Welcome to our latest market update for single-family home sales in Northwest Vermont. As we move into the heart of summer, it's essential for both buyers and sellers to stay informed about current market conditions. This month, we have seen some interesting trends that highlight the dynamic nature of our local real estate market. While we remain in a seller's market, the market is not as competitive as we’ve seen in the last couple of years. Let's dive into the key statistics for June 2024 and understand what they mean for you.

What These Numbers Mean for Buyers and Sellers

Median Sales Price

The median sales price has risen to $525,000, reflecting a 3.3% increase from the previous month and a 5.2% rise from June 2023. This consistent growth in home values is good news for sellers, indicating a strong market where properties continue to appreciate. For buyers, while higher prices may seem daunting, it also signals that investing in real estate in Northwest Vermont is likely to yield long-term gains.

Closed Sales

With 159 closed sales in June, we see a significant 13.6% increase from May 2024, though there's a 7.6% decrease from June 2023. This uptick in month-over-month sales suggests a bustling market as we enter summer. However, the year-over-year decrease indicates a slight cooling compared to last year. Sellers can be encouraged by the recent increase in activity, while buyers should be prepared to move quickly as homes are selling at a brisk pace.

Median Days On Market

The median days on market remain steady at 6 days, unchanged from both the previous month and last year. This stability indicates a balanced market where well-priced homes sell rapidly. For sellers, this means ensuring your home is competitively priced and market-ready to attract quick offers. For buyers, it underscores the importance of being ready to act fast when you find the right property.

List Price Received

Sellers are receiving an average of 102.8% of their list price, up 1.4% from May 2024 but slightly down by 0.7% from June 2023. This high percentage shows that many homes are still selling above the asking price, reflecting strong buyer demand. Sellers can take advantage of this by pricing their homes strategically. Buyers should be prepared to offer above the list price to stay competitive in desirable areas.

New Listings

There were 251 new listings in June, a 7.7% decrease from May 2024 but a 13.1% increase from June 2023. This indicates a healthy flow of new properties entering the market, providing more options for buyers. However, the month-over-month decrease suggests a slight slowdown in new listings. Sellers should note the increased competition from new listings compared to last year and ensure their properties stand out.

Active Inventory

The active inventory has grown to 300 homes, marking a 14.5% increase from the previous month and a substantial 33.9% increase from June 2023. This rise in available homes is beneficial for buyers, offering more choices and potentially easing some of the competitive pressure. For sellers, it means there’s more competition, so presenting your home in the best possible light is crucial.

Months Supply of Inventory

The months supply of inventory is now at 1.9, a slight 0.8% increase from May 2024 and a significant 44.9% increase from June 2023. This measure indicates how long it would take to sell all the current listings at the current sales pace. A rising months supply suggests the market is moving toward a more balanced state, although it remains a seller’s market. For buyers, this shift could mean slightly less competition and more negotiating power. Sellers, on the other hand, should be aware that the market is gradually balancing and price their homes accordingly.

Get a Personalized Market Analysis

Understanding these 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. By partnering with a local real estate expert, you can navigate this competitive market with confidence. Local experts have the knowledge and experience to guide you through every step of the process, ensuring you make informed decisions.

Why Partner with a Local Real Estate Expert?

Local real estate experts understand the nuances of the Vermont market. They can offer valuable advice on pricing, marketing strategies, and negotiation tactics. Their expertise can make the difference between a successful transaction and a missed opportunity. Whether you're a buyer looking for your dream home or a seller aiming to maximize your investment, having a trusted professional by your side is invaluable.

Ready to Make Your Move?

If you’re considering buying or selling a home in Northwest Vermont, now is the time to act. Contact us today for a personalized market analysis and let us help you achieve your real estate goals. Together, we can turn your real estate dreams into reality.

 

Northwest Vermont Market Review By County:

Statistics are for single-family home sales in June 2024.

Chittenden County:

• Active Inventory = 147

• Median Sales Price = $651,326

• Median Days On Market = 6

• Closed Sales = 98

• List Price Received = 103.7%

Franklin County:

• Active Inventory = 105

• Median Sales Price = $379,000

• Median Days On Market = 7

• Closed Sales = 55

• List Price Received = 101.8%

Grand Isle County:

• Active Inventory = 48

• Median Sales Price = $477,00

• Median Days On Market = 32

• Closed Sales = 6

• List Price Received = 98.2%

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As the 4th of July approaches, Northwest Vermont gears up for a series of vibrant and patriotic celebrations. From bustling city fireworks to small-town parades and live music, there's something for everyone to enjoy. Here's a guide to the top Independence Day events happening in the area.

Burlington Fireworks - July 3rd

Kick off your Independence Day celebrations early with the Burlington Waterfront's spectacular fireworks display on Wednesday, July 3, 2024. Enjoy a night of music, food vendors, and a stunning fireworks show against the backdrop of Lake Champlain.

Event Information

Independence Day Celebrations in the Champlain Islands

On July 3rd, head to Knight Point State Park in North Hero for a lively performance by Still Kickin’ followed by a spectacular fireworks display at 9 pm. On July 4th, parades will be held in South Hero and Alburgh at 11am. In the evening, enjoy a summer concert featuring the Phil Abair Band at Snow Farm Vineyard in South Hero, Vermont. 

Event Information

Colchester Fireworks

Join Colchester's lineup of 4th of July events starting with a parade at 10:00 a.m. at Colchester High School, proceeding down Blakely Road, and ending at Lavigne Road. The festivities continue at Bayside Park with a 5K Fun Run, vendors, live music, and culminate in a fireworks show.

