The residential real estate market for the Greater Woodstock Vermont market area was very strong in the first half 2019 – on the path to be the best year-to-date in well over a decade. Specifically, 103 homes sold in the market area during the first half of 2019 versus 100 in the first half of 2018. The town of Woodstock saw 39 sales during the period, up 63% from the same period in 2018 with 24 sales.
While sales in West Windsor, Hartland, Bridgewater, Barnard, Pomfret, and Reading were down compared to last year, we believe this decrease is due to declined inventory in those towns rather than a reduction in buyer demand. Inventory in the market area has seen a slow but continuous decline in the number of homes for sale over the past six years and is now at its lowest point since post-recession highs. In fact, inventory in every town in the Greater Woodstock market area is down between 30% and 60% compared to the market trough of 2011-2013. The supply-demand balance continues to get more and more in balance, and the market for moderately priced homes in Woodstock Village itself has become tight, where prices may to be rising.
Buying activity in the luxury market in the Greater Woodstock market area was ongoing in 1H 2019, with 5 sales of homes over $1 million sold/closed year-to-date, compared to 6 in 1H 2018, and 19 in 1H 2017. Snyder Donegan has represented more buyers and sellers of luxury properties this year than any other firm. Specifically, our firm has represented seven (7) of the twelve (12) buyers and sellers of properties to close over $1 million in the Woodstock area, including representing the buyer of the most expensive sale year-to-date at $1,425,000 on Benedict Road in South Woodstock.
The Greater Hanover-Lebanon market area was also strong in the first half of 2019. The market area saw 165 sales of single-family homes compared to 162 during the same period of 2018. The number of homes sold in the town of Hanover itself was up 15% with 46 homes sold/closed compared to the same period in 2018, with 40 sales. For 17 of the 46 sales that took place in Hanover during the first half of this year buyers paid either at or above a seller’s asking price. The average amount of time that homes were on the market in Hanover before selling during 1H 2019 was just 63 days, down from 81 days in 1H 2018. The average and median price of homes sold in Lebanon during the first half of this year were $295,000 and $292,000, respectively – the highest figures on record for the market.
In regard to luxury sales, the Greater Hanover-Lebanon market area saw 8 sales of homes that sold/closed for $1 million or more, up just slightly from the same period in 2018, with 7 sales.
Click on any of the following towns to view market analysis for the first half of 2019 and historical statistics.
Greater Woodstock Market Area
Greater Hanover Lebanon Market Area
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