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.

 

Get the inside scoop from our local real estate experts, who have answered the most pressing questions about buying and selling in Northwest Vermont. From insider tips to expert advice, this Q&A will help keep you informed so that you can make the best decisions for your next move.

What’s the current state of the local real estate market?

The Vermont real estate market remains strong. We are still seeing historically low inventory levels in Northwest Vermont and strong demand from prospective buyers. As the warmer weather comes, we expect inventory to increase giving homebuyers more options. 

 

What will happen to home values in 2023? 

Home values in Northwest Vermont are holding steady. Nationally, there has been a slight dip in home values but our market remains strong due to high buyer demand and low inventory levels. If you are thinking of selling your home you can still cash in on this robust market. 

 

What challenges are facing homebuyers right now?
Homebuyers who are entering the market for the first time and/or moving into a highly desirable area, like the Burlington area, are experiencing a competitive market. Homebuyers searching in the $300k - $500k price range can still win in today's market with the right partners. It is imperative to be represented by an experienced real estate agent who can help you strategize and submit a competitive offer.

 

What do you think will happen with interest rates?
Mortgage rates have been fluctuating between 5% - 7%. As a buyer, it is important to know how changing interest rates can affect your purchasing power. A 0.5% change can have a big impact on your monthly payment, and we (and your lender) can help you navigate this. Lenders have a variety of programs to help buyers combat higher rates like adjustable rate mortgages and/or refinancing in a couple of years. Our agents can recommend local lenders who understand our market and will work with you to find the best option for your situation and goals.

 

Are home sellers seeing a lot of showing activity and multiple offers?
Properties priced competitively and in desirable locations are seeing a lot of showing activity and sometimes multiple offers. Recently, Coldwell Banker Islands Realty listed a property in Chittenden County in the mid $300k’s that had over 70 showings and was under contract within 5 days. Your home will stand out with strategic pricing and a stellar marketing plan.

 

What are your predictions for the spring/summer season? Is now a good time to move?

Overall, we predict that the upcoming spring selling season will be busy and remain competitive. Generally, more inventory will come on the market as we enter the spring and summer seasons, giving more options for buyers and sellers. Homebuyers will continue to enter the market and loan officers have programs to help find a solution that works for each situation. All of these factors make it a good time for buyers and sellers to make a move and start working with a knowledgeable real estate professional.

If you're considering a move this year, let's work together and make a plan to meet your goals. Get started and connect with a local real estate expert today.

April’s Hidden Home is an adorable lakefront cottage located in North Hero, Vermont. This abode is set on a beautiful gradual beach down a very private road. It features an updated bright interior as well as stunning views of Lake Champlain, the Green Mountains, and the Adirondacks.

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

It's time to celebrate Vermont's sweetest season! The Vermont Maple Sugar Makers' Association is hosting the 2023 Maple Open House across two weekends, March 25 & 26 and April 1 & 2 . During this annual event, local Vermont Maple Sugar Makers invite you into their sugarhouses to celebrate the 2023 crop. The maple experts will teach you about the cherished Vermont tradition. This event includes maple education, guided tours, and delicious sweet maple samples. Keep reading for the inside scoop on the top 10 Vermont sugar houses you simply can't miss.

1. Snow Farm Vineyard

Head to Snow Farm Vineyard in South Hero, Vermont, for their Maple Open House at Fox Hill Maple. They have many activities, such as a guided tour, live music, games, and a pancake dinner! 

Open House Information

2. Palmers Sugar House

Palmer’s Sugar House invites the community to their Maple Open House in Shelburne, Vermont. You can expect to enjoy tours, barnyard animals, and maple breakfast and lunch! Plus, this is only 10 minutes away from Burlington, Vermont. 

Open House Information

3. Shelburne Farms  

Visit Shelburne Farms in Shelburne, Vermont, to see the sugarhouse and take an interactive tour to learn about the sugaring process. Then enjoy activities such as a scavenger hunt and sugar on snow! They will have a variety of samples and guided tours, plus a stroll through the woods full of maple trees. 

Open House Information

4. Gange Maple 

Gange Maple in Swanton, Vermont, has cultivated maple syrup in northern Vermont for five generations! Their open house festivities include delicious maple creemees, educational information, and a walk in the sugaring woods. 

Maple Open House Information

5. SugarTree Maple Farm

In Williston, Vermont, Sugartree Maple Farm will have a tour of their sugarhouse, maple hotdogs, and even maple adult beverages by Bevo Catering company. 

Open House Information

6. Mountainview Mapleworks at the Giroux Family Farm

Visit Mountainview Mapleworks, in Richmond, Vermont, to see their family-run operation that includes a solar-powered sugarhouse! They will have trails to see the running sap, excellent maple samples, and even maple coffee and doughnuts! There is ample parking, and they will also have Vermont maple syrup for sale.

Open House Information

7. Palmer Lane Maple

Palmer Lane Maple in Jericho, Vermont, will have many sweet treats such as maple cream donuts, maple hot dogs, creemees and much more! They are also collecting items for their local food shelf. If you bring two small food items, you get a small bag of maple cotton candy for free!

Open House Information

8. End-O-Road Maple

End-O-Road Maple’s open house in Jericho, Vermont, will have maple goodies, an opportunity to feed their sheep. Voted one of the top sugarhouses in Chittenden county, this is a must-see spot! 

Open House Information

9. Browns River Maple 

This local family-owned and operated sugar house in Essex Junction, Vermont, will have tours, samples, and snacks. Browns River Maple will also have a fundraiser going on for Dragonheart Vermont.

Open House Information

10. Mcbride’s Family Maple

Head to Westford, Vermont, to check out Mcbride’s family maple’s small but highly efficient solar-powered operation!  They will have sugar-making demonstrations, samples, and lots of information for visitors.

Open House information

Read the entire guide of all Vermont sugarhouses participating in the 2023 Maple Open House weekends here. 

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.