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Finance
Posted: October 13, 2017
Snapshot of market conditions in Washington County, VT - by Charles Guy Andrews
CMA Appraisals, Inc.
With the third quarter of 2017 closing, here is a snapshot of market conditions in various sub-markets within the Washington County Vermont single unit real estate market. This data is compiled using the Paragon Multiple Listing Service and does not include any for sale by owner information or condominiums but also includes distressed sales (such as foreclosures). For comparison purposes, median is preferred over average as the median (which is the middle point of an arrayed set of data) is a fairly stable indicator that is not influenced by extreme value points. Let’s take a look…
The city of Montpelier had 48 single unit home sales between 1/1/17 and 10/1/17, an absorption rate of 5.3 sales/month. Median sale price is $283,000, up 21% from 2016. Days on market showed a median of 19 days on the market with a 97.8% list price to sales price ratio. With only 25 active listings in the city currently, there is enough inventory for only 4.7 months. Supply and demand are out of balance with a shortage of available housing. Median list price of these listings is $285,000.
The city of Barre had 83 single unit home sales between 1/1/17 and 10/1/17, an absorption rate of 6.56 sales/month. Median sale price is $124,000, down 12.6% from 2016. Days on market showed a median of 77 days with a 96.2% list price to sales price ratio. With 37 active listings in the city currently, there is enough inventory for 5.6 months. Supply and demand are out of balance with a shortage of available housing. Median list price of these listings is $134,000.
The town of Barre had 72 single unit home sales between 1/1/17 and 10/1/17, an absorption rate of 8 sales/month. Median sale price is $196,100, up 16% from 2016. Days on market showed a median of 60 days with a 97.3% list price to sales price ratio. With 42 active listings in Barre town currently, there is enough inventory for 5.25 months. Supply and demand are out of balance with a shortage of available housing. Median list price of these listings is $242,450
The U-32 school district (Berlin, Calais, East Montpelier, Middlesex & Worcester) had 58 single unit home sales between 1/1/17 and 10/1/17, an absorption rate of 6.44 sales/month. Median sale price is $236,000, up 0.64% from 2016. Days on market showed a median of 62 days with a 96.7% list price to sales price ratio. With 61 active listings in these towns currently, there is enough inventory for 9.4 months. Supply and demand are out of balance with an over-supply of housing. Median list price of these listings is $315,000.
The Harwood school district/Mad River Valley (Duxbury, Fayston, Moretown, Waitsfield, Warren & Waterbury) had 108 single unit home sales between 1/1/17 and 10/1/17, an absorption rate of 12 sales/month. Median sale price is $308,750, up 6.6% from 2016. Days on market showed a median of 50 days with a 95.1% list price to sales price ratio. With 117 active listings in this market currently, there is enough inventory for 9.7 months, considered an oversupply. Median list price of these listings is $409,000. This market also attracts many out of state and vacation home buyers due to the proximity of three skiing areas. Median sale price in this market has seen a steady increase since 2013.
Washington County: The entire county had 405 sales between 1/1/17-10/1/17, an absorption rate of 45 sales/month. Median sale price is $223,000, up 1.93% over 2016. Days on market showed a median of 56 days with a 96.6% list price to sales price ratio. With 365 active listings in the county currently, there is enough inventory for 8 months, considered an oversupply. Median list price of these listings is $299,000.
Summary: Montpelier, Barre town and the Mad River Valley are all showing increasing values and the highest median sale price in 2017, within the last 17 years. Montpelier median sale price has increased 21% since 2016! Results should be discounted due to being only a partial year, but median sale prices in these markets are rising.
Charles Guy Andrews is certified residential appraiser at CMA Appraisals, Inc., Montpelier, VT.
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