3rd QTR Market Report

Q3 YTD 2016 MARKET REPORT

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1

Knowledge is Power We are proud to share with you our Vermont and New Hampshire Q3 YTD 2016 Market Report. Our focus is to ensure that our clients (whether selling or purchasing real estate) have comprehensive information in order to make informed decisions. Ultimately, your success is ours.

I

n this report, you will find year over year market trends comparing this year to date with the same time period last year in order to help you identify where the market is headed. Please don’t hesitate to contact one of our associates for more detailed information on the town (or towns) you intend to sell or purchase in this year.

We hope you find this, our Q3 YTD Market Report for 2016, helpful as you evaluate your real estate options. At Four Seasons Sotheby’s International Realty, we are committed to providing the highest level of service and expertise to buyers and sellers alike in all price categories. It will be our privilege to serve you.

Staige Davis, CEO

MLS#4603369

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2

TABLE OF CONTENTS 1 Market Review 2 Central Vermont Rutland County Washington County Lamoille County 3 Champlain Valley Chittenden County Addison County 4 Lake Sunapee Region Merrimack County Sullivan County MLS#4503566

5 Lake Winnipesaukee Region Belknap County Carroll County 6 Northeast Kingdom Caledonia County Orleans County 7 Southern New Hampshire Hillsborough County Rockingham County 8 Southern Vermont Bennington County Windham County Windsor County Rutland County 9 Upper Valley Grafton County Orange County Windsor County Sullivan County 10 Luxury Market $600K+ $1 Million+

MLS#4511337

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3

MARKET REVIEW

E

ven as housing market activity begins its seasonal cool down, the forecast for the best year in total home sales since 2006 looks increasingly strong.

Through the first seven months of the year, the number of homes sold — both new and existing — totaled 3.4 million nationally, the highest total for this same time period since 2006. And indications from both mortgage applications and pending home sales imply this momentum will be sustained throughout the third quarter. As such, housing remains a bright spot for the economy as the rest of the economy sputters along.

Solid job gains and low mortgage rates sustain housing’s momentum.

Despite limited real wage gains and rising house prices, housing markets have sustained momentum into the third quarter of 2016.

Following the Brexit vote, the average 30-year fixed-rate mortgage has ranged between 3.41 and 3.50 percent from June 23 through September 15, 2016.

Nationally, house prices have increased about 3 percent over the six months from December 2015 to June 2016. The combination of rising house prices and falling rates have resulted in increased homebuyer affordability nationwide. In other words, the impact of lower mortgage rates has more than offset the rise in house prices, at least nationally. Of course, some markets have seen 6-month house price appreciation of over 6 percent, but, on balance, lower rates have maintained or slightly improved homebuyer affordability.

Looking ahead, we have revised up our forecast of home price appreciation to 5.6 percent and 4.7 percent in 2016 and 2017, respectively. This is up from last month’s forecast of 5.3 percent for 2016 and 4.0 percent for 2017. We still expect house price growth to moderate over the next year as new supply comes to market and higher mortgage rates dampen homebuyers’ demand, but at a more moderate pace than before.

THE DECLINE IN [MORTGATE] RATES FROM 4 PERCENT AT THE END OF 2015 TO ABOUT 3.5 PERCENT IN THE THIRD QUARTER OF 2016 IS HELPING TO SUPPORT HOMEBUYER AFFORDABILITY AND OFFSET HIGHER HOME PRICES.

We expect mortgage rates to gradually rise in the coming months, ending 2016 around 3.6 percent and averaging 3.6 percent for the year. This would be the lowest annual average in the past 40 years.

Next year, we expect rates to drift modestly higher, ending 2017 at about 3.9 percent and averaging 3.7 percent for the year.

The decline in rates from 4 percent at the end of 2015 to about 3.5 percent in the third quarter of 2016 is helping to support homebuyer affordability and offset higher home prices. For example, a prospective homebuyer looking to finance a $250,000 home loan with a 30-year fixed-rate mortgage would pay about $850 less per year in principal and interest payments with rates at 3.5 percent rather than 4.0 percent. The principal and interest payments on the same $250,000 mortgage at 4 percent is approximately equal to the payment on a $266,000 30-year fixed-rate mortgage at 3.5 percent – or 4 percent more home for the typical homebuyer.

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4

MLS#4439916

THE LUXURY MARKETS IN NEW HAMPSHIRE AND VERMONT The luxury market traditionally picks up in summer as the weather gets better and the waterfront activities commence and this year was no exception.

However, the luxury market continues to be primarily a buyers market, particularly in Vermont, due to a relatively large supply of inventory. This has resulted in many homes staying on the market for a prolonged period of time before finding a buyer.

