Grand Isle County Real Estate Market Trends have been released for September 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 Lake Champlain Islands. Metrics are for single-family home sales.
First, let's discuss the Months Supply of Inventory, which currently stands at 1.9. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, while a higher number suggests a buyer's market, where supply exceeds demand. With a supply of 1.9 months, we can conclude that we are still in a sellers market and property in Grand Isle County continues to be highly desirable.
Moving on to the Median Days On Market, we find that homes typically spend around 28 days on the market in Grand Isle County before being sold. This metric measures the average length of time it takes for a home to go from being listed to being sold. A lower number implies a fast-paced market, where homes are in high demand and are being snatched up quickly. In this case, with homes typically selling within 28 days, we can conclude that it is taking a little longer for homes to go under contract but the low amount of inventory indicates homes are still selling quickly.
The List to Sold Price Percentage is another important metric, which stands at 97.2%. This metric represents the percentage of the original listing price that homes are ultimately sold for. A higher percentage suggests that homes are selling close to or at their asking price, indicating a strong market where sellers have more negotiating power. With a percentage of 97.2%, we can infer that sellers are generally achieving a price close to what they initially listed their homes for.
Lastly, we have the Median Sold Price, which is currently at $405,000. This metric represents the middle point of all the sold prices within a specific timeframe, indicating the average price at which homes are being sold. The median sold price helps determine the overall price range in the market. In this case, with a median sold price of $405,000, we can conclude that the market is moderately priced.
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 an agent who understands the 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.
