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Market Stats

The Northwest Vermont Multi-Family Report from Coldwell Banker Hickok & Boardman Realty

Multi-family properties demonstrated a strong early 2012, with sold listings jumping 19% across Chittenden, Franklin and Grand Isle Counties from January through April. The region has traditionally shown strong interest from some investors, drawn by the areas growing professional class and student enrollment as well as low vacancy rates. Chittenden County captured the bulk of the multi-family transactions, with 89% of the regions 25 sales of properties such as duplexes and apartment buildings. Franklin County recorded 8% of multi-family sales, while Grand Isle recorded one such transaction. Addison County didnt record any multi-family home sales during the first four months of 2012. Its been a great start to the year, with well priced properties moving fast, notes Steve Lipkin, a Coldwell Banker Hickok & Boardman Realtor specializing in multi-family properties. Low rates and a lack of attractive alternatives for your investment dollars, as well as vacancy rates that are very low, are helping investors decide to be in real estate. Northwest Vermont is attracting investors who are seeking to diversify their holdings beyond traditional investments, while tapping into historic low mortgage rates. Within Chittenden Countys multi-family market, Coldwell Banker Hickok & Boardman Realty handled one-third of transactions, or more than the combined market share of the regions next two largest agencies handling multi-family sales, for the 12-month period ended April 2012. There are indications demand may continue to grow throughout 2012, as the number of pending listings in Chittenden County jumped 70% during the first four months. Pending listings are properties under contract that havent yet closed. Multi-family properties are selling for closer to asking price, and days on the market have dramatically dwindled during the first four months of 2012.  The average days to market a multi-family property during the period shrank to 64 days, compared with 211 days a year earlier. In Chittenden County, the median sale price jumped 7.5% to $285,000, while average days on market shrank to 63 from 199 in the  year-earlier period, indicating pent-up demand from investors, with well-priced and well maintained properties selling quickly. Burlington boasted the largest market share in Chittenden Countys multi-family market, with 13 of the countys 20 transactions. Home to University of Vermont and colleges such as Champlain College as well as a growing professional base, Burlingtons vacancy rate has hovered between 1% and 2%, below the first-quarter national average of 4.9%, which has fallen to the lowest rate in a decade. With lower-than-average vacancy rates, Northwest Vermont multi-family properties are receiving interest from out of state, as well as from within Vermont. As in Chittenden County, there are signs that Burlington multi-family sales may continue to strengthen this year.  Pending listings more than doubled from the year-earlier period, while average days on market dropped dramatically, to 66 days during the first four months of 2012, compared with 263 a year earlier. Well-priced and well-maintained multi-family properties have been in demand. With investors seeking value, the median sale price in Burlington slipped 5.9% to $315,088. Among Chittenden Countys other towns, Winooski recorded six multi-family transactions, double the number recorded last year. Average days on market shrank to 48 days from 164, while the median sale price declined 4.9% to $244,250.   To view the full article or read about other segments in the makert click here: http://www.hickokandboardman.com/vermont-market-report/  

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        Bad Housing Market???

        If you have been watching the news, reading the paper or listening to the radio you have probably heard nothing but bad news about the real estate market.  Fortunately Real Estate is a local business and the Burlington Area Multi Family Market remains strong. Check out the Summer 2011 Northwest Vermont Report provided by Coldwell Banker Hickok & Boardman.  This report looked at the months of May through August and broke the report down by towns, areas and segments of the market. In the multi family sector the average sale price in Chittenden County for Multi Family properties increased 17% from $267,485 in 2010 to $314,017 between May and August in 2011.  The average days on market also decreased from 97 in 2010 to 78 days in 2011. Contact Us if you are considering buying or selling or if you would like to learn more about the local market.

        3rd Quarter Multi Family Stats

        Each Quarter we will try to update you on the market activity in Chittenden County for Multi Family Properties.  Below are some stats as well as Multi Family properties we have sold so far in 2011.

        Current Active Listings: 58 New Listings in the Last 9 Months: 92 Sold Listings Past 9 Months: 46 Average List Price: $336,663 Average Sale Price: $318,335 Currently Pending Listings: 11 Of the 46 closed sales: two were 5 units, seven were 4 units, twelve were 3 units and 25 were duplexes. Of the 46 sales Steve Lipkin was on 14 of the sides, more than three times any other agent, either representing the purchaser or seller. If you are considering buying or selling a Burlington area Investment Property put Lipkin Investment Properties 12 plus years experience to work for you!

        Year to Date Multi Family Stats

        As we hit the midpoint for 2011, here are some year to date Multi Family Sales statistics for Chittenden County. Current Active Listings: 58 New Listings in the Last 6 Months: 62 Sold Listings Past 6 Months: 25 Average List Price: $354,048 Average Sale Price: $334,617 Currently Pending Listings: 9 Of the 25 closed sales: one was a 5 units, five were 4 units, nine were 3 units and ten were duplexes. Of the 25 sales Steve Lipkin was on 8 of the sides, representing the purchaser or seller. If you are considering buying or selling a Burlington area Investment Property put Lipkin Investment Properties 12 plus years experience to work for you!