Pricing appropriately in this type of marketplace is critical and many sellers have had to lower their price expectations in order to be competitive.

MLS#4434998

New Hampshire

Vermont

New Hampshire's housing market remains strong for January - September 2016 posting a 9.5% increase in Single Family homes sold with a 1.0% increase in Average Sales Price to $283,900. The Condo market also remained strong during this time period exhibiting a 5.3% increase in units sold. We expect this market to continue to be strong for the remainder of the year given the economy remains solid.

Total units sold were up 5.9% for the first 9 months (January thru September) for all property types. Pricing increased modestly by 1.5%, however days on market increased by 20 additional days to 163. The higher price points ($700K+) are taking even longer to sell with Avg. Days on Market increasing to 213 days. Pricing your property appropriately is more important than ever to get it sold in a timely manner.

Four Seasons Sotheby’s International Realty continues to be the clear leader in the Luxury market in both Vermont and New Hampshire with the most total sales above $600K+. Additionally, we have sold more than double the amount of $1M+ properties than our next closest competitor. *Source: NH and VT Association of Realtors **Source: NEREN 1/1/16 - 6/30/16

We anticipate the Vermont housing market to continue to show modest growth through the rest of the year given the state’s current economic outlook (limited population growth).

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5

CENTRAL VERMONT REPORT

Rutland City, Brandon and Stowe showed significant increase in total units sold.

- Rutland City +27.4% - Brandon +51.7% - Stowe +12.8%

Average Sale Price was relatively flat with a few exceptions: - Castleton +44.1%

$

- Brandon +44.4% - Stowe +25.7%

Average Days on Market increased modestly in most towns with a few notable exceptions: - Rutland Town -17.9% - Waterbury -24.4% - Stowe -4.4%

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 6

TOTAL SALES IN UNITS Number of Sales 160

KEY

+27.4%

Q3 YTD - 2016

149

+12.8%

Q3 YTD - 2015 120

123

117

109

-29.9%

r Proc to

leton Cast

18

16

10

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 7

Stow e

15

29

ury

21

+60.0%

don

23

56

44

don

+16.7%

Men

26

+53.3%

10

ho

y Shre wsbu r

n d Tow Rutla n

Rutla n

d Cit y

0

32

Jeric

16

36

52

+23.1%

ey

+60.0%

40

47

+51.7%

Poul tn

44

lph

40

+11.1%

Rand o

51

-7.1%

67

Bran

+15.9%

Wate rb

80

CENTRAL VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

600,000

+25.7%

Q3 YTD - 2016 Q3 YTD - 2015 450,000

+4.1%

-1.5%

300,000

-3.9% +44.1% +13.1%

451k

567k

Stow e

301k

113k

314k

ry Wate rbu

don Bran

251k

241k

don Men

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 8

163k

+44.4%

+5.3%

134k

124k

r Proc to

148k

213k

leton Cast

292k

288k

o Jeric h

160k

181k

ph Rand ol

164k

169k

y Shre wsbu r

199k

112k

193k

n d Tow Rutla n

City Rutla nd

0

127k

150,000

131k

+5.1%

141k

+3.1%

+13.4%

Poul tney

-3.2%

AVERAGE DAYS ON MARKET Average Days on Market

KEY

400 +26.2% +3.7%

300

200

229 221

262

+31.4%

Q3 YTD - 2015

347

+92.0%

318

-17.9% +3.6%

Q3 YTD - 2016

313

+12.7%

279

269

-1.3%

252

222 225

215

137

295 288

264

258

-4.4% -24.4%

262

274

242

229 183

+11.4%

100

+2.4%

163

123

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 9

Stow e

ur y Wate rb

Bran don

don Men

ey Poul tn

r Proc to

Cast leton

o Jeric h

lph Rand o

y Shre wsbu r

d Tow n Rutla n

Rutla n

d Cit y

0

CHAMPLAIN VALLEY REPORT

Total Sales in Units was relatively flat in The Champlain Valley with a few notable exceptions: - Shelburne +63.6%

- Williston +15.0%

- Charlotte +32.2%

- Essex +5.4%

- Ferrisburgh +69.6%

Average Sale Price increased significantly in three towns: - Charlotte +14.5%

$

- Shelburne +25.2% - Addison +48.2%

Average Days on Market varied widely by individual town: -R ichmond, Shelburne and Williston increased by 50.4%, 41.7% and 16.2% respectively -M iddlebury, Addison and Vergennes decreased by 11.8%, 54.6% and 26.4% respectively

