As the leaves fall and Vermont prepares for winter, the Northwest Vermont real estate market is undergoing changes that buyers and sellers alike should note. Here’s a breakdown of the latest trends in single-family home sales for October 2024 and what they mean for you. Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County. 

Median Sales Price

The median sales price for single-family homes in Northwest Vermont dropped to $471,000, marking a 5.5% decrease from September and a slight 0.8% dip from October 2023. This recent decline suggests home sellers need to price their homes competitively to attract interest in a market where prospective homebuyers may be more discerning. However, the year-over-year stability in prices reflects a market that continues to hold value, making it essential for buyers to act decisively if they find a home that fits their needs. For buyers, this slight decrease in price could offer an opportunity to secure a more favorable deal, especially as the market begins to shift.

Closed Sales

Closed sales rose modestly to 149, a 4.9% increase from September, though they remain 1.3% below October 2023 levels. For home sellers, this rebound in sales activity indicates that there are still active buyers in the market, but capturing their attention may require thoughtful marketing and competitive pricing. House hunters can take advantage of the slight cooling in year-over-year sales, which reduces the likelihood of bidding wars and increases opportunities for negotiation.

Median Days on Market

Homes spent an average of 11 days on the market, up 10% from September and 22.2% longer than last October. Home sellers should view this slight increase as a signal to prepare their homes meticulously before listing, as well-presented homes are still selling relatively quickly despite the slight slowdown. For homebuyers, this extended timeframe offers breathing room, allowing for a more deliberate search process. However, in-demand properties may still move quickly, so staying prepared is key.

List Price Received

Home sellers received an average of 100.3% of their asking price, a small 0.3% increase from September but slightly below the levels seen in October 2023. For sellers, this underscores the importance of setting a realistic asking price. Homes that align with market expectations are more likely to sell quickly and at—or even slightly above—their list price. For homebuyers, while paying close to the asking price remains common, the slight shift in the market may open opportunities for negotiation, particularly on homes that have been on the market longer.

New Listings

New listings totaled 179, a 3.8% decrease from September, but a 16.2% increase compared to October 2023. People selling a home can expect a more competitive environment than last year, with increased year-over-year supply giving homebuyers more options. To stand out, sellers should focus on staging and marketing their homes effectively. Buyers, on the other hand, will appreciate the broader selection of homes, which provides a better chance of finding a property that fits their preferences and budget.

Active Inventory

Active inventory decreased slightly to 337 homes, down 5.9% from September, but it remains 43.4% higher than October 2023. For home sellers, this elevated inventory compared to last year means that homebuyers have more choices, making it essential to price strategically and present your home in its best light. Buyers benefit from this increased inventory, as it reduces competition and creates more opportunities to find a home that meets their needs.

Months Supply of Inventory

The months supply of inventory fell to 2.3 months, a 10.3% decrease from September, but still 45.3% higher than October 2023. While this level of supply keeps the market in sellers’ favor, the gradual trend toward balance signals a shift in dynamics. Sellers should be prepared for potentially longer selling times and more negotiations, while buyers can feel more confident navigating a market that increasingly offers them more options and leverage.

 

Why a Local Market Analysis Matters

While these regional statistics provide a helpful overview, the real estate market can vary significantly by town or area. A local market analysis tailored to your desired area offers valuable insights, such as pricing trends and competition levels, to help you make the best decisions.

Partner with a Local Real Estate Expert

Navigating Vermont’s unique real estate market requires local expertise. Whether you’re buying or selling, working with a knowledgeable Realtor ensures you’re prepared for the nuances of this evolving market. From understanding trends to providing personalized guidance, a local expert can help you achieve your real estate goals with confidence.

Get Started Today

Are you curious about your home’s value or the opportunities in Northwest Vermont’s real estate market? Contact us for a personalized market analysis and let us guide you through the next steps. With our local knowledge and professional expertise, we’ll help you succeed in Vermont’s ever-changing real estate landscape.

November's Hidden Home is located just over the Grand Isle Drawbridge, this custom Island home offers 3 beds, 3 baths, and 3 levels on 1.9 acres. Enjoy lake access with a shared dock and 200 feet of shoreline. Features include cedar shake siding, a heated garage with EV charging, a 24-panel solar array, a soapstone kitchen, and radiant heating throughout. This home is currently for sale. Learn more

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As the weather cools and we spend more time indoors, creating a comfortable and inviting home becomes essential. Simple strategic changes can revamp your home’s look and feel, making it aesthetically pleasing and enhancing functionality. If you’re thinking about selling, whether in the next year or ten, making thoughtful updates to your home will give it that “wow” factor home buyers are looking for. Here are five impactful improvements that can transform your home into an irresistible option for buyers.

