2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings decreased 26.7 percent for single-family homes and 29.4 percent for townhouse-condo properties. Pending Sales decreased 13.4 percent for single-family homes and 40.5 percent for townhouse-condo properties. Inventory decreased 5.4 percent for single-family homes and 22.2 percent for townhouse-condo properties.

The Median Sales Price was down 3.4 percent to $386,250 for single-family homes but increased 12.9 percent to $355,550 for townhouse-condo properties. Days on Market decreased 23.7 percent for single-family homes and 45.7 percent for townhouse-condo properties. Months Supply of Inventory increased 20.0 percent for single-family homes but increased 16.7 percent for townhouse-condo properties.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

Happy New Year! Coldwell Banker Islands Realty had another exciting year in Vermont real estate. It was a year of guiding people home, growing and strengthening our team of Realtors and improving our services and knowledge to better serve our clients and professional partners. We could not have reached these accomplishments without the support of our office, clients and community. We are grateful and look forward to another year of guiding people home!

 

3 Viral Videos from 2022

Check out our top videos from 2022. These short-from videos are used to highlight listings, grow our brand and reach thousands of users on social media. 

 

Top Hidden Home of 2022

In 2022 we shared some spectacular Hidden Homes. The top Hidden Home of the year was this beautifully updated waterfront cottage located in North Hero, Vermont. This video was viewed +608 times, had +9 hours of watch time and received over 1,900 impressions. Take a look back at this updated cottage.

One of our main marketing channels at Coldwell Banker Islands Realty is social media. Short-form video has taken over social media and we are leveraging this to highlight listings, the area, and more. These videos reach a broader audience, have higher engagement, and lead to more views on the listing page maximizing the listing's exposure. Check out our top-performing videos of 2022 below.

1. Just Sold: Isle La Motte Farmhouse

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

This first video was shared on Instagram to celebrate a recent closing. It highlights a charming farmhouse in Isle La Motte that was very popular among viewers. It reached over 11,000 people and received 307 likes.  

2. Farmhouse Appreciation

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

This Farmhouse Appreciation video was meant to highlight a listing. This home was extensively renovated and it came out beautifully while maintaining the original character of a Vermont farmhouse. It reached over 10,000 people and received 197 likes. 

3. Wait Till You See The Waterslide

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

The last video is another listing video to highlight a feature of the home. This unique home is an outdoor recreation enthusiast's dream with an in-ground pool with a waterslide, recreational trails, a pond, and a rec cabin. The video reached over 7,000 people and received 184 likes. 

 

Make sure to follow us on our social media platforms to see beautiful homes and all other things Vermont real estate related!

 

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing home and pending home sales have continued to slow as we move into winter.

New Listings decreased 28.1 percent for single-family homes and 31.0 percent for townhouse-condo properties. Pending Sales decreased 32.2 percent for single-family homes and 27.9 percent for townhouse-condo properties.

Inventory decreased 0.9 percent for single-family homes and 29.5 percent for townhouse-condo properties. The Median Sales Price was up 5.7 percent to $438,500 for single-family homes and 19.6 percent to $330,000 for townhouse-condo properties. Days on Market decreased 37.1 percent for single-family homes but increased 14.3 percent for townhouse-condo properties. Months Supply of Inventory increased 25.0 percent for single-family homes but increased 28.6 percent for townhouse/condo properties.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

Holiday Hoopla At Coldwell Banker Islands Realty

Kick off the season of giving in The Islands! Coldwell Banker Islands Realty invites you to our second annual Holiday Hoopla on Saturday, December 3rd, from 10am-1pm at our office in South Hero, VT. 

We are grateful to be a part of The Champlain Islands community and to have another year guiding our clients home. To show our appreciation, we’ll be hosting a Holiday Hoopla with a wreath giveaway, hot cocoa bar by Let's Pretend Catering and pictures with Santa. Wreaths are from Northeast Kingdom Balsam and are first come, first serve so arrive early!

In the giving spirit? We will be accepting donations for the NVRA Winter Coat Drive. Please bring a new or used coat. All coats collected will be donated to Spectrum Youth & Family Services. We also have are accepting donations for Toys For Kids.

All are welcome to join this cheerful community event. We look forward to seeing you! Visit the Facebook event page for updates.

Champlain Islands Holiday Gift Guide

Looking for a unique gift this holiday season? There are plenty of options right in the Champlain Islands! This holiday season we challenge you to shop local and support Grand Isle County businesses. We curated a list of 7 Island Businesses To Shop At This Season.

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