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 0

TOTAL SALES IN UNITS Number of Sales

KEY

300

+5.4%

-11.1% -1.6% 261

225

241

Q3 YTD - 2016

273 259

Q3 YTD - 2015

245 232

-2.7% 177

182

150

+15.0%

-25.0%

39

35

23

9

ry lebu Midd

burg h Ferri s

n Willis to

burn e Shel

d mon Rich

Hine sbur g

Esse x

Colc hest er

lotte Char

Wino oski

n ngto Burli

So. B urlin gton

0

2

+50.0% 6

4

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 1

+100.0% -33.3% 12

6

6

9

-15.0% 17

20

-33.3%

20

30

nnes

38

+350.0%

New Have n

32

31

44

Shor eham

41

68 51

port

55

Verg e

+69.6%

-15.8% +25.7%

Brid

+32.3%

54

m

80

107 90

Walt ha

75

123

Addi son

+63.6%

-32.5%

CHAMPLAIN VALLEY REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

600,000

Q3 YTD - 2016 +14.5%

+25.2%

Q3 YTD - 2015

450,000

+48.2% +1.2%

+1.8% +3.6%

+13.5%

300,000

-1.8%

+1.5%

+1.3%

-3.8%

+11.6% -6.5%

+52.5% +1.3%

-11.5% +3.3%

-44.1%

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 2

166k 159k

nnes Verg e

251k 248k

n Have New

241k 158k

ham Shor e

203k 196k

rt Brid po

213k 241k

Walt ham

408k 276k

n Addi so

225k 240k

ry Midd lebu

268k 240k

Ferri sbur gh

326k 322k

n Willis to

523k 418k

urne Shel b

285k 297k

d mon Rich

274k 270k

Hine sbur g

276k 282k

Esse x

293k 283k

este r Colc h

478k 417k

lotte Char

272k 240k

Wino oski

326k 320k

n ngto Burli

lingt on So. B ur

0

323k 319k

150,000

AVERAGE DAYS ON MARKET Average Days on Market

KEY

-44.0%

600

Q3 YTD - 2016

580

Q3 YTD - 2015

-54.6%

450

458

-22.8%

-24.6%

300 +1.1%

150

325

309

-18.9%

-10.7%

132 107

108

121

-9.9% 109

178 176

184

-26.7% 150

143

251

233 209

204 144

139

-11.8%

+16.2%

177

157

121

-19.2%

325

317

-26.4%

+50.4% +41.7%

-14.7%

+33.8%

136

110

-11.2%

208

237

175 135

117

227

197 167

153

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 3

nnes Verg e

Have n New

Shor eham

rt Brid po

m Walt ha

Addi son

ry lebu Midd

h burg Ferri s

n Willis to

urne Shel b

Rich mon d

Hine sbur g

Esse x

Colc hest er

lotte Char

Wino oski

ton Burli ng

So. B ur

lingt on

0

LAKE SUNAPEE REPORT

Total Sales in Units increased in most towns with the following showing significant gains: - Newport +49.1%

- Grantham +35.1%

- New London +16.7%

- Newbury +13.9%

Average Sale Price was relatively flat with a few exceptions:

$

- Bradford +67.8% - Sutton +27.2% - Newbury +9.8%

Average Days on Market varied widely by individual town: -S unapee, Bradford, Wilmot and Newbury exhibited fewer days on market

