiting their dream homes to be completed in 2020. South Village, off of Spear Street, may introduce the long-awaited Phase 3 of their “agri-hood” community. Additional new construction projects in Shelburne, Essex and Williston may ease the inventory shortage slightly.

With “days on the market” (the time from listing to closing) at only 1.5 months, buyers must be well prepared to act fast with the assistance of their REALTOR if they want to achieve their dream of home ownership in 2020.

Single-Family Homes	MEDIAN	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Chittenden County	$355,000	4.40%	1403	13.70%	1720	12.40%	45
Bolton	$282,500	2.00%	10	-23.10%	11	-31.30%	66
Buels Gore	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Burlington	$347,000	2.40%	218	23.90%	260	27.50%	36
Charlotte	$522,000	0.40%	66	22.20%	90	13.90%	109
Colchester	$363,500	7.70%	166	38.30%	216	36.70%	43
Essex	$339,950	6.20%	202	9.20%	239	4.80%	35
Hinesburg	$349,000	1.80%	51	30.80%	51	-15.00%	57
Huntington	$325,500	14.30%	24	26.30%	21	-32.30%	50
Jericho	$385,000	4.10%	69	30.20%	86	30.30%	38
Milton	$289,950	0.00%	116	6.40%	134	6.40%	41
Richmond	$350,000	8.40%	31	14.80%	44	46.70%	29
Shelburne	$597,500	51.50%	76	10.10%	88	-3.30%	54
South Burlington	$430,000	6.70%	169	-2.90%	224	9.30%	43
St. George	$434,393	36.80%	8	14.30%	11	37.50%	120
Underhill	$326,500	-18.30%	36	5.90%	50	31.60%	35
Westford	$314,900	1.60%	29	20.80%	38	8.60%	68
Williston	$397,000	5.90%	84	-5.60%	108	2.90%	45
Winooski	$266,750	-5.20%	48	20.00%	49	0.00%	27

Condos	MEDIAN SALE PRICE	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Chittenden County	$255,000	8.50%	669	-0.90%	738	-8.70%	59
Bolton	$131,500	22.90%	11	-8.30%	8	-50.00%	88
Burlington	$268,500	2.70%	106	5.00%	129	17.30%	46
Charlotte	n/a	n/a	n/a	n/a	1	n/a	n/a
Colchester	$224,000	8.70%	73	9.00%	91	5.80%	48
Essex	$247,450	21.90%	138	7.80%	139	-17.80%	58
Hinesburg	$272,450	71.60%	8	0.00%	7	-36.40%	201
Jericho	$291,357	24.00%	11	57.10%	10	66.70%	64
Milton	$213,725	6.90%	28	33.30%	31	0.00%	69
Richmond	$212,000	-29.30%	3	50.00%	3	0.00%	60
Shelburne	$375,000	31.60%	23	15.00%	34	47.80%	45
South Burlington	$241,000	3.90%	183	-10.70%	210	-9.90%	55
Underhill	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Williston	$320,530	3.10%	73	-9.90%	63	-35.10%	79
Winooski	$250,000	-15.30%	12	-47.80%	12	-47.80%	86

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$355,000 (4.4%)	$408,814 (7.1%)	1,050 (13.2%)	1448 (11.3%)	47 (-24.2%)
Condos	$252,500 (9.5%)	$284,854 (8.3%)	498 (-0.8%)	576 (-15.8%)	64 (-2.9%)
Multi-Family	$390,000 (3.8%)	$477,222 (-5.4%)	66 (-25%)	119 (12.3%)	62 (-18.4%)
Land	$130,800 (-3.1%)	$167,439 (-26.8%)	60 (27.7%)	111 (-5.1%)	231 (-1.3%)

The number of newly listed single-family homes has increased over 2018, resulting in an increase of 13% in units sold. Still, demand remains strong with homes being on the market for only 6 weeks from list to close. 

Condominiums remain a popular choice among buyers interested in ease of maintenance and more affordable prices as compared to single-family homes. The decline in newly listed condos is likely affected by new construction projects that came on the market during 2018.

If you are considering selling your home – do not wait until spring! Demand and pricing are strong now. Serious buyers are in the market and may be flexible with closing dates in order to secure the home of their dreams.

