When it comes to understanding the Grand Isle County residential real estate market, there are several key metrics that can provide valuable insights for both buyers and sellers. 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 July 2023 compared to May 2023 and July 2022.

Firstly, let's talk about the "Months Supply of Inventory," which currently stands at 3.4 in July. This metric represents the number of months it would take to sell all the homes on the market, given the current pace of sales. A lower number indicates a seller's market, where demand exceeds supply, while a higher number points to a buyer's market, where supply outweighs demand. Compared to June 2023, there was a 54% increase in months supply of inventory. While there was a large change in metrics, this is still generally low for Grand Isle County. 

Now, let's take a look at the "12-Month Change in Months of Inventory," which has experienced a significant increase of 142.2%. This denotes that the inventory of homes available for sale has grown substantially over the past year. For buyers, this means a wider selection to choose from, potentially leading to more negotiating power. Sellers, on the other hand, might need to consider adjusting their pricing or marketing strategies to stand out in a more competitive environment.

Moving on, we have the "Median Days On Market," which currently stands at a mere 8 days. This metric represents the average number of days it takes for a home to go under contract after being listed for sale. With such a short time frame, it's clear that the Grand Isle County real estate market is quite active and properties are being snatched up quickly. Buyers need to act fast and be prepared to make offers promptly, while sellers can expect a swift sale if they price their homes appropriately.

Now, let's discuss the "List Price Received," which currently sits at an impressive 99.6%. This metric indicates the percentage of the original listing price that a home ultimately sells for. A high percentage like this suggests that homes are generally selling very close to their initial asking prices. For sellers, this is great news as it implies that they have a good chance of receiving a favorable sale price. Buyers, on the other hand, should be prepared to make competitive offers to secure a property in this market.

Lastly, we have the "Median Sales Price," which is currently at $420,000. This metric represents the middle point of all the sale prices in a given area, indicating the typical price at which homes are being sold. For buyers, this information can help them understand the price range they should expect when searching for a new home. Sellers can use it as a benchmark to ensure they are pricing their properties competitively.

In summary, the real estate metrics we've discussed today offer valuable insights for both buyers and sellers in Grand Isle County. The current "Months Supply of Inventory'' indicates a balanced market, while the significant increase in the "12-Month Change in Months of Inventory"  suggests a growing inventory. The short "Median Days On Market" and high "List Price Received" imply a fast-paced and competitive market. Lastly, the "Median Sales Price" of $420,000 provides a reference point for buyers and sellers alike.

We hope you found this real estate analysis informative and engaging. If you have any questions about the current real estate market or would like a personalized market analysis please contact us or call (802) 372-5777 and a Realtor will be in touch with you.

 Are you considering purchasing a waterfront property? Buying lakefront real estate can be an exciting and rewarding investment, but it also requires careful consideration due to its unique characteristics and potential challenges. These insider tips from the lakeshore experts to help you make an informed decision when buying or selling a lakefront property:

• Research the Location

Investigate the lake and its surroundings. Consider factors like water quality, proximity to amenities, and accessibility to the water. A property with stunning views, a primo beach, and nearby attractions will likely be more desirable to other home buyers and could have a higher resale value.

• Plan Your Waterfront Use

Do you have a boat and would like a dock, mooring, or boat launch? Are you an avid swimmer so water quality is important to you? Or are you just searching for the perfect water view? Deciding on your non-negotiables will help you narrow down what properties to look at. 

• Determine the Type of Lake Access

In the Lake Champlain Islands you will find deeded lake access, directly adjoining, or bisected lakefront. Lake access is shared among neighbors and the properties can be more affordable. Direct lakefront is directly adjoining the property. A bisected lakefront is when a road runs through the property.

Remember to take your time and carefully assess your needs and priorities when looking at a waterfront property. Purchasing lakefront real estate can be a fantastic investment, providing years of enjoyment and potential appreciation if you make well-informed decisions.

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Are you considering purchasing a Vermont lakefront property? If so, it is essential to partner with a Realtor who is a waterfront real estate specialist and can help you navigate the many nuances of owning a property on the water. Buying lakefront real estate can be an exciting and rewarding investment, but it also requires careful consideration due to its unique characteristics. Here are some tips to help you make an informed decision when buying a lakefront property:

1. Research the location

Investigate the lake and its surroundings. Consider factors like water quality, recreational activities available, proximity to amenities, and accessibility to the water. A lakefront property with stunning views, a primo beach, and nearby attractions will likely be more desirable to other home buyers and could have a higher resale value.

2. Decide how you intend to use the waterfront 

When you begin your search, decide how you plan to use the lakefront. Do you have a boat and would like a dock, mooring, or boat launch? Are you an avid swimmer so water quality is important to you? Or are you just searching for the perfect water view? Deciding on your non-negotiables will help you narrow down what properties to look at. 

3. Lake access, direct lakefront, and bisected lakefront

There are different types of lake access you can find in The Lake Champlain Islands: deeded lake access, directly adjoining, or bisected lakefront. Lake access is shared among neighbors and the properties can be more affordable. Direct lakefront is directly adjoining the property. A bisected lakefront is when a road runs through the property. In The Islands, many properties are bisected by the road and this comes with pros and cons and is something to consider while deciding what your ideal property would be.

