Greetings, fellow real estate enthusiasts! Today, we're diving into the dynamic market of Northwest Vermont, unpacking key statistics from February 2024 to help you understand the trends shaping buying and selling decisions in our region. Whether you're considering purchasing your dream home or selling your property, knowledge is your greatest asset. Let's explore the numbers and what they mean for you. These statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County.
Median Sales Price: $432,250
February saw a 6% decrease from the previous month and a 3.7% decrease compared to February 2023. While this may seem like a downturn, it's essential to understand the broader context. For buyers, this indicates potential opportunities for more affordable purchases, while sellers may need to adjust their pricing strategies accordingly.
Closed Sales: 64
There was a notable 41.3% decrease from the previous month and a 5.9% decrease from February 2023. This decline in closed sales reflects a slowdown in the market, which could be attributed to various factors such as seasonal fluctuations or shifts in buyer demand. Buyers may find less competition, while sellers might need to be patient and strategic in their approach.
Median Days On Market: 6
With a remarkable 76% decrease from the previous month and a 25% decrease from February 2023, homes are spending less time on the market. This swift pace underscores the urgency for both buyers and sellers to act decisively. Buyers should be prepared to make quick decisions, while sellers can capitalize on favorable conditions by ensuring their properties are market-ready.
List Price Received: 99.6%
While there was a marginal 0.1% decrease from the previous month, February 2024 saw a 0.1% increase from the same period last year. This statistic indicates that sellers are generally receiving close to their asking price, highlighting the stability of the market. For sellers, it underscores the importance of pricing properties accurately, while buyers should be prepared to negotiate within a narrow margin.
New Listings: 91
There was no change from the previous month, but February 2024 saw a 1.1% increase compared to the same period last year. This steady influx of new listings provides buyers with a diverse range of options to explore. Sellers, however, may face increased competition and should focus on showcasing the unique features of their homes to stand out in the market.
Active Inventory: 141
Despite a 6.6% decrease from the previous month, February 2024 witnessed a 3.7% increase compared to February 2023. This balance between supply and demand is crucial for maintaining a healthy market environment. Buyers have a reasonable selection of homes to choose from, while sellers should be mindful of market conditions when pricing their properties.
Northwest Vermont Market Review By County:
Chittenden County:
- Active Inventory = 64
- Median Sales Price = $566,500
- Median Days On Market = 6
- Closed Sales = 37
- List Price Received = 100.7%
Franklin County:
- Active Inventory = 54
- Median Sales Price = $339,950
- Median Days On Market = 7
- Closed Sales = 24
- List Price Received = 97.9%
Grand Isle County:
- Active Inventory = 24
- Median Sales Price = $300,000
- Median Days On Market = 64
- Closed Sales = 3
- List Price Received = 101.0%
As you can see, these statistics offer valuable insights for both Vermont buyers and sellers alike. Whether you're looking to purchase your first home, upgrade to a larger space, or sell your current property, understanding the nuances of the Northwest Vermont real estate market is essential for making informed decisions.
If you're curious about how these trends specifically impact your area of interest, please reach out for a personalized market analysis. By leveraging the expertise of a seasoned real estate professional, you can navigate the complexities of the market with confidence and clarity.
In conclusion, the Northwest Vermont real estate market presents a unique blend of opportunities and challenges. By staying informed and proactive, you can position yourself for success in achieving your real estate goals. Happy house hunting!
For a complimentary market analysis tailored to your needs, contact us today!