 

 

 

 

 

 

 

 

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$241,000 (+4.8%)	$274,394 (-5.3%)	298 (-7.2%)	353 (-24.4%)	77 (+26.2%)

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$355,000 (+4.1%)	$408,691 (+9.8%)	571 (+7.1%)	914 (+6.5%)	56 (-22.2%)

The number of single-family homes coming on the market has increased over the same period last year for the second consecutive quarter. While this is good news, the increase in supply still cannot meet the demand from buyers. Median and average sale prices, once again, posted increases pushing the levels to record highs.  

Price conscientious buyers, wanting to live in Chittenden County, might look outside of the greater Burlington area, where homes may be closer to their budget. Hinesburg, Underhill, Westford, and Milton offer median prices under the county average along with increases in the number of newly listed homes.

Condominiums offer a lower maintenance lifestyle than single family homes. In most towns in Chittenden County, the median condo price increased as inventory declined sharply. However, the prices are typically less than a single-family home of similar age and condition. New developments in Williston, Essex and South Burlington, over the past couple of years, increased the number of condos available for sale during those periods. As these new communities near the build out of existing phases, inventory numbers have fluctuated.

Hot spots – areas with increased median price and number of units sold include Burlington, Colchester, Jericho, Shelburne, and Williston. Winooski is still the “most affordable” town in Chittenden County with a median price of $281,500. However, continued demand from buyers, attracted to the vibrant downtown, has resulted in multiple offers on newly listed homes – many of them cash sales with few contingencies. The “Days On Market” (DOM) in Winooski is just over one month.

Adjustments reported in the number of sales and new listings in South Burlington is a result of a shift in inventory available in new developments such as Hillside at O’Brien Farm which launched in 2018 and has closed nearly 25 units – and the near completion of Phase 2 to permitting Phase 3 at South Village.

With few exceptions – homes are closing in less than 2 months from list date. Sellers must be prepared to act quickly when their property hits the market and offers come in. Working with your agent in advance to identify where you want to live and what your budget will allow is important in managing expectations. To realize the most value from the sale of your home, now is the time to start cleaning out your garage, basement and closets; and to complete deferred maintenance items while the weather is on your side.

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$333,950 (5.9%)	$390,601 (12%)	196 (1.6%)	323 (5.9%)	62 (-23.5%)
Condos	$235,750 (8.6%)	$263,245 (4.4%)	104 (0%)	137 (-15.4%)	78 (18.2%)
Multi-Family	$456,000 (13.4%)	$452,664 (-23.6%)	16 (-36%)	40 (110.5%)	38 (-60%)
Land	$120,000 (-5.9%)	$150,538 (-54.4%)	13 (-7.1%)	33 (-15.4%)	208 (-27.5%)

Newly listed single-family homes showed a slight uptick over the same period last year while condo listings declined. . 

New developments throughout the county, which include condominiums, may be affecting the flow of inventory year over year. Residential sales were relatively flat while median and average sale prices rose during the 1st quarter. Buyer demand is still strong for well positioned properties coming to market – as demonstrated by the average days on market (DOM) of just over 2 months.

 

 

 

 

 

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$339,900 (+5.6%)	$381,006 (+3.6%)	1,236 (-1.8%)	1,534(-3%)	62 (-13.9%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$235,000 (+1.3%)	$266,079 (+2.4%)	670 (+4.2%)	803 (+12.5%)	58 (-2.8%)

Limited homes for sale continue to be the story across Chittenden County. With new listings to the market declining 3% over 2018 – units sold also dropped. This resulted in a median price increase of 5.6% for single family homes. 

The number of Condominiums available for purchase showed a healthy increase as some owners took advantage of a seller’s market and sold their entry level condos in order to move up to a larger home. Builders introduced new condominiums & townhouses to the market, offering easy maintenance and the “right size” floorplan for new families and empty nesters.

In South Burlington, Hillside at O’Brien Farm launched in March with 12 single family and townhomes closed and many more reserved or under construction. South Village, off of Spear Street, looks to finish the build out of phase 2 in 2019 – and possibly offer homes in phase 3 subject to permits.

Winooski continues to draw buyers with a revitalized downtown & walkability to restaurants, shopping and recreation. Multiple offers on single family homes from excited buyers pushed the median price up 18% – nearly the largest increase across the county. A number of resales in the Cascades Building along the Winooski River resulted in a 44% surge in the median price of condominiums in the city.

Multi Family properties were in high demand while inventory was extremely tight. Investors need to move quickly when a property becomes available.

