Vermont real estate prices are on the rise! A recent article in the Financial Times, “New England’s new groove,” notes that after a two-year lull the high-end market is gaining more traction.
There was an 8 percent increase in Vermont sales at the 1-million-dollar and above price point, comparing 2015 and 2014, and the average selling price rose from $1.41 million to $1.45 million, according to Northern New England Real Estate Network (NNEREN) statistics for January 1 through May 29. Properties also spent fewer days on the market, dropping from 308 to 217.
Stowe, Vermont, saw a similar number of closed listings in that same time frame, but the average selling price was in line with a stronger market, increasing from just over $1 million to $1.33 million.
Vermont is only a three- or four-hour drive from New York or Boston, so buyers from these locations are making their way back up to enjoy the area’s pristine lakes and mountains, community events and diverse recreation available to all ages. Vermont also consistently ranks high for best places to live and work.
Current mortgage rates, an ever-improving economy and a small inventory are also bolstering sales (and prices) of affluent homes.
Home owners and buyers in locations such as Stowe, Stratton, Woodstock or Killington can also utilize the area’s attractive, year-round vacation market, fetching huge price tags for weekend getaways and seasonal rentals.
An improved market doesn’t guarantee a quick sale or even a successful one. Sellers need the right combination of marketing tools, proper pricing and networking to ensure the high level of local, national and international exposure needed to find the right buyers for their exceptional properties.
A marketing plan for high-end properties should include at least:
- Professional photography
- Visual tour(s)
- Website advertising – LuxuryPortfolio.com, LuxuryRealEstate.com, Realtor.com and others
- Active social media – Facebook, Twitter, Pinterest, etc.
- Print publications specific to the property (local and national publications)
- A dedicated, local real estate professional
Contact us today to learn more about current market conditions and how we can showcase your home, land or business. We keep our fingers on the pulse of our communities to keep clients informed and up to date. Let our knowledge and experience work to your advantage to complete a successful real estate transaction.