Event Information

Bay Day Celebration in St. Albans

On Saturday, July 6th, St. Albans hosts its Bay Day celebration. Participate in a volleyball tournament, paddle boat race, and duct tape regatta. Enjoy live music by Rushmore, delicious food, and a fireworks finale.

Event Information

Milton 4th of July

Milton celebrates the 4th of July with a parade at 11 am, a Chicken BBQ & DJ at 5:30 p.m. at the Fire Station, a community band performance at 7:30 p.m. at Bombardier Park West, and fireworks at dusk.

Event Information

Essex Junction July 4th Celebration

The annual July 4th Celebration in Essex Junction takes place at the Champlain Valley Fairgrounds Midway Lawn. Starting at 6 pm, enjoy live music, games, face painting, balloon artists, 11+ inflatables, and more. The night concludes with an impressive fireworks display.

Event Information

Northwest Vermont offers a multitude of ways to celebrate the 4th of July. Whether you're drawn to the vibrant festivities in Burlington or the charming local events in the Champlain Islands, there's no shortage of patriotic fun. Gather your friends and family, enjoy the fireworks, and create lasting memories this Independence Day!

We are pleased to announce that Madeline Spaulding has joined Coldwell Banker Islands Realty as a licensed sales associate. Learn more about Madeline below. 

Madeline Spaulding is a fourth-generation Vermonter who grew up in Franklin County. For the past two years, she has managed her family's investment properties in Swanton, Vermont, while working on-site as the project manager for a newly built multi-family property. She grew up listening to her parent's stories about real estate and became interested in the industry at a young age. Madeline is working towards a Bachelor of Science in Business Management with a concentration in project management. Madeline's experience in property management, education in business management, and customer service experience have set her up for success in pursuing a career in real estate. She hopes to share her knowledge of Franklin Country with prospective clients and looks forward to answering your questions.

Madeline lives in Swanton on Lake Champlain, enjoying the westerly sunset views. She has a fondness for admiring local waterfowl. In her free time, she enjoys going for long walks, listening to podcasts, appreciating Vermont's natural beauty, and, above all, spending time with her family. Madeline's local area knowledge will be invaluable to people thinking of buying or selling in Franklin County. Her strong work ethic and detail-oriented thinking will ensure no question goes unanswered. She genuinely enjoys helping others and is excited to turn her early passions into a career in real estate.

Connect with Madeline today!

 

Spring is in full swing here in Northwest Vermont, and with the warmer weather comes a bustling real estate market. Whether you're thinking of buying your dream home or selling your current one, understanding the market trends can help you make the best decisions. 

The Vermont real estate market is known for its seasonal changes. This spring, we're seeing a steady start, with more listings becoming available and increased activity. For both buyers and sellers, this is an exciting time to explore opportunities and make informed choices. 

Let's take a closer look at the current state of our real estate market using the latest data from May 2024. (Data is for single-family home sales in Grand Isle, Franklin, and Chittenden County.) 

• Median Sales Price = $508k

The median sales price of $508,000 reflects a slight rise from last month and a notable increase from last year. For sellers, this means that home values are continuing to appreciate, potentially leading to a profitable sale. For buyers, it's a sign that the market is healthy, and investing in property could offer good returns in the future. Keeping an eye on price trends can help you make a well-informed decision about timing your purchase or sale.

• Closed Sales = 140

With 140 closed sales in May, there was a big jump from April with a 57% change and a 17%  increase compared to last year. This indicates a busy market where more homes are successfully selling. For sellers, this could mean a greater chance of finding a buyer quickly. For buyers, it shows there's active competition, so being ready to act fast when you find the right home is important.

• Median Days on Market = 6

Homes are typically staying on the market for just 6 days, which is a 14.3% decrease from the previous month and consistent with last year. This quick turnover is great news for sellers, as it means your home might sell rapidly if priced correctly and in good condition. For buyers, it highlights the need to be decisive and prepared, as desirable homes are not staying available for long.

• List Price Received = 101.4%

Sellers are getting an average of 101.4% of their list price, which is up from the previous month but slightly down from last year. This suggests that many homes are selling for above the asking price. For sellers, this means there’s potential to get even more than your asking price if the demand is strong. For buyers, it’s a reminder that offering close to or above the list price could be necessary to secure your desired property in a competitive market.

• New Listings = 272

With 272 new listings, there's a significant 63% increase from the previous month and a 14% increase from last year. This is positive for buyers, as more new homes are coming onto the market, providing a wider selection. For sellers, it means more competition, so making sure your home is well-presented and priced competitively is essential to attract buyers.

Northwest Vermont Market Review By County:

Statistics are for single-family home sales in May 2024.

Chittenden County:

• Active Inventory = 130

• Median Sales Price = $630,000

• Median Days On Market = 5

• Closed Sales = 88

• List Price Received = 101.9%

Franklin County:

• Active Inventory = 92

• Median Sales Price = $391,500

• Median Days On Market = 8

• Closed Sales = 40

• List Price Received = 100.9%

Grand Isle County:

• Active Inventory = 38

• Median Sales Price = $356,750

• Median Days On Market = 11

• Closed Sales = 12

• List Price Received = 99.6%

Partner with a Local Real Estate Expert

Understanding these market trends can be challenging, especially with the competitive nature of the Northwest Vermont real estate market. That's why partnering with a local real estate expert is crucial. They can provide you with a detailed market analysis tailored to your area of interest, helping you navigate the complexities of buying or selling a home.

A market analysis offers a deep dive into the current conditions, including comparable home sales, pricing strategies, and buyer demand. This information is essential for setting the right price for your home or making a competitive offer.

Ready to make your move in the Northwest Vermont real estate market? Contact us today for a personalized market analysis. Let’s work together to turn your real estate dreams into reality.