 

 

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$339,950 (5.6%)	$381,536 (4.3%)	928 (-2.6%)	1,304 (-2.3%)	62 (-12.7%)
Condos	$231,500 (-0.6%)	$263,455 (0.8%)	497 (6%)	678 (15.7%)	57 (-33.7%)

With record lows for Single Family homes available for sale and strong buyer demand – homes are on the market, on average, for only 2 months from list to close.

The median and average sale prices continue to post healthy increases across the county. Condominiums are a popular choice among buyers interested in ease of maintenance and more affordable pricing compared to single-family homes.

The number of condos sold through the 3rd quarter continues to rise as many newly listed options come on the market.

The large majority of multi-family sales across the region are in Chittenden County. An 8% decrease in available properties, coupled with a 32% increase in closed sales drove the median and average sale prices up 11.5% and 22% respectively.

 

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$332,000 (+4.1%)	$371,886 (+5%)	531 (-2.8%)	854 (-5.7%)	71 (-7.8%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$230,000 (-1.1%)	$261,287 (-0.7%)	317 (+13.2%)	463 (+23.1%)	62 (-36.1%)

Chittenden County as a whole posted moderate increases in the median and average sales price of single-family homes with the continued decline in newly listed homes affecting the closed sales.  

A number of cities and towns had well above-average increases in pricing including Burlington, Charlotte, Richmond, and Westford. The city of Winooski is a bright spot, as homeowners are attracted to its lively downtown, affordability, and proximity to Interstate 89 or Burlington. In Shelburne, the single home market is recovering; posting healthy increases in listings and sold homes after a weak first half in 2017.

The condominium market in Chittenden County remains healthy with a 13% increase in sales and a 23% increase in new listings. This available inventory has kept pricing stable – except where new construction projects are driving the inventory such as in South Burlington and Williston – which posted a 21% and 7% increase in median sales price over the same period in 2017.

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$315,305 (+8.9%)	$349,199 (+6.2%)	193 (+8.4%)	296 (-12.7%)	81 (-9%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$226,000 (-9.4%)	$254,126 (-11.6%)	101 (0%)	159 (+12%)	68 (-40.4%)

While Chittenden County as a whole, posted a healthy increase in median and average sale prices, along with the number of units sold for single-family homes, the story varies city by city.  

Burlington, Essex, and South Burlington lead the county with 35% – 59% increases in single family homes sold over a very soft 1st quarter of 2017. Condo sales fared well in Burlington and South Burlington as well. The number of condos available for sale in South Burlington increased by 67% over the same time last year – helped along by new projects such as Hillside at O’Brien Farm and South Village. Williston and Milton homes sales slipped year over year, however, with the 1st quarter being the lowest in sales for the entire year, there is still the opportunity to recover as the traditionally busy spring and summer markets heat up. Well maintained properties in desirable locations, priced up to $400,000 are generating multiple offers due to pent-up Buyer demand and low inventory. Buyers and sellers should consult with their agent as to the best strategy for their unique circumstances in order to achieve their real estate goals in 2018.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$322,000 (+4.2%)	$367,836 (+3.4%)	1,256 (-1.0%)	1,571(-3.6%)	72 (-5.3%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$232,000 (+4.0%)	$259,649 (+3.9%)	642 (-4.0%)	713 (-0.8%)	81 (+17.4%)

The median and average sales prices of single-family homes and condos rose in Chittenden County by 3-4% for the second straight year, while the median price for land rose by 8%.  

Chittenden County is an example of how a change in market demand has caused an increase in land sales, which were up here by almost 14% compared to all of 2016. Downsizing homeowners (Baby Boomers) and rightsizing first-time buyers (Millennials) are in the market for the same homes — small and efficient, and near amenities — so developers are seeking parcels and starting the permitting process to fill those housing needs.

Therefore, the boost of land sales in Chittenden County could be a direct result of a decreased inventory in single-family homes and condos since 2015. New developments such as Hillside at O’Brien Farm in South Burlington are creating buzz in northwestern Vermont as homeowners look toward easy-maintenance living near town, village and city centers. (Construction has started on Hillside. The first homeowners move in this spring.)

The number of newly listed single-family homes and condos dipped across Chittenden County, but Burlington, Colchester and South Burlington all saw increases in newly listed properties, compared to 2016. Those towns also saw a boost in closings, because inventory increased. These results are positive — and bode well for the market overall — but these increases come in the wake of dramatic declines in 2016 inventory and sales in those towns.