Washington County single unit home snap shot - by Charles Guy Andrews

Charles Guy Andrews, CMA Appraisals, Inc.

In partial year 2015, Washington county has had 410 single unit home sales, with a median sale price of $210,000. This is 15.3% increase over median sale price in 2014, which was $182,000 based on 464 sales. Absorption rates in 2015 of 45.5 home sales per month are also up over 2014’s 38.66 home sales per month. In 2015 list price to sales price ratio is 94%. With 539 active listings there is enough inventory for 13.94 months. The median list price of these listings is $250,000. There are also 37 pending and 70 active with contract.

In partial year 2015, the city of Montpelier has had 58 single unit home sales, with a median sale price of $223,500. This is a 1.1% decrease from median sale price in 2014, which was $226,000 based on 49 sales. Absorption rates in 2015 of 6.44 home sales per month are up over 2014’s 4.083 home sales per month. In 2015 list price to sales price ratio is 95%. With 56 active listings there is enough inventory for 8.69 months. The median list price of these listings is $255,900. There are also 6 pending and 8 active with contract.

In partial year 2015, Barre town has had 64 single unit home sales, with a median sale price of $187,000. This is a 17.6% increase from median sale price in 2014, which was $159,000 based on 81 sales. Absorption rates in 2015 of 10.4 home sales per month are up over 2014’s 6.75 home sales per month. In 2015 list price to sales price ratio is 97%. With 58 active listings there is enough inventory for 5.57 months. The median list price of these listings is $179,900. There are also 6 pending and 19 active with contract.

In partial year 2015, Barre city has had 51 single unit home sales, with a median sale price of $126,700. This is a 1.24% decrease from median sale price in 2014, which was $128,300 based on 71 sales. Absorption rates in 2015 of 5.66 home sales per month are down over 2014’s 5.91 home sales per month. In 2015 list price to sales price ratio is 96%. With 79 active listings there is enough inventory for 13.9 months. The median list price of these listings is $139,900. There are also 9 pending and 5 active with contract.

In partial year 2015, the U-32 school district (Berlin, Calais, East Montpelier, Middlesex & Worcester) has had 48 single unit home sales, with a median sale price of $223,300. This is a 2.91% decrease from median sale price in 2014, which was $230,000 based on 59 sales. Absorption rates in 2015 of 5.33 home sales per month are up over 2014’s 4.92 home sales per month. In 2015 list price to sales price ratio is 94%. With 79 active listings there is enough inventory for 14.8 months. The median list price of these listings is $285,000. There are also 5 pending and 9 active with contract.

Summary: Barre city continues to struggle with some of the longer marketing times (current inventory @ 157 days) and lowest median sale price, which show a slight decline in 2015, however many market participant feel there is a lot of “bang for the buck” when comparing Barre city to other sub-markets. Barre town appears to be reaping rewards of the opening of the new state office building at City Place. With only 5.57 months of inventory, a 97% list price to sales price ratio, and a 17.6% increase in median sale price, the market in Barre town appears to be improving. The U-32 school district median sale price which saw an 11.7% increase in 2013, and a 4.7% increase in 2014, has turned with a 2.9% decrease in 2015. However if the 94% list price to sales price ratio remains constant, with a median list price of inventory at $285,000, this trend may correct itself. The city of Montpelier continues to attract buyer’s attention with its full complement of city services and parks, a vibrant downtown, and a well-regarded school system. However, with one of the highest median sale prices of all sub-markets in the county, cost of ownership often out-prices buyers who want to buy into the Montpelier market.

For informational purposes only. All data from the NNEREN MLS system, single-unit and single-unit with one accessory unit.

Charles Guy Andrews, SRA & Certified Residential Appraiser, CMA Appraisals, Inc., Montpelier, VT.