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 14

TOTAL SALES IN UNITS Number of Sales

KEY

+35.1%

110

Q3 YTD - 2016

+16.7% +49.1%

79

Q3 YTD - 2015

91

82.5

104

78

+16.7%

77

63

55

+14.0%

54

53

+16.1

36

27.5

27 20

43

+0.0%

+35.0%

31

49

+12.5%

36 -28.6%

+10.0%

11

32

10

10

30 30

+0.0%

21

21

14

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 5

bury New

t Wilm o

Warn er

Sutt on

d Sprin gfiel

Gran tham

Gosh en

ford Brad

Ando ver

n Lond o New

Suna pee

New port

0

LAKE SUNAPEE REPORT

AVERAGE SALE PRICE Average Sale Price 500,000

KEY

-0.1%

Q3 YTD - 2016 -2.4%

Q3 YTD - 2015

375,000

-24.6%

-30.3%

250,000

-9.7%

+67.8%

-17.7%

+27.2%

+9.8%

-9.8%

+5.2% -10.7%

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 6

289k

317k

bury New

327k

246k

t Wilm o

230k

207k

Warn er

193k

245k

Sutt on

265k

219k

d gfiel Sprin

246k

222k

am Gran th

165k

174k

Gosh en

132k

221k

ford Brad

241k

168k

Ando ver

392k

383k

n Lond o New

453k

136k

453k

pee Suna

port New

0

122k

125,000

AVERAGE DAYS ON MARKET Average Days on Market

KEY

400

Q3 YTD - 2016

-30.5%

Q3 YTD - 2015

348

-51.3%

300

306

-47.0%

200

198

+24.2%

+13.0%

+14.4%

226

223

200

154

200

139

124

100

242

+43.9%

195

127

-7.7%

194 173

+10.4%

+30.2%

112

105

-10.8%

149

+78.0%

115

155

168

105

86 59

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 7

bury New

t Wilm o

r Warn e

Sutt on

field Sprin g

tham Gran

Gosh en

ford Brad

Ando ver

n Lond o New

ee Suna p

New

port

0

LAKE WINNIPESAUKEE REPORT

Total Sales in Units increased modestly in most towns with a few noticeable gains: - Laconia +13.0% - Moultonborough +32.5% - Center Harbor +84.2%

Average Sale Price varied by town: - Decreased in Alton and Gilford

$

- I ncreased slightly in Meredith, Wolfeboro, Laconia and Moultonborough - I ncreased significantly in Center Harbor by 96.0%

Average Days on Market also varied by town: -W olfeboro, Moultonborough and Center Harbor increased - Meredith, Alton and Gilford decreased - Laconia remained flat

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 8

TOTAL SALES IN UNITS Number of Sales

KEY

400

+13.0%

Q3 YTD - 2016

347

Q3 YTD - 2015 300

307 +4.6%

200 +12.4%

100

206

+7.3%

127

161

+0.0%

167

150 125

113

+32.5%

197

126

125

+84.2%

35

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 1 9

bor Cent er Ha r

orou gh ltonb Mou

Laco nia

rd Gilfo

Alton

Wolf ebor o

Mere

dith

0

19

LAKE WINNIPESAUKEE REPORT

AVERAGE SALE PRICE Average Sale Price 500,000

KEY

-16.9% +4.0%

Q3 YTD - 2016 +2.4%

+0.5%

Q3 YTD - 2015

+96.0%

375,000 -29.1%

+11.9%

250,000

205k

401k

395k

405k

208k

233k

330k

234k

440k

366k

394k

396k

391k

407k

125,000

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 0

bor Cent er Ha r

nbor ough Mou lto

Laco nia

rd Gilfo

Alton

Wolf ebor o

Mere dith

0

AVERAGE DAYS ON MARKET Average Days on Market

KEY

+34.6%

220 214

Q3 YTD - 2016 -28.8%

+15.2%

Q3 YTD - 2015 165

177 -12.7%

167

159

-3.1%

142 110

126

124

127

131

+0.0%

125

+5.5%

145 134

125

55

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 1

bor r Har Cent e

roug h Mou

ltonb o

nia Laco

Gilfo rd

Alton

oro Wolf eb

Mere

dith

0

127

NORTHEAST KINGDOM REPORT

Total Sales in Units were down slightly across the board:

- St. Johnsbury -5.4% - Lyndon -3.3%

Average Sale Price varied by town: - Greensboro +41.9%

$

- Burke +10.8% - Lyndon +15.9%

Additionally, Average Days on Market decreased for a majority of towns: -G reensboro, Burke, Lyndon and Orleans all decreased -S t. Johnsbury exhibited the only increase

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 2

TOTAL SALES IN UNITS Number of Sales

KEY

60

-5.4%

Q3 YTD - 2016

56 53

Q3 YTD - 2015 45

-3.2%

-23.1%

30

31

30 26 20

-23.1%

15

-33.3%

13

12

10

8

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 3

bury ohns St. J

Orle ans

n

Burk e

Lynd o

Gree

nsbo ro

0

NORTHEAST KINGDOM REPORT

AVERAGE SALE PRICE Average Sale Price +10.8%

220,000

KEY Q3 YTD - 2016

+41.9%

Q3 YTD - 2015 165,000 +15.9%

-4.5%

110,000

-36.7%

133k

127k

91k

58k

117k

136k

191k

212k

131k

186k

55,000

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 4

bury ohns St. J

s Orle an

Burk e

Lynd on

Gree

nsbo

ro

0

AVERAGE DAYS ON MARKET Average Days on Market 400

KEY

-13.8%

Q3 YTD - 2016

355 300

Q3 YTD - 2015 +15.2%

306 -31.1%

281

-17.0%

244

-23.6%

244

223

200 185

199 168

152

100

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 5

bury ohns St. J

s Orle an

n Lynd o

Burk e

Gree nsbo ro

0

SOUTHERN NEW HAMPSHIRE REPORT

Total Sales in Units increased in most towns with the following showing significant gains: - Londerry increased +1.3%

