Adept Marketing Key to Successful Sales,
Record Transactions Led by LandVest
LandVest continues to dominate the Vermont market for sales above $2m. In Chittenden County, we saw six sales above $2 million, a 600% increase from 2018. Of these six sales, LandVest was responsible for four. The next closest competitor came in at 2. Furthermore, we were responsible for all three of the highest sales in the County, all of which were over $3 million (3 total).
Market Trends for Chittenden County
Statewide, 2019 represented another positive year for Vermont’s high-end real estate market ($1m+). 2019 activity in Chittenden County gives us even more reason for optimism.
- Inventory ($1m+) up 28%
- Sales ($1m+) up 59%
- 3 out of 4 sales above $3m occurred in Chittenden County
- Average Gross Sales numbers for sales above $1m are typically around $24m per year. In 2019, we saw $45,192,858, nearly double the average.
- Average Days on market is 93, Median is 39 vs 182 average DOM statewide, 94 Median DOM statewide
Based on these market trends, we are optimistic about 2020 as buyer demand still remains strong, however, we will be monitoring how an unusual lack of current inventory in Chittenden County may alter total sales volume and pricing. The other unknown is the outcome of the US Presidential election and how that will affect the real estate market.
LandVest’s 3 Highest Vermont Sales (Statewide) in 2019
Market Trends (Statewide)
Days on Market and current inventory are two key market indicators that we track. What is encouraging is that we have seen a steady decline in Average Days on Market (DOM) from a high in 2016 of 183, to an average of 93 DOM in 2019. This is the lowest we’ve seen since before the recession.
The second market indicator, existing inventory ($1m+), is also encouraging. By the end of 2019, we have 226 active listings over $1 million. From 2009-2015, we consistently saw active listings over $1 million well above 300 in number. Needless to say, the supply and demand equation is working to the benefit of sellers in most areas.
Why? We’re finally seeing younger buyers come to the fore with enough liquidity and market comfort to purchase many of the second homes that flooded the market post-recession.
Thank you to our friends and clients for entrusting us with your properties. Stay tuned for market reports from LandVest’s Woodstock and Southern Vermont teams, where the markets have also been robust and LandVest has dominated high-end sales.
For additional information about LandVest’s brokerage, real estate consulting, and appraisal services, please contact: www.landvest.com