Coburn & Feeley
 
 
 
Professional property management since 1978
 

346 Shelburne Rd.
Hickok & Boardman Place, Ground Floor
PO Box 4057
Burlington, VT 05406


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Northwest Market Report 2014
2/14/2014

At Coburn & Feeley we want to provide you with the most up to date information out there on multi-family apartment investments. Our friends at Coldwell Banker Hickok & Boardman Realty have shared this report with us, and we hope you find it helpful. 

With vacancy rates far below the national average, Northwest Vermont is attracting investors from out-of-state. Low inventory may lead to higher pricing in 2014.

Northwest Vermont continues to attract investors from in and out of state, given its low vacancy rates and a diverse and growing professional base.

Tight inventory is putting upward pressure on pricing, which may continue in 2014 given that new listings aren’t keeping pace with demand from investors, according to our agents. Some investors are choosing to hold onto their properties, given favorable trends such as low vacancy rates and relatively high rents.

Sales of duplexes and other multi-family homes rose 5% across Chittenden, Franklin, Addison and Grand Isle counties. Median pricing rose 3.7%, reaching $279,950 across the four counties.

Chittenden County, home to the University of Vermont and other higher education institutions, and employers such as Dealer.com and Burton Snowboards, has a very competitive rental market, with its vacancy rate standing at 1.6%, according to a December report from real estate consultant Allen & Brooks. By comparison, the U.S. apartment vacancy rate stood at 4.1% in the fourth quarter, according to Reuters.

Chittenden County recorded 87 multi-family sales in 2013, making it the busiest market in Northwest Vermont for duplexes and three- to four-unit properties. Franklin and Addison counties recorded 12 and 6 multi-family sales, respectively. Grand Isle, meanwhile, recorded one such transaction last year.


Mutli Family

Within Chittenden County’s multi-family market, Coldwell Banker Hickok & Boardman Realty handled 27% of all sales, outpacing all other real estate offices in the county and placing our Agency almost 13 percentage points ahead our closest competitor.

The strong rental market is driven by economic and demographic changes. With the economy recovering from the recession, more young people are moving out of their parents’ homes and into their own apartments, according to Allen & Brooks. At the same time, some renters are opting out of buying homes at the time because of more stringent lending standards.

As the economy continues to recover and Vermont employers add jobs, the rental market is likely to remain strong, Allen & Brooks notes. With a stable supply of tenants, it appears likely that investors will continue to express interest in multi-family properties.

Burlington recorded 54 multi-family sales, making it the most active of any town in Northwest Vermont. Meanwhile, new listings in the Queen City declined 8.5% in 2013, indicating tightening supply. Because of the lack of inventory, well-priced and well-maintained properties are receiving multiple offers.

The city’s median sale price for multi-family properties jumped 16.7% to $379,350.

Winooski recorded 14 sales, down from the 16 sales recorded in 2012. Median sale pricing slipped 4.1% to $229,500. Still, duplexes and three- to four-apartment homes took less time to sell, spending an average of 70 days on the market, down from 95 a year ago.

The Coldwell Banker Hickok & Boardman Market Report is based on data collected from internal and external sources such as the Northern New England Real Estate Network and does not represent privately negotiated transactions unless so noted. All material herein is designed for information purposes only and has been drawn from sources deemed reliable. Though the data is believed to be correct, it is presented subject to omissions, errors, changes or withdrawal without notice. The report is not designed to solicit property already listed. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. All Offices Are Independently Owned and Operated. © 2014 Coldwell Banker Hickok & Boardman Realty. The report is not intended to predict future results. This does not constitute and is not intended to constitute property investment advice or an offer to sell or the solicitation of an offer to buy any property.

Copyright © 2012 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. IDX data last updated on 02-14-2014..

 

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