Real Estate Market Trends have been released for August 2023. There are several key metrics that can provide you valuable insights. Today, we will explore the correlation between these metrics to help you make informed decisions while buying or selling a home in the area. Metrics are for single-family home sales in August 2023 compared to July 2023 and August 2022.
Let’s start by examining the number of “New Listings,” which was at 19 for August. That is an 11.8% increase from the previous month and a 17.1% increase from last year. With the rise in new listings on the market, buyers may have more options. However, “Active Inventory” is at 26 single-family homes which is lower than the previous month and this time last year. So while new listings increased, we are still seeing limited inventory.
Next, we’ll look at "Months Supply of Inventory," which stands at 3.1. This metric represents the number of months it would take to sell all the existing homes on the market, given the current level of demand. A lower number typically indicates a seller's market, where demand exceeds supply, resulting in higher prices and quicker sales.
Another crucial factor to consider is the "Median Days Homes are On the Market," which currently stands at 12 days. This metric indicates the average number of days it takes for a home to go under contract. With such a short timeframe, it is clear that the market is highly active and homes are selling swiftly. Sellers can take advantage of this trend by pricing their homes competitively and positioning themselves for quick sales.
Moving on, we have the "List Price Received," which sits at a remarkable 99.4%. This metric represents the percentage of the initial listing price that homes are actually sold for. A high percentage indicates that sellers are achieving close to their asking price, demonstrating a strong market with motivated buyers willing to meet the seller's demands.
Lastly, let's discuss the "Median Sales Price," which is currently at an impressive $600,000. This metric represents the middle point of all sold homes' prices, indicating the market's overall value. A higher median sold price signifies a strong market with desirable properties, while a lower price may indicate more affordable options for buyers. It is important to keep in mind that in Grand Isle County there are fewer sales so this number can be skewed if a home with a higher price sells. It is important to talk to your real estate agent to understand home prices in your market.
In conclusion, these real estate metrics provide valuable insights to both buyers and sellers. These metrics indicate the market still favors sellers with limited homes for sale and a high median sales price.
As a buyer, the Grand Isle County real estate market is unique and it is important to work with a real estate agent who understands the Vermont market and can work with you to find the right property. For sellers, it is essential to price your home competitively and take advantage of the high demand and quick sales.
Coldwell Banker Islands Realty serves all of Vermont with a concentration in Grand Isle County. If you would like to learn more about the real estate market in your area please reach out for a complimentary market analysis.
