Are you curious about the current state of the Grand Isle County real estate market? Let's take a look at some key metrics to better understand what's going on.

First up, we have the Months Supply of Inventory, which currently stands at 4.09. This means that if no new homes were added to the market, it would take just over four months to sell all of the existing homes. So, we can say that the market is relatively balanced at the moment.

However, when we look at the 12-Month Change in Months of Inventory, we see that it has increased by a whopping 73.31%. This means that there are more homes available for sale than there were a year ago, which could lead to increased competition and lower prices.

Despite this increase in inventory, the Median Days Homes are On the Market is only six. This indicates that homes are selling quickly, likely due to low interest rates and high demand.

When it comes to List to Sold Price Percentage, we see that it is currently at 100.3%. This means that, on average, homes are selling for slightly more than their list price. This could be due to bidding wars or a lack of inventory in certain areas.

Finally, we have the Median Sold Price, which currently sits at $391,101. This is a good indicator of the overall health of the market, as it shows that home values are holding steady.

So, what can we conclude from these metrics? Overall, the market is relatively balanced, but there are more homes available for sale than there were a year ago. Despite this, homes are still selling quickly and for slightly more than their list price. And, most importantly, home values are holding steady.

As a buyer or seller, it's important to keep these metrics in mind when making decisions about the market. But remember, there are many other factors that can impact the buying and selling process, so it's always a good idea to consult with a real estate professional for personalized advice. To connect with a Realtor please contact us or call (802) 372-5777.

Thanks for tuning in, and happy house hunting!

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month over- month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings decreased 25.3 percent for single-family homes and 36.0 percent for townhouse-condo properties. Pending Sales decreased 22.5 percent for single-family homes and 26.3 percent for townhouse-condo properties. Inventory decreased 3.3 percent for single-family homes and 2.3 percent for townhouse-condo properties.

The Median Sales Price was up 1.5 percent to $441,050 for single-family homes and 10.0 percent to $385,000 for townhouse-condo properties. Days on Market increased 55.6 percent for single-family homes and 26.1 percent for townhouse condo properties. Months Supply of Inventory increased 20.0 percent for single family homes and 14.3 percent for townhouse-condo properties.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.

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

Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring, increasing for the third consecutive month, according to NAR.

New Listings decreased 31.0 percent for single-family homes and 6.3 percent for townhouse-condo properties. Pending Sales decreased 27.7 percent for single-family homes and 4.2 percent for townhouse-condo properties. Inventory remained flat for single-family homes but increased 29.8 percent for townhouse condo properties.

The Median Sales Price was down 1.2 percent to $415,000 for single-family homes but increased 4.0 percent to $351,000 for townhouse-condo properties. Days on Market decreased 17.5 percent for single-family homes and 43.3 percent for townhouse-condo properties. Months Supply of Inventory increased 22.2 percent for single-family homes and 28.6 percent for townhouse-condo properties.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

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

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 this spring? We're here to help. Contact us today.

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings increased 9.1 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 7.8 percent for singlefamily homes and 19.4 percent for townhouse-condo properties. Inventory increased 1.8 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties. The Median Sales Price was up 6.3 percent to $420,000 for single-family homes and 31.3 percent to $362,000 for townhouse-condo properties. Days on Market decreased 10.5 percent for single-family homes but remained flat for townhouse-condo properties. Months Supply of Inventory increased 22.2 percent for detached homes but remained flat for townhouse-condo properties.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

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