The residential real estate market for the Greater Woodstock Vermont market area saw a solid first quarter, with forty-five (45) homes sold/closed. While unit sales were down 17% in 2018 compared to 2017, they were still up over 45% from the first quarter of 2016. On April 1st, 2018, there were just forty-four (44) homes actively listed in the town of Woodstock compared to seventy-six (76) actively listed on the same date in 2017. Due to this decrease in inventory, and barring any major national and world-crises or an abnormally large addition of new homes coming on the market this Spring, we believe the market balance may reach a closer equilibrium between sellers and buyers, perhaps even resulting in increased prices for properties within certain price ranges.
The Greater Hanover-Lebanon market area at first glance appears to be cooling off after what has been very strong buying activity in prior years. While the market area was down 13% in the first quarter of 2018 with forty (40) homes sold/closed, compared to the first quarter of 2017 with forty-six (46), the decrease could easily be accounted for by coincidental factors (such as a long winter with lots of late snow in March). The median price of homes sold/closed in the town of Hanover specifically was $757,000, up nearly 50% compared to the first quarter of 2017 at $507,000, serving as indication that the market is still hot. And as of April 1st there were eighty-five (85) properties under contract to close in the coming months – twelve (12) in Norwich and twenty-three (23) in Hanover – further demonstrating that buying activity is ongoing.
With all that being said, three months of data is a fairly short time frame to look at, especially in the winter months, when sales are typically slowest while snow covers the ground. But if the pipeline of pending sales at Snyder Donegan is any indication, real estate sales in both market areas will be strong again this year. Our pipeline of SOLD/CLOSED and pending deals (scheduled to close this month or next) is up over 20% this year versus the first five months of 2017, despite sales in the overall market being a bit slower so far this year. Essentially, our firm continues to expand its presence and market share. Our firm's deals-in-the-works range from $250,000 and up, with four luxury sales (buyers and sellers) that are pending for our firm in the $1.35 to $3.75 million price ranges.
Click on any of the following towns to view market analysis for the first quarter of 2018 and historical statistics.
Greater Woodstock Market Area
Greater Hanover Lebanon Market Area