As summer draws to a close, the real estate market in Northwest Vermont continues to evolve. If you're considering buying or selling a home, understanding the latest market trends is essential. Let's take a closer look at the single-family home sales data for August 2024 and what these numbers mean for you. Data is for sales in Grand Isle, Chittenden and Franklin County.
What These Numbers Mean for Buyers and Sellers
Median Sales Price
The median sales price in August 2024 dropped slightly to $519,900, down 3.7% from July. However, it's important to note that home values are still significantly higher compared to this time last year, with a 7.3% year-over-year increase.
For sellers, this slight dip in price might suggest a minor market cooling, but it doesn’t mean home values are declining long-term. In fact, compared to last year, prices remain solidly up. If you’re considering selling, this is still an excellent time to list your home, especially as buyers continue to show strong interest.
For buyers, the decrease in price could be an opportunity to find more affordable options but keep in mind that values are still up from last year. If you’ve been waiting for the right moment, this might be the time to make a move before prices increase again.
Closed Sales
Closed sales increased by 6.3% from the previous month, with 185 homes sold in August. Year-over-year, this marks a 10.1% increase in the number of homes sold compared to August 2023.
For sellers, this increase in closed sales means demand is still high, and properties are moving. If your home is priced well and presented effectively, you’re likely to find serious buyers.
For buyers, this continued activity indicates that while the market is competitive, homes are being sold at a steady pace, and the right property for you could be just around the corner.
Median Days on Market
The median days on market remained steady at 10 days, a slight 9.1% decrease from July but a notable 25% increase from August 2023. This metric shows that homes are still selling quickly, but they’re staying on the market slightly longer than last year.
For sellers, this may mean you’ll have a little more time to review offers, but don’t expect your home to sit on the market for long if it’s priced right.
For buyers, the increase in days on market from last year could be a sign that you have more breathing room to make decisions, but acting promptly on well-priced properties is still advised.
List Price Received
Sellers are still receiving 101% of their list price, which is down slightly from July’s 102.1% but remains an excellent figure. This means that, on average, homes are still selling for more than the asking price.
For sellers, this slight dip isn’t a cause for concern; the fact that homes are still selling over list price shows that demand remains strong. However, setting a competitive list price is essential to continue attracting motivated buyers.
For buyers, the dip in the list price received may indicate a slight shift toward a more balanced market, giving you more negotiation power than in previous months.
New Listings
The number of new listings increased by 2% from July to 209, although this is a 7.5% decrease compared to August 2023.
For sellers, this slight increase in new listings could mean more competition in the market, but with strong demand and inventory levels still relatively low, your home can still stand out if it’s priced correctly.
For buyers, this uptick in listings gives you more choices, but keep in mind that the year-over-year decrease indicates that inventory is still relatively tight compared to last summer.
Active Inventory
Active inventory climbed to 329 homes, marking a 4.1% increase from July and a significant 32.7% jump from August 2023. This surge in inventory is one of the most notable trends in the current market.
For sellers, increased inventory means more competition, so making your home shine is more important than ever. Staging, pricing, and marketing will play critical roles in helping your property stand out in a growing market.
For buyers, this increased inventory is great news. You’ll have more options to choose from, and with a growing supply of homes, you might find it easier to negotiate or avoid bidding wars.
Months Supply of Inventory
The months supply of inventory is at 1.8 months, a slight 2.1% decrease from July but a 20.5% increase from August 2023. This metric tells us how long it would take to sell all the current listings at the current sales pace.
A supply of fewer than six months generally indicates a seller’s market, and while we’re still in that territory, the increase in inventory shows that the market is slowly balancing out.
For sellers, this means there’s still time to take advantage of strong demand, but with more homes entering the market, competition is rising.
For buyers, the increase in supply might give you a bit more leverage and reduce the likelihood of extreme bidding wars, though it’s still important to act decisively on homes you’re interested in.
Why a Market Analysis is Essential
Understanding these market trends is crucial whether you’re buying or selling in Northwest Vermont. A personalized market analysis can provide deeper insights tailored to your specific area of interest, helping you make informed decisions. This analysis can reveal how your property compares to others on the market, what you might expect to pay as a buyer, or what price you should set as a seller.
Partnering with a Local Real Estate Expert
Navigating the Vermont real estate market can be challenging, especially with the competitive conditions we’re seeing this summer. By partnering with a local real estate expert, you gain access to their extensive knowledge of the market, their understanding of area trends, and their ability to negotiate on your behalf. Whether you’re looking to buy your dream home or sell your property for the best possible price, having a trusted professional by your side can make all the difference.
Ready to Take the Next Step?
If you’re considering buying or selling a home in Northwest Vermont, don’t go it alone. Contact us today for a personalized market analysis tailored to your specific needs. Let us help you navigate this competitive market with confidence, ensuring that you achieve your real estate goals.