1. Fresh, Neutral Paint
A fresh coat of paint can instantly breathe new life into your home. Opt for neutral tones like soft grays, warm beiges, or off-whites. These shades create a clean, modern aesthetic that appeals to a broad range of buyers. Neutral colors help spaces feel open and inviting, allowing potential buyers to envision their own style and belongings in the space.

2. Updated Lighting Fixtures
Lighting is an often overlooked element that can dramatically alter a room's ambiance. Replacing outdated fixtures with contemporary, energy-efficient options gives your home a modern edge. Updating light fixtures can highlight the main features of your home while adding functional beauty to every room. 

3. Smart Home Upgrades
As technology becomes increasingly integrated into our daily lives, smart home features are becoming more desirable to homebuyers. Installing a smart thermostat, security system, or energy-efficient lighting that can be controlled via smartphone apps can significantly enhance the modern appeal of your home. These upgrades provide convenience, energy savings, and the allure of a more connected living space, making them especially appealing to tech-savvy buyers.

4. Updated Bathrooms with Spa-Like Touches
Bathrooms can be deal-makers (or breakers) for homebuyers. Small updates, such as installing modern fixtures like rain showerheads, and waterfall faucets can create a a more elevated atmosphere. Upgrading a vanity and adding high-quality tile or natural stone elements can further elevate the look. A fresh, clean bathroom signals that the home is well-maintained, making a significant impact on home shoppers.

5. Refresh Your Space
Revisiting your home’s decor can make a big impact without the need for major purchases. Start by decluttering and depersonalizing—remove family photos, excess décor, and any items that might distract buyers. This creates an inviting space that buyers can easily envision as their own. Rearranging furniture to optimize flow and open up key rooms can make your home feel more spacious and welcoming. Simple touches like placing fresh flowers in the entryway or adding crisp linens in the bedroom can brighten the atmosphere. Don’t forget to do a thorough deep clean to remove odors and ensure your home shines, creating a warm, welcoming environment that makes buyers feel at home.

By implementing these interior improvements, you can create an appealing environment that not only attracts buyers but also enhances your home’s overall value, setting the stage for a successful sale.  Selling a home is a complicated process, but our experienced Realtors are here to help you navigate the many factors involved in preparing your home for sale with confidence. Learn more about our seller services today. 

Celebrate the season with Coldwell Banker Islands Realty! Join us on Saturday, December 7th, from 10 AM to 12 PM for a festive morning full of holiday cheer. Whether you're a client, neighbor, or friend, everyone is welcome to enjoy this heartwarming free community event.

When: Saturday, December 7th, 10am-12pm

Where: 38 Community Lane, South Hero, VT 05486

What to Expect:

• Photos with Santa: Capture a magical moment with the jolly man himself!

• Wreath Giveaway: Take home a beautiful wreath from NEK Balsam to bring the holiday spirit to your home.

• Delicious Treats: Savor locally made cookies and hot cocoa from Let’s Pretend Catering.

• Toys for Kids: Spread the joy by dropping off a toy in our donation bin.

Please register in advance for photos with Santa—though registration is not required, a headcount is appreciated. [Register here]

Don’t miss out on this festive fun! Make sure to follow us on social media for event updates. We look forward to celebrating with you at our Holiday Hoopla!

 

FAQ’s:

1. How do the time slots work?
We have 3 parties scheduled per 15-minute time slot. Your photos with Santa will take place within the timeframe you select, so please arrive on time to ensure we stay on schedule.

2. Do I need to register in advance?
While registration is not required, we highly encourage signing up in advance to reserve your spot. This helps us manage the flow of the event and gives you priority over walk-ins.

3. Will walk-ins be allowed?
Yes, we will allow walk-ins, but priority will be given to those who have pre-registered. If slots are available after those with reservations, walk-ins will be accommodated on a first-come, first-served basis.

4. What happens if I miss my time slot?
If you miss your reserved time, no problem. Please note that priority will still be given to those who arrive on time for their scheduled slot.

5. How long will the photo session take?
Each session is brief to ensure everyone has a chance to meet Santa. You can expect the entire process to take about 5 minutes or less per party.

6. Can I bring my own camera?
We will have a photographer to take photos, but you're welcome to snap a few quick shots with your own camera or phone.

7. Will I receive my photos after the event?
Yes! After the event, we will email you the photos. Expect to receive your link within a week.

8. What if I need to cancel or reschedule my time slot?
If your plans change, please let us know as soon as possible by emailing hello@cbislandsrealty.com. We’ll do our best to reschedule you.

9. Can I bring pets for a photo with Santa?
Unfortunately, due to space and time constraints, we are unable to accommodate pets for photos at this event.