As we move through this soggy summer of 2017 and look back at real estate in the core area of the Valley there are some distinctions worth noting between Vermont and New Hampshire.
In the “Hub” (Lebanon, Hanover, Hartford, Norwich) of the Valley listings are down year to date (ytd) in NH 4.4% from 273 to 261. In Vermont by contrast listings are down ytd over 11% from 261 to 232. Average sale prices in Vermont for the same ytd period have risen over 22% from an average of $229,000 in 2016 to $281,000 today. By comparison NH average sales prices have declined from $393,000 in 2016 to $384,000 today.
Units sold in NH are down 3% from 139 in 2016 to 135 today, Vermont by contrast has seen units sold rise 15% from 125 in 2016 to 144 today. Days on market for core VT Towns is averaging 151 ytd 2017 up 10% from 2016 with NH DOM down 2% from 73 to 71.
When you look at the Town level data the broad picture appears to be an imbalance in inventory within the two States that is currently favoring Vermont, particularly Norwich. Norwich saw sales leap from 12 units ytd in 2016 to 32 ytd 2017, an increase of 165%! Hanover saw sales by unit fall from 57 to 45 in the same period, clearly a supply shortage in Hanover is being accommodated by Norwich Sellers.
In Lebanon/Hartford sales have been relatively consistent year to year with days on market up in both Towns. Hartford has seen average sales prices rise 2% while Lebanon has seen them fall 2%.
Grantham is another interesting Town to watch. Listings are up 17% ytd with average sales prices up 16% from $223,000 to $259,000. With sales down 11% ytd it will be interesting to see if the upward price pressure is sustained as inventory climbs.