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    Annual State of the Market

    The national economy continues to improve as the unemployment rate declines, with the year ending at 4.2% after we saw a spike in 2020. By March the Federal Reserve is phasing out its bond-buying stimulus program which was much faster than originally planned. It has suggested it would raise interest rates more aggressively to fight high inflation. Retail inflation is at the highest level we have seen in decades. Using the Central Bank’s preferred PCE price gauge, prices rose at a 5% years rate as of October.

    With interest rates continuing to hover around 3% or slightly higher, it has driven the demand and housing prices where there is a shortage of homes available. Vermont has been no exception to the low inventory we are seeing across the Country. Many buyers are finding they can work-from-anywhere, set off by the pandemic which has only increased demand. Vermont is seeing an influx of buyers from many different states. In 2021 Vermont saw 43.02% of inbound moves stating jobs as the reason. Vermont’s lifestyle also played a role for 10.42% of inbound moves.

    It was a challenging year and the number of homes available was the largest challenge to the market. In 2021 new listings in Chittenden County were down 6% from 1463 for 2020 to 1376 for 2021. In September we saw 131 homes on the market, the highest amount for the year, and the rest of the months we saw the number below 130 active homes.

    The surprising news is that the Vermont real estate market has fully recovered from the shutdown with 1404 single-family homes sold, 2019 closed with a total of 1401. The mortgage industry saw both record refinances this year and record low mortgage rates. As we look to 2022 we expect to see continued low mortgage rates and inventory with high buyer demand, these factors will fuel a strong market.

    The average sales price per NEREN for single-family homes increased over 2020 in Addison, Chittenden, Franklin, and Grand Isle Counties. Chittenden County average home sale price increased 14.65% from $453,134 to $519,540. The average sale price for condos in Chittenden County increased 11.14% from $291,030 in 2020 to $323,453 in 2021.

    2021 in Review – Average Single-Family Home Prices by County- Statistics per NEREN

     

    County            Average price     Change from 2020     Median price      Change from 2020

    Addison.            $398,055                 up 23.98%              $340,000                up 19.29%

    Chittenden        $519,540                  up 14.65%              $440,000                up 13.76%

    Franklin            $309,513                   up 18.83%             $295,000                 up 18.00%

    Grand Isle        $420,917                   up 0.27%               $380,000                 up 23.77%

    The highest average sale prices were recorded in Charlotte (at $905,981) & Shelburne (at $732,230). Charlotte and Shelburne have some of the most expensive homes and lakefront properties in our market which tends to weigh the averages higher.

    The Nancy Jenkins Team had a great year, closing 190 homes in 2022 and helping families from across Vermont, the US, Canada, and Europe with their real estate goals. We are proud to call Vermont our home, and we enjoy all our great state has to offer. If this is your year for a move, we are here to help you, your family, co-workers, and friends. We look forward to a great year helping you to achieve your real estate goals. Give us a call or visit our website www.nancyjenkins.com to search for your new home, condo, lakefront, or investment property.

    Our best wishes to you for a safe, happy, and prosperous 2022.

    Nancy and the Nancy Jenkins Team

    This Month’s Coupon:


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    CLIENT TESTIMONIAL

    “Amanda Gerlack and her team are the real deal. I don’t throw around high praise often.Amanda and team are well worth it.”

    Drew Bulfer


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    ©2022 Nancy Jenkins Real Estate

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