The Norwich, Vermont real estate market saw four (4) sales of single-family homes during the first quarter of 2018, down slightly from 2017, which saw six (6) sales. As of April 1st there were twelve (12) properties active under contract or pending, which will likely close in the coming months – during the second quarter.
When evaluating the number of first quarter sales it is important to remember that buying activity is always the slowest during this period, when snow covers the ground and cold weather dissuades many from wanting to go out and look at houses. From 2004-2017, on average, just 13% of sales occurred during the first quarter, while a majority, 34% and 36%, occured during the second and third quarter, respectively.
Although small in number, first quarter sales in Norwich have historically been a very good predictor of the number of transactions to come during the remainder of the year. In fact, the correlation between first quarter and full year sales is very strong, at about 87%. Taking that into consideration, as well as the ongoing buying activity as demonstrated by the twelve (12) properties that are under contract, we believe the Norwich VT real estate market will end up having a year quite similar to 2017, but perhaps down just slightly. Of course, any of these insights could change dramatically should a major change in the stock market or large national/worldwide economic crisis occur.
The first of the following charts shows historical first quarter sales in Norwich from 2004 through 2017, and the pie chart that follows shows the average percentage of sales that occurred during each quarter from 2004 through 2017.
A list of all 4 properties that sold/closed in Norwich during 1Q2018 is below.
| 484 Main Street, Norwich, VT | $327,500 |
| 191 Beaver Meadow Road, Norwich, VT | $395,000 |
| 92 McKenna Road, Norwich, VT | $435,000 |
| 114 McKenna Road, Norwich, VT | $500,000 |
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