-B edford decreased by 6.4%

- Amherst increased +7.7%

- Windham decreased by 7.0%

- M errimack increased +7.2%

Average Sale Price was also relatively flat - Francestown +13.3%

$

- Windham +5.2% - Bedford -3.5%

Average Days on Market varied widely by individual town: - Bedford increased +19.6% - Francestown increased significantly +69.7% -P eterborough, Londonderry and Chester decreased by 6.8%, 36.4% and 24.5% respectively

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 6

TOTAL SALES IN UNITS Number of Sales

KEY

500

Q3 YTD - 2016

+7.3% +1.3%

Q3 YTD - 2015 375

386

428 399

381

-6.1% +7.7%

210

279

297

-6.9%

229

246

195 +19.5%

79

15

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 7

imac k

gh orou Pete rb

m Wind ha

rd Bedf o

erst Amh

Fran cest own

25

0

73 15

Merr

25

Ches ter

82

-7.6%

+66.7%

ry

98

nder

125

Lond o

250

SOUTHERN NEW HAMPSHIRE REPORT

AVERAGE SALE PRICE Average Sale Price 500,000

KEY

+5.2%

Q3 YTD - 2016

-3.5%

375,000

Q3 YTD - 2015

-0.7%

+0.5% +0.2% +3.6%

250,000

+1.0%

+13.3%

241k

243k

348k

350k

285k

286k

209k

237k

210k

217k

434k

457k

421k

406k

332k

334k

125,000

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 8

k imac Merr

Ches ter

y nder r Lond o

Fran cest own

gh orou Pete rb

am Wind h

rd Bedf o

Amh

erst

0

AVERAGE DAYS ON MARKET Average Days on Market

KEY

300

Q3 YTD - 2016 Q3 YTD - 2015 225

150

+69.7%

246

-6.7% -2.1% -1.5%

+19.6%

75 67

68

67

111 92

145 -35.6%

119

94

87

56

-23.5%

98 75

56

-2.1%

46

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 2 9

k imac Merr

Ches ter

ry nder Lond o

Fran cest own

gh orou Pete rb

am Wind h

rd Bedf o

Amh

erst

0

47

SOUTHERN VERMONT REPORT

Total Sales in Units increased in most towns with the following showing significant gains: -M anchester, Dover, Ludlow, Londonderry, and Chester exhibited substantial increases - Wilmington exhibited a modest decrease - Dorset, Winhall and Plymouth were relatively flat

Average Sale Price was also relatively flat

$

-D orset, Marlboro, Stratton, Plymouth and Chester showed significant increase -D over, Wardsboro, Winhall, Ludlow and Cavendish showed modest decline

Average Days on Market varied widely by individual town: -D orset, Marlboro, Plymouth and Peru exhibited large decreases - Chester and Weathersfield exhibited increases - Manchester was relatively flat

