The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for May 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
New Listings increased 2.7 percent for single-family homes but decreased 8.4 percent for townhouse-condo properties. Pending Sales increased 0.4 percent for single-family homes but decreased 4.7 percent for townhouse-condo properties. Inventory decreased 49.8 percent for single-family homes and 62.3 percent for townhouse-condo properties.
The Median Sales Price was up 20.6 percent to $380,000 for single-family homes and 8.3 percent to $259,950 for townhouse-condo properties. Days on Market decreased 63.1 percent for single-family homes and 60.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 56.7 percent for single-family homes and 66.7 percent for townhouse-condo properties.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
If you're thinking of selling your home you need an agency who can help you navigate this fast paced market. Contact one of our local realtors to learn more.