Blog :: 2021

2020 End of Year Report

2020 End of Year Report

 

Ok, I’ll just say it. 2020 was a strange year, in nearly every imaginable way. Happy to talk about the thousand other things that are on people’s minds. But, here, we’re just going to talk about real estate. Mostly.

 

Sales were up. Sale prices were up. Land sales and $500,000 property sales were way up. It’s true that there were a lot of out of state buyers. But there were also a LOT of in state buyers.

 

Median Sale Price

Here’s what everyone wants to see. What the heck happened in 2020, compared to 2019. Well, it was kind of bananas. Median sale prices, and the change from year to year were through the roof.

 

 

 

% Change 2019-2020

Barre City 12.82%
Barre Town 14.11%
Montpelier 7.42%
U32 16.42%
Northfield/Williamstown 15.24%
All Towns 15.53%

 

 

The numbers round out considerably when we look at the number of sales over the past five years. In every submarket, there were more sales in 2020 than in 2019. U32 and Barre Town saw a LOT of action. For fun here, we can compare the five year trend as well as the one year trend.

 

  2016 2017 2018 2019 2020

Barre City

89 90 89 88 93
Barre Town 79 109 89 86 111
Montpelier 87 94 73 73 81
U32 76 84 83 94 114
Northfield/Williamstown 61 68 77 88 90
All Towns 392 445 411 429 489

 

 

Median Days on Market

We thought 2019 was a great year for shorter days on the market. And it was. But 2020 sped things up even more. With the exceptions of Barre City and Montpelier, every other market saw shorter days on market in 2020 than in 2019.

 

 

% Change 2019-2020

Barre City 25.00%
Barre Town -41.46%
Montpelier 20.00%
U32 -52.17%

Northfield/Williamstown

-25.71%
All Towns -35.90%

 

And, in real terms, this is what the median days on market numbers looked like. I find it interesting that Barre Town, U32, and Northfield and Williamstown are all so closely clustered. I’m not reading anything into that. It’s just interesting.

 

  2016 2017 2018 2019 2020

Barre City

88 67 42 44 55
Barre Town 49 75 29 41 24
Montpelier 43 35 40 10 12
U32 68 49 60 46 22
Northfield/Williamstown 66 54 45 35 26
Total 61 55 43 39 25

 

 

Multi-Family Report

2020 was an active year for residential multi-family properties. Here we’ll focus on Barre City and Montpelier, which are the two most active multi-family towns in Central Vermont. And, truth be told, the bulk of the activity is in Barre City.

Here the number that jumps out is the number of sales. It increased steadily from 2016-2018 and then almost doubled from 18 to 35 sales in 2019. The market held that elevated number of sales in 2020.

 

  Total Number of Sales
Barre City

15

Barre Town 18
Montpelier 18
U32 35
Northfield/Williamstown 31

 

Looking only at duplex sales, there’s a clear increase in per unit sale price over the past five years. Barre City’s price per unit saw a really nice bump in 2020.

 

  Barre Price Per Unit (Duplex) Montpelier Price Per Unit (Duplex)
2016 $66,225 $95,000
2017 $67,750 $124,000
2018 $41,750 $113,375
2019 $52,500 $135,000
2020 $63,250 $115,000

 

 

Land Sales

This is the first year that we’ve included data on land sales in Washington County. And, yes, it’s because 2020 was just a weird year. Historically, land sales are pretty stable. But not in 2020!

 

Washington County  2016   2017   2018   2019   2020   % Change 2019-2020
 Number of Land Sales 85 85 85 90 151 67.78%
 Median Days on Market 176 194 223 139 137 -1.44%

Look at the massive jump in land sales. 67%? Are you kidding me?? I figured you wouldn't need a graph to drive this point home. But you know what, why not.

 

 

 

$500,000+ Sales

And what would the real estate world of 2020 be without yet one more oddball data point. In Washington County, in 2020, the number of sales of properties $500,000 or higher more nearly doubled. The number of sales of $1 million properties increased by almost 50%, but that was only from 7 sales to 10 sales.

Washington County 2016 2017 2018 2019 2020 % Change 2019-2020
Number of Sales 30 28 39 55 104 89.09%

 

Again, can you picture something almost doubling? 

 

 

Gratitude

And last, thank you to all of our clients, past clients, friends, and supporters. In 2020, Green Light Real Estate helped with more than 190 sales (not quite 200) and more than half of those came from past clients, people who know us personally, and referrals. It means a lot when people make the effort to recommend that their friends work with Green Light Real Estate!