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 0

TOTAL SALES IN UNITS

Number of Sales

KEY

140

+4.1% 127

Q3 YTD - 2016

122

+25.3%

Q3 YTD - 2015 114

105 -9.9% +17.5

70

91

81 73

67

23 16

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 1

Shre wsbu ry

rsfie ld

10

+9.1% 12

26

11

Ches ter

+60.0%

Peru

22

27

Wea the

15

h

uth

ow Ludl

tton

15

18

ndis

26

37

-18.2%

Cave

+0.0%

18

13

4

+42.3% +17.4%

40

Stra

4

ro

Dove r

gton Wilm in

ches ter Man

Dors e

t

0

Marl boro

10

22

ll

+150.0%

40

30

Winh a

+69.2%

Lond onde rry

36 37

43

+53.8%

Plym o

+66.7%

Ward sbo

35

+7.5%

57

-2.7%

SOUTHERN VERMONT REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

600,000

+51.9%

Q3 YTD - 2016 Q3 YTD - 2015

+25.7%

450,000 -2.1%

-5.4% +6.7% +13.1%

300,000

-5.8%

+152.1%

+100.7% +29.3%

+2.6% -6.7%

-23.1%

+25.4%

+1.0% +3.1%

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 2

174k

225k

Ches ter

197k

199k

Peru

164k

169k

y Shre wsbu r

146k

183k

rsfie ld Wea the

168k

157k

h ndis Cave

130k

261k

outh Plym

362k

354k

ow Ludl

388k

589k

tton Stra

353k

334k

ll Winh a

196k

201k

ry nder Lond o

167k

129k

boro Ward s

101k

255k

boro Marl

252k

238k

Dove r

231k

261k

Wilm in

gton

302k

323k

ches ter Man

346k

Dors et

0

435k

150,000

AVERAGE DAYS ON MARKET Average Days on Market 600

KEY

-68.6%

Q3 YTD - 2016

551

Q3 YTD - 2015

-37.2%

-31.7%

450 438

-1.4% -21.3%

+0.3%

-23.7%

350 355

343 342

320

300 275

252

-3.7%

-1.3%

+17.1% -27.3%

343

356

316

-21.7%

442

390 395

432

-23.4%

356 330 304

241

320

302

+38.8% +3.7%

333

315 279

245

240

+49.3% 324

269

240 217

173

150

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 3

Ches ter

Peru

y Shre wsbu r

rsfie ld Wea the

h ndis Cave

Plym outh

Ludl ow

tton Stra

ll Winh a

ry Lond onde r

Ward sbor o

boro Marl

Dove r

gton Wilm in

ches ter Man

Dors e

t

0

UPPER VALLEY REPORT Total Sales in Units varies by individual town: - H anover, Woodstock and Hartford all increased

-L ebanon, Norwich and Enfield all reflected modest decrease

• Average Sale Price also varied by town:

$

-H anover, Lyme, Thetford and West Fairlee all exhibited increases -N orwich, Woodstock, Pomfret and Fairlee all exhibited decreases -L ebanon, Cornish, Hartford and Barnard were all relatively flat

• Average Days on Market also varied by town: -N orwich, Lyme, Weathersfield, Cornish, Hartford, Barnard and West Fairlee all exhibited increases -W oodstock, Plainfield, Thetford and Bridgewater all exhibited decreases -E nfield, Pomfret, Sharon and Fairlee were all relatively flat

