Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New Listings decreased 9.2 percent for single-family homes and 2.1 percent for townhouse-condo properties. Pending Sales decreased 21.0 percent for single-family homes but increased 1.9 percent for townhouse-condo properties.

Inventory decreased 9.0 percent for single-family homes and 29.2 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $435,000 for single-family homes and 16.3 percent to $330,000 for townhouse-condo properties. Days on Market decreased 6.7 percent for single-family homes and 45.8 percent for townhouse condo properties. Months Supply of Inventory increased 6.7 percent for single-family homes but increased 25.0 percent for townhouse-condo properties.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Do you have questions about the current market? We're here to help. Contact us today.

Coldwell Banker Islands Realty is excited to be participating in the Northwest Vermont Realtor Association's Winter Coat Drive. Please stop by our office at 38 Community Lane in South Hero between to drop off new or used coats before December 6th. Office hours are 9am - 5pm, Monday through Friday. All donations will benefit the Spectrum Youth & Family Services. Visit NVRA's website for all drop off locations and hours. 

Kick off the season of giving in The Islands! Coldwell Banker Islands Realty invites you to our second annual Holiday Hoopla on Saturday, December 3rd from 10am - 1pm at our office in South Hero, VT. 

We are grateful to be a part of The Champlain Islands community and to have another year guiding our clients home. To show our appreciation, we’ll be hosting a Holiday Hoopla with a wreath giveaway, hot cocoa bar by Let's Pretend Catering and pictures with Santa. Wreaths are from Northeast Kingdom Balsam and are first come, first serve so arrive early!

In the giving spirit? We will be accepting donations for the NVRA Winter Coat Drive. Please bring a new or used coat. All coats collected will be donated to Spectrum Youth & Family Services.

All are welcome to join this cheerful community event. We look forward to seeing you! Make sure to follow Coldwell Banker Islands Realty for updates. Follow our Facebook event page for more updates.

This will be a weekend filled with Holiday fun. Visit out Holiday Hoopla and then check out these other events happening in The Islands.

• Champlain Islands Christmas Parade
• CIFM Winter Market
• Viva Marketplace Holiday Market

As the cold weather sets in, you should take several steps to prepare your home correctly. Doing routine home maintenance can help you avoid costly repairs as well as prepare and budget for updates that might be needed. Save yourself the headache in the spring, and take the steps below to winterize your home.

1. Remove window screens and screen doors and seal any cracks.

This will help the longevity of your screens. Also, consider installing storm windows and doors. Also seal any cracks to prevent drafts and keep the heat shut inside.

2. Clean your gutters.

Cleaning your gutters every fall has numerous benefits. This task prevents water damage and rot, a place for pests to nest, plus it helps the overall lifespan of your roof and foundation. 

3. Inspect your roof.

Make sure to examine your roof. Look for any damage such as missing shingles or cracks and get them repaired before the snow falls. If you ignore these issues, the harsh winter months could exacerbate what was once minor damage. 

4. Trim trees and bushes.

Cut back any overgrown bushes or large unsteady branches that could break off near the roof or home. 

5. Have your chimney or fireplace serviced.

Before the cool weather sets in, it is best to have your chimney and fireplace cleaned before running. Not only is this good fire safety practice, it will clear out any critters that may have found their way in.

For more home maintenance tips or advice on what to do before you list this fall, get in touch with a Coldwell Banker Islands Realty Agent.

This authentic Island farmhouse has been thoughtfully renovated and is located on 43 acres with 150 ft of deeded lake access on the Inland Sea. The property owners made sure to respect the character and tradition of the home which includes clapboard siding, white pine flooring, lots of bead board, period trim work, and covered porches. The kitchen was extensively renovated in 2022 with custom cabinets and drawers, a 10 ft x 3ft Island , honed granite countertops, a 6 burner commercial Grade Thor Range, Samsung stainless steel French door refrigerator and soapstone farmhouse sink.

Watch to see the interior and subscribe to our YouTube Channel to see more Hidden Vermont Homes!