State of the Market
The start of 2019 was challenging as the stock market plunged in December and there was talk of a looming recession which in fact did not arrive. The Federal Reserve lowered the Fed Funds rate three times to 1.75% in 2019 and lowered forecasts for interest hikes i n 2020 to zero. Mortgage rates have fallen significantly with 30-year mortgage rates with zero points at 3.625% compared to 4.625% at this time last year.
The Vermont real estate market in Chittenden County exceeded the market of 2015 with 1401 homes sold, which was the best year since 2006. The reason for this good news is found in a few areas, the first is due to the reduction in rates after two years of rate hikes created a strong market with an increase in average sales price and number of homes sold. The second indicator is the stock market which hit all-time highs, couple that with mortgage rates 1% lower and you have a fueled market that we have not seen since before the Great Recession. We expect this market to continue through the election in November and possibly into 2021.
The NEREN average sales price for single-family homes have increased over 2019 in Addison, Chittenden, Franklin and Grand Isle Counties. In Chittenden County 1401 single-family homes closed in 2019 tracking well above the 1239 homes closed. The average sale price increased 7.5% from $380,332 to $408,798. Chittenden County condo sales increased per NEREN statistics from 669 in 2018 to 672 while the average sale price increased 6.7% from $283,695 in 2019 from $265,655 in 2018.
2019 in Review – Average Single-Family Home Prices by County- Statistics per NEREN
County Average price Change from 2018 Median price Change from 2018
Grand Isle $315,475 down 7.8% $267,550 up 9.2%
The highest average sale prices were recorded in Shelburne (at $664,256), Charlotte (at $652,779) and South Hero (at $469,646). Shelburne, Charlotte and South Hero have some of the most expensive homes and lake front properties in our market which tends to weight the averages higher.
The Nancy Jenkins Team had a great year, closing 232 homes in 2019 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 the seasons have to offer – snowshoeing, skiing and riding in the winter, hiking, boating, paddle boarding, and swimming in the summer, and our amazing fall colors.
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 2020.
Nancy and the Nancy Jenkins Team
This Month’s Coupon:
This Month’s Giveway to Flynn Center!
This month we are giving away two tickets to Malpaso Dance Company at the Flynn Center.
For your chance to win CLICK HERE!
“Amanda and the Nancy Jenkins Team had our house sold in 4 days! Kept us updated throughout the closing. Great experience.”
Tom Helmstutler – 1/7/2020
Special Thanks to Friends Who Sent Us Their Friends!
Lori York, Molly Comeau, Eli Lesser Goldsmith, Wayne Labonte, Andrew & Julie Korich
©2020 Nancy Jenkins Real Estate