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 4

TOTAL SALES IN UNITS Number of Sales

KEY

200

+8.3%

Q3 YTD - 2016 -13.4%

183

Q3 YTD - 2015

169

157

150 136

+6.8%

+69.8% -6.6%

20

ford Hart

ford

10

Thet

h Corn is

field Plain

Wea thers field

Woo dsto ck

on Leba n

Lym e

ch Norw i

+10.0%

11

11

+40.0% +0.0% 25

21

11

0

Hano ver

-9.1%

28

15 16

10

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 5

7 7

5 5

7

7

e

20

26

-6.3%

Fairl e

18 19

26

-10.7%

+23.8%

+81.8%

lee

27 23

-23.1%

West Fair

28

+17.4%

gewa ter

53

-5.3%

76

Brid

56

d

50

71

Shar on

-50.0%

Barn ard

90

88

Enfie l

94

Pom fret

100

7 7

UPPER VALLEY REPORT

AVERAGE SALE PRICE Average Sale Price

KEY

700,000

Q3 YTD - 2016

+8.8%

Q3 YTD - 2015

-13.2%

525,000

-36.4%

+24.8%

+276% -34.6% -21.1%

350,000

-11.4%

-0.9%

+2.4% +25.4%

+1.9%

+18.8% +0.0%

+9.2%

-30.9%

-26.9%

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 6

281k

194k

Fairl ee

116k

438k

lee West Fair

235k

172k

gewa ter Brid

307k

242k

Shar on

257k

262k

Barn ard

493k

314k

Pom fret

206k

206k

ford Hart

202k

240k

ford Thet

178k

195k

d Enfie l

216k

221k

h Corn is

265k

235k

eld Plain fi

146k

377k

183k

rsfie ld Wea the

239k

246k

Woo dsto ck

241k

on Leba n

368k

459k

Lym e

509k

442k

ich Norw

554k

Hano ver

0

603k

175,000

AVERAGE DAYS ON MARKET Average Days on Market -55.3%

500

KEY Q3 YTD - 2016

479

Q3 YTD - 2015 375

+30.9% +0.9%

+38.8% +76.4%

-41.1%

333

291

250

280

+19.0%

240

168

165

185

-20.4%

+15.6%

+91.7% 272

-47.5%

+181.5%

214

200

125

-35.1%

356

332 329

202

186

170 166

165 140 144

+0.0%

133

120

83 83

74

250 248

+2.4%

215

-2.8%

183

255

+0.8%

106

93 65

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 37

Fairl ee

West Fairl ee

gewa ter Brid

Shar on

Barn ard

Pom fret

rd Hart fo

rd Thet fo

d Enfie l

h Corn is

field Plain

rsfie ld Wea the

Woo dsto ck

on Leba n

Lym e

ch Norw i

Hano ver

0

LUXURY REPORT

$600k+ Vermont & New Hampshire

FSSIR is #1 in Total Sales in Units in Vermont & New Hampshire Combined

FSSIR has the highest total sales at $171,214,000

$

MLS#4485495

MLS#4515649

Average Days on Market tends to be higher for luxury properties

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 8

TOTAL SALES IN UNITS KEY

Total Sales

200 200

FSSIR Competitor A Competitor B

160 160

160 160

Competitor C

113

Competitor D

120 120 FSSIR Competitor A Competitor B 80 80 Competitor C Competitor D 40 40

97 113 97

58 44 22

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 3 9

44

LUXURY REPORT

$600k+ Vermont & New Hampshire

TOTAL SALES IN $000

KEY FSSIR

Total Sales in $000 225k 225,000

Competitor A

180k 180,000

Competitor B

Competitor C

172,214 171,214

Competitor D

135k 135,000 FSSIR Competitor A Competitor B 90k 90,000 Competitor C Competitor D 45k 45,000

114,888 114,883

79,902

46,383

46,383

34,510

34,510 33,100

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 0

AVERAGE DAYS ON MARKET

Average Days on Market KEY

212.5 212.5

FSSIR Competitor A Competitor B

170 170

Competitor C

162

162

Competitor D

127.5 127.5 FSSIR Competitor A Competitor B 8585 Competitor C Competitor D 42.5 42.5

156

156

156

114

156

114

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 1

78

78

LUXURY REPORT $600k+ Vermont

FSSIR is #1 in Vermont in Units and Dollars sold

MLS#4446649

FSSIR sold nearly twice as many properties as our next closest competitor

$ Average Days on Market increases the higher the price point

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 2

132

KEY

TOTAL SALES IN UNITS

Total Sales

140 140

FSSIR

132

Competitor A Competitor B Competitor C

105 105

Competitor D

FSSIR Competitor A 7070 Competitor B Competitor C Competitor D 3535

78 78

26 33 33

26

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 3

25

25

LUXURY REPORT $600k+ Vermont

TOTAL SALES IN $000

KEY FSSIR

130,184

Total Sales in $000

140k 140,000

Competitor A

130,184

Competitor B

105k 105,000

Competitor C

Competitor D

FSSIR 70k 70,000 Competitor A Competitor B Competitor C Competitor D 35k 35,000

61,468

61,468

25,200

36,421

25,163

36,421 25,200

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 4

25,163

AVERAGE DAYS ON MARKET

Average Days on Market KEY

400 400

FSSIR

339

Competitor A Competitor B Competitor C

339

300 300

Competitor D

FSSIR 200 Competitor A 200 Competitor B Competitor C Competitor D 100 100

257 179

179

257

131

107

131 107

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 5

LUXURY REPORT

$600k+ New Hampshire

FSSIR is #1 in New Hampshire for Total Units

MLS#4503715

MLS#4490208

FSSIR is #1 in Total Sales at $163,661,000

$ Average Days on Market tend to be higher for luxury properties

MLS#4388051

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 6

TOTAL SALES

Total Sales KEY FSSIR

200 200

153

Competitor A Competitor B

160 160

Competitor C Competitor D

142 129

153 120 120

FSSIR Competitor A Competitor B 80 80 Competitor C Competitor D 40 40

142 129

71

71

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 47

53 53

LUXURY REPORT

$600k+ New Hampshire

TOTAL SALES IN $000

KEY FSSIR

Total Sales in $000 180k 180000

163,661 129,233

Competitor A

163,661

Competitor B

135k 135000

117,214

Competitor C

Competitor D

129,233

FSSIR 90k 90000 Competitor A Competitor B Competitor C Competitor D 45k 45000

117,214

56,163

41,581

56,163 41,581

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 8

AVERAGE DAYS ON MARKET

Average Days on Market KEY

152

160 160

FSSIR

126

Competitor A Competitor B Competitor C

120 120

Competitor D

FSSIR 80 Competitor A 80 Competitor B Competitor C Competitor D 40 40

108

126

152

126 126

108

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 4 9

83 83

LUXURY REPORT

$1 Million+ Vermont & New Hampshire MANCHESTER, VT

FSSIR is #1 in Vermont & New Hampshire combined

FSSIR has sold more than twice as many properties as our next closest competitor FSSIR leads the category with $134,588,000 in Total Sales

$ FSSIR has lower Average Days on Market than most of our competitors

MLS#4507908

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 0

TOTAL SALES IN UNITS KEY FSSIR

Total Sales

8080

Competitor A Competitor B Competitor C

74 74

60 60

Competitor D

FSSIR 40 Competitor A 40 Competitor B Competitor C Competitor D 2020

33 33

23

22

23

22

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 1

20 20

LUXURY REPORT

$1 Million+ Vermont & New Hampshire

TOTAL SALES IN $000

KEY FSSIR

Total Sales in $000 175k 175,000

134,588

Competitor A

140k 140,000

Competitor B

Competitor C

134,588

Competitor D

105k 105,000 FSSIR Competitor A Competitor B 70k 70,000 Competitor C Competitor D 35k 35,000

