286 Chittenden County homes were sold in the first quarter of 2017 which is almost ten percent less than the same period last year.
Single Family home sales were down 9.6% at 177 while condos were down 8.4% at 109. This is the first (1st quarter) decrease since 2009 and it’s certainly not for lack of demand!
Meanwhile the inventory of single family homes for sale in March was also down significantly by 29% and condos were off by almost 24%.
Inventory continues to be the issue
Lack of inventory is creating an upward pressure on home prices especially for condos. More new builds are being sold which traditionally cost 20% or more than existing properties. This reflects the 19.8% increase in median condo sales prices over the first quarter of 2015. Demand is strong across all property types and any new inventory is going under contract in days and sometimes even hours with multiple offers common.
Charts & Graphs
Following are some charts showing sales volume, sales prices and days on market. Please feel free to contact us for more detailed information about properties in your town. Should you be thinking of selling your home soon check out our eGuide: Things To Consider When Selling Your House
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