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Navigating the Northwest Vermont Real Estate Market: Trends For December 2023

2023 December Real Estate Market Trends In Northwest Vermont

Welcome to our latest exploration of the ever-evolving real estate landscape in Northwest Vermont. As we head into the new year, let's take a closer look at some key statistics from December 2023 that shed light on the current state of the real estate market. Whether you're a potential buyer or seller, understanding these numbers can be instrumental in making informed decisions. Metrics are for Single Family Home Sales In Northwest Vermont (Chittenden, Franklin, and Grand Isle County). 

1. Median Sales Price: The Heartbeat of the Market

The Median Sales Price is a crucial indicator, reflecting the midpoint of home prices in the region. At $437,661, it's essential to note the 7.9% decrease from the previous month and the 10.2% increase from December 2022. For buyers, this signals where prices might be heading, while sellers can leverage the market's growth to maximize their returns. Keeping an eye on this figure helps both parties align their expectations and strategies.

2. Closed Sales: Unveiling Market Activity

Closed Sales, standing at 123, provide insight into the level of activity in the Northwest Vermont real estate market. While there's a 4.7% decrease from the previous month, the 7% increase from December 2022 suggests a healthy overall trend. 

3. Median Days On Market: Timing is Key

Time is of the essence in real estate, and the Median Days On Market (DOM) is a metric worth watching. With a 20% increase from the previous month and a 31.4% decrease from December 2022, the current DOM stands at 12 days. For sellers, a shorter DOM indicates a faster turnaround, while buyers should be prepared for potentially swift transactions. Understanding this metric helps both parties set realistic expectations and refine their negotiation strategies.

4. List Price Received: Maximizing Returns

At 100.4%, the List Price Received represents the percentage of the list price that sellers receive when their homes are sold. While there's a marginal 0.7% decrease from the previous month, the 0.3% increase from December 2022 underscores the resilience of property values. Sellers should be mindful of pricing strategies, while buyers can gauge the market's competitiveness.

5. Active Inventory: Supply and Demand Dynamics

Active Inventory, currently at 176, has seen an 18.9% decrease from the previous month and a 1.7% increase from December 2022. This figure emphasizes the delicate balance between supply and demand. A lower inventory can lead to increased competition among buyers, potentially driving prices up. For sellers, this scarcity can be advantageous because there are fewer options for home buyers. On the reverse, buyers may need to act decisively in a competitive market.

6. Months Supply of Inventory: Market Stability

The Months Supply Of Inventory, at 1.4, is a key metric indicating the number of months it would take to sell the current inventory based on the recent sales pace. With a 14.9% decrease from the previous month and a 4.9% decrease from December 2022, this figure signals a tight market. Sellers benefit from reduced competition, while buyers should be prepared for a faster-paced and potentially competitive environment.

Northwest Vermont Market Review By County:

Chittenden County:

  • Active Inventory = 88
  • Median Sales Price = $562,500
  • Median Days On Market = 13
  • Closed Sales = 79
  • List Price Received = 100.6%

Franklin County:

  • Active Inventory = 67
  • Median Sales Price = $319,950
  • Median Days On Market = 9
  • Closed Sales = 38
  • List Price Received = 100.0%

Grand Isle County:

  • Active Inventory = 21
  • Median Sales Price = $465,000
  • Median Days On Market = 33
  • Closed Sales = 6
  • List Price Received = 99.7%

In conclusion, understanding these key statistics and partnering with a local real estate agent empowers both buyers and sellers to navigate the Vermont real estate market with confidence. Whether you're entering the market or considering a move, these insights provide a valuable compass for decision-making.

If you're curious about the market trends, we invite you to take the next step. Get a personalized market analysis for your area of interest – a tailored guide to help you make the best decisions in this dynamic real estate landscape.

Don't miss out on the opportunities waiting for you! Contact us today for a detailed market analysis and let's embark on this exciting journey together. Get Your Personalized Market Analysis.


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