CHITTENDEN COUNTY REGION
Vermont Business MagazineRE/MAX INTEGRA, New England today released its 2018 Spring Market Trends Report that shows New England is largely a sellers' market, with few exceptions. Low inventory coupled with strong economic factors has led to intense competition, driving up prices and pushing buyers to expand their horizons and think outside of the box. The annual report evaluated data from most regions acrossConnecticut,Maine,Massachusetts,New Hampshire,Rhode IslandandVermont, looking at pricing, volume, and general trends in residential real estate and luxury markets.
Mostly a seller’s market, Vermont is seeing properties go fairly quickly. The average days on market for a property has decreased by nearly 11% and average sales price has increased by 3.25% compared to this time last year, the lowest increase in New England.With a lack of inventory and not enough new properties being built or coming onto market, there’s been a recent shift towards rental housing in Vermont.
This has also reinforced the sellers’ market – in the sub-$400,000 market, sellers are getting away with doing less for their properties as buyers become increasingly pressed to make offers quickly and accept homes as is. The luxury market in Vermont isn’t faring as well as other New England states with Vermont being the only other state in New England besides Rhode Island to show a decrease in average luxury sales price – compared to this time last year, Vermont’s average luxury sales price dropped about 8% to $1,336,033 from $1,455,537.
Other highlights in this year's report include:
- Vermonthad the lowest increase in average sales price of all New England states at 3.25% to$255,024. Along withRhode Island, it also saw a decrease in average luxury sales price, which is down about 8% from this time last year.
- The only balanced market in New England,Connecticutwas the only state in which a property's average days on market increased, from 94 to 104 days, had the highest decrease in total units sold, and the highest decrease in total sales volume.
- Mainehad the highest percentage increase in average sales price for both traditional and luxury properties at 10% to$237,295and 13% to$1,709,313, respectively. The already-crowdedPortlandarea is seeing an influx of buyers seeking second homes; this type of market is not typical of cities.
- Massachusettshas the highest average sales price of any New England state, coming in at$470,016. Properties inBostonare seen as a more affordable investment than in other large cities likeNew YorkandSan Francisco, and buyers with resources, especially foreign investors, are continually driving prices up and other buyers out.
- New Hampshiresaw the highest decrease in average days on market at 13%, from 99 days to 87 – and with sellers accepting offers within 2-3 days for properties under$300,000, inventory is moving quickly.
- Rhode Island's average luxury sales price dropped 30%, the most in New England. However, its traditional market is holding steady with the average sales price up about 8% and the lowest average days on market in New England at 64 days, down about 13% from this time last year.
"In the current New England real estate landscape, with many buyers losing out on their desired properties due to fierce competition and rising prices, it is imperative that we fully understand the markets and provide our clients with meaningful and actionable insights," saidFiona Petrie, Executive Vice President & Managing Director of U.S. Operations, RE/MAX INTEGRA, New England. "We strive to know exactly what is going on in our markets so we can be the best resource and steward for our clients, whether they are buying or selling."
All data was sourced from RE/MAX brokers and real estate transactions reported in the Multiple Listing Service and RE Stats. Data from 2017 encompassesJanuary 1, 2017toMarch 31, 2017and 2018 data encompassesJanuary 1, 2018toMarch 31, 2018.
Download the full report here:http://download.remaxintegra.com/NewEngland/REMAX_2018_NE_MarketTrendsSpring_HR_Bleeds.pdf
About RE/MAX INTEGRA and RE/MAX INTEGRA, New England
Since its inception in 1985, RE/MAX of New England has grown to over 200 offices and 2,700 Sales Associates throughoutConnecticut,Maine,Massachusetts,New Hampshire,Rhode IslandandVermont, providing franchised residential and commercial real estate services to its franchisees and their real estate professionals.
RE/MAX INTEGRA, New England's parent company, RE/MAX INTEGRA, is a privately-held company headquartered inToronto, Canada. RE/MAX INTEGRA is the largest sub-franchisor of RE/MAX, LLC worldwide, and represents 30,000 agents -- approximately a third of all RE/MAX Associates worldwide.
SOURCE: BOSTON,May 29, 2018/PRNewswire/ -- RE/MAX INTEGRAwww.remaxintegra.com