April 2021 Real Estate Market Report
Also known as..."So, How's the Market?"
Well, in a nutshell, the market is fast moving and prices are up. So, if you're selling, the market is good. If you're buying, you're working harder, making quicker decisions, and you probably have a little more stress in your life.
By the Numbers
| On the Market (Active) | Sold Last 12 Months | Median Sale Price | |
| Barre City | 6 | 91 | $173,000 |
| Barre Town | 10 | 113 | $225,000 |
| Montpelier | 5 | 86 | $269,500 |
| U32 | 10 | 130 | $314,000 |
| Nfld/Wmst | 11 | 96 | $212,750 |
| Waterbury | 3 | 65 | $437,500 |
Which means that everyone out there who's saying "There's no inventory" is right. Six houses for sale in Barre City? That's for sale without a contract on them. Meaning that if you want to buy a house in Barre, you have a grand total of six from which to choose. I looked back at a similar report I wrote in 2018, and there were nearly 30 houses for sale in Barre. Let's not forget that 2018 was a pretty good housing market. As my daughter says, so...yeah.
Don't lose heart, buyers! Green Light Real Estate is really good at helping our buyer clients win multi-bid situations. You certainly don't want to go it alone as a buyer in this market.
Email Info@GreenLightRealEstate for more info, or with any questions.
Days on the Market
Most homes are just not staying on the market long. I took a look at closed sales in March 2021 and compared them with March 2020. Homes are selling in roughly a third of the time it took in March 2020. Again, let's have some perspective. March 2020 sales went into contract in January-ish. So, that was pre-pandemic. That was "normal". And now we're seeing many properties go on the market in days.
Here's kind of a typical situation. We list a house for sale, and showings begin on Saturday. We might see anywhere from 5-30 showings scheduled for the weekend. And then, we might get 1-5 offers. These are not made up numbers. We had over 40 showings on a Montpelier listing, and over 30 on a Barre City listing. Then, by Monday or Tuesday there's an accepted offer.
But that's really only if all the work is already done. That's if a detailed, personalized valuation was completed (as opposed to say, taking a price off the internet, or multiplying some goofball factor times the assessed value). I mean real math, based on real experience, and using comparable sales that we've actually been in. It means having quality photography. It means having a well-documented listing. It means preparing sellers for what they need to do and what they can expect.
There's actually a LOT of work, planning, and expertise involved in getting a house ready to be on the market, and to get that kind of action.
Seller Tip
It's pretty common for buyers to have a radon test done as part of the inspection process. But we're recommending that our seller clients have radon tests done either before listing, or while their home is listed. Why? Because a radon test needs a "closed environment" for at least three days. That means doors and windows stay closed. That's fine now. It's a balmy 43 degrees as I write this. But in another month, it's going to be hot.
So, to keep your sanity, and to keep turning into a wilted mess, do the radon test now. Then, you can simply give the results to a buyer while you live in lovely comfort.
These are the little things that are really good to think about when you're selling your home in Vermont.
Thinking of selling? Email Info@GreenLightRealEstate,com or call 802-225-6425
Investing in Real Estate
We've been collecting really interesting numbers about average rents, particularly in Barre. You can get the full, detailed breakdown of rents for one, two, and three bedroom apartments (heated and unheated) by address at www.BarreMultiFamily.com, or just email Green Light Real Estate and we'll send it to you.
1 bedroom heated: $837
2 bedroom heated: $928
3 bedroom heated: $1098
However, lest you think that the rental market is uniform, the rents vary pretty widely based on location and condition. Location, location, location matters just as much for apartments as it does for houses.
Many investors have been reaching out to us to help them add to their holdings, and many have also asked us to help them value, market, and sell their multifamily properties. If you or a friend wants to buy or sell multifamily, send them our way. We can definitely help.
Here's a link to recent multifamily sales.
And here's a link to multifamily properties that are currently for sale. Yep, you can buy these!
Green Light Real Estate News
Two big moves that have always been part of the intermediate plan have taken shape over the past couple of months. We opened our Northfield office right on the Common, between Subway and Carrier Roasting Company, and two doors down from Good Measure Brewing. Lindsay Ericson is the managing broker of the Northfield office.
We also opened our Barre office. Located on the second floor of the Blanchard Block overlooking Youth Triumphant, and right next to City Hall and the Barre Opera House. If you haven't spent time in the renovated building, you really should. It's a beautiful space, and we've got great neighbors. Kate Root is the managing broker of the Barre office.
Honestly, with both of these, the locations are tough to beat, and we know that Lindsay and Kate are going to do great things!