58,799

58,799

40,486

30,335

40,486 30,335

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 2

33,100 33,100

AVERAGE DAYS ON MARKET

KEY

Average Days on Market 400 400

352

FSSIR Competitor A Competitor B Competitor C

352

300 300

Competitor D

FSSIR 200 Competitor A 200 Competitor B Competitor C Competitor D 100 100

00

217

198 142

217

198

142

49 49

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 3

LUXURY REPORT $1 Million+ Vermont

MLS#4424771

FSSIR is #1 in Total Units Sold

FSSIR sold as many properties as our next 3 closest competitors combined FSSIR sold $55,908,000

$ FSSIR has one of the lower Average Days on Market

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 4

TOTAL SALES IN UNITS KEY FSSIR

Total Sales

40 40

Competitor A Competitor B Competitor C

31

3030

Competitor D

FSSIR Competitor A 2020 Competitor B Competitor C Competitor D 1010

31

18

18

7

7

6

6

6

6

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 5

LUXURY REPORT

Defined as $1 Million+ Vermont

TOTAL SALES IN $000

KEY FSSIR

55,908

Total Sales in $000

60k 60,000 55, 908

Competitor A Competitor B

45k 45,000

Competitor C

Competitor D

FSSIR 30k 30,000 Competitor A Competitor B Competitor C Competitor D 15k 15,000

29,606 29,606

13,432

10,390

11,100

10,390

11,110

13,432

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 6

AVERAGE DAYS ON MARKET

KEY

Average Days on Market 500 500

FSSIR Competitor A Competitor B

356

381

400 400

Competitor C Competitor D

381

300 300

FSSIR Competitor A Competitor B 200 200 Competitor C Competitor D 100 100

356

204

204

179

183

179

183

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 57

LUXURY REPORT

$1 Million+ New Hampshire

FSSIR ranked #1 in Total Units Sold

FSSIR ranked #1 in Total Sales at $86,069,000

$ FSSIR has one of the lower Average Days on Market

MLS#4374987

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 8

TOTAL SALES IN UNITS KEY FSSIR

47

Total Sales

50 50

Competitor A Competitor B Competitor C

47 37.5 37.5

33

Competitor D

FSSIR 25 Competitor A 25 Competitor B Competitor C Competitor D 12.5 12.5

22 33

22

20

20

20

20

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 5 9

LUXURY REPORT

Defined as $1 Million+ New Hampshire

TOTAL SALES IN $000

KEY FSSIR

Total Sales in $000 112.5k 112500

86,069

Competitor A

90k 90000

Competitor B

Competitor C Competitor D

67.5k 67500 FSSIR Competitor A Competitor B 45k 45000 Competitor C Competitor D 22.5k 22500

86,069

58,799

44,335

58,799

30,335

33,100 44,335

30,335

33,100

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 6 0

AVERAGE DAYS ON MARKET KEY

275 275

FSSIR Competitor A Competitor B

198

217

220 220

Competitor C Competitor D

217 165 165

FSSIR 110 110 Competitor A Competitor B Competitor C 55 55 Competitor D

198

109

109

102

49 49

00

FO U R S E A S O N S S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y | Q 3 Y T D 2 0 1 6 M A R K E T R E P O R T | 6 1

102

VERMONT & NEW HAMPSHIRE OFFICE LOCATIONS

NORTH EAST KINGDOM

CHAMPLAIN VALLEY REGION

GREAT NORTH WOODS REGION

South Burlington 802.864.0541

Stowe 802.253.7267 St. Johnsbury 802.751.7582

Vergennes 802.877.3232

Randolph 802.565.8136

Middlebury 802.388.1000 CENTRAL VERMONT REGION

Rutland 802.774.7007

UPPER VALLEY REGION

Fairlee 802.333.4701

WHITE MOUNTAIN REGION

Meredith 603.677.7012

Hanover - Main St. 603.643.6400 Hanover - Lebanon St. 603.643.6070 West Lebanon 603.298.5155

UPPER VALLEY REGION

Wolfeboro 603.941.1000

LAKES REGION

Okemo 802.228.4537 Manchester 802.362.4551

Mount Snow 802.464.1200

Bromley 802.824.3113 SOUTHERN VERMONT REGION

New London 603.526.4050

LAKE SUNAPEE REGION

Stratton 802.297.1100

MERRIMACK VALLEY REGION MONADNOCK REGION

SEACOAST REGION

Bedford 603.413.7600