4. Understand the property boundaries 

Ensure you know the exact boundaries of the property, including its waterfront limits. Verify any restrictions or rules concerning the use of the lakefront, docks, boats, and other amenities.

5. Review the Vermont Shoreland Protection Act

In 2014, the Vermont Legislature passed the Shoreland Protection Act which regulates shoreland development. If you plan to make modifications or build on a waterfront property, investigate the permitting process and potential restrictions. This is crucial to ensure legal compliance, and development feasibility to protect your investment's value and future enjoyment. It provides peace of mind by confirming that the property meets all regulations and environmental requirements to protect lake waters. 

6. Check flood zones and insurance 

Your Realtor can help you determine if the property is in a flood-prone area. Insurance costs can be significantly higher for waterfront properties, so consider these additional expenses in your budget. If the property is in a flood zone, take this into consideration and how it might affect your investment in the long term.

7. Investigate for any property damage

When looking at lakefront homes, ask your Realtor if there has been any flooding, erosion, or water damage to the property. When visiting a property, look for any signs of damage. If you decide to make an offer, a professional property inspection is highly encouraged to look into these matters further. 

8. Know the rules and regulations

Familiarize yourself with any zoning regulations, local ordinances, and/or homeowner association (HOA) rules that may affect the property. Some homes that have deeded or shared lake access, may have restrictions on noise, boat usage, or property modifications. 

9. Budget for ongoing costs

Lakefront properties often come with higher maintenance and insurance costs. Be prepared for additional expenses related to seasonal home maintenance such as watercraft maintenance, dock upkeep, and erosion prevention.

10. Hire a specialized waterfront real estate agent 

Working with an experienced local real estate agent who specializes in lakefront properties can be invaluable. They can guide you through the process, provide insights into the area, and help you find suitable properties based on your preferences.

 

Remember to take your time and carefully assess your needs and priorities when looking at a waterfront property. Purchasing lakefront real estate can be a fantastic investment, providing years of enjoyment and potential appreciation if you make well-informed decisions. Ready to start your lakefront home search? Our Realtors are waterfront specialists who have been helping people buy and sell Lake Champlain lakefront properties since 1996. The majority of our agents also are certified in Natural Shoreland Erosion Control Practices, allowing them to provide expert advice on improving your lakefront property while protecting Lake Champlain through best practices and referrals to certified professionals.

Get in touch with us today to start your lakefront home-buying journey. 

When it comes to understanding the Grand Isle County residential real estate market, there are several key metrics that can provide valuable insights for both buyers and sellers. Today, we will explore the correlation between these metrics to help you make informed decisions while buying or selling a home in Vermont. Metrics compare single-family home sales in June 2023 compared to May 2023.

First, let's examine the "1-Month Change in Active Inventory," which has seen an increase of +20.7% to 35 Active Listings. This percentage indicates the change in the supply of homes over the past month. A higher percentage suggests that more homes are available for sale, which could indicate a shift towards a buyer's market with more inventory options to choose from.

Next, we have the "Median Days Homes are On the Market," which currently sits at just 10 days. This metric represents how long it takes for a home to go from being listed to being sold. A low number like this indicates a fast-paced market, with homes being snatched up quickly. This can be advantageous for sellers looking for a quick sale but may require buyers to act swiftly.

Moving on, we have the list to sold price percentage, which currently sits at 102.3%. This metric shows the percentage of the listing price that a property actually sells for. A percentage over 100 indicates that homes are selling for more than their asking price, indicating a competitive market. Sellers can take advantage of this by pricing their homes strategically to maximize their profits.

Lastly, let's consider the "Median Sales Price," which is currently $417,500. This metric represents the middle value of all the prices at which homes have recently sold. It provides an understanding of the general price range in the market. For sellers, this figure can help set realistic expectations for their asking price, while buyers can gauge the affordability of properties.

Now, let's tie these metrics together. The increase in the "1-Month Change in Active Inventory" suggests a rise in available homes, potentially favoring buyers. The quick "Median Days Homes are On the Market" of just 10 days emphasizes the high demand for properties. 

Considering these metrics for residential properties in Grand Isle County, it's clear that the current real estate market is dynamic and competitive, with a high demand for homes and limited supply. Buyers should be prepared to act quickly and make competitive offers, while sellers may find favorable conditions to achieve higher sale prices. 

If you have any questions about the current real estate market or would like a personalized market analysis please contact us or call (802) 372-5777 and a Realtor will be in touch with you.

 

Are you curious about the current state of the Grand Isle County real estate market? Let's take a look at some key metrics to better understand what's going on.

First up, we have the Months Supply of Inventory, which currently stands at 4.09. This means that if no new homes were added to the market, it would take just over four months to sell all of the existing homes. So, we can say that the market is relatively balanced at the moment.

However, when we look at the 12-Month Change in Months of Inventory, we see that it has increased by a whopping 73.31%. This means that there are more homes available for sale than there were a year ago, which could lead to increased competition and lower prices.

Despite this increase in inventory, the Median Days Homes are On the Market is only six. This indicates that homes are selling quickly, likely due to low interest rates and high demand.

When it comes to List to Sold Price Percentage, we see that it is currently at 100.3%. This means that, on average, homes are selling for slightly more than their list price. This could be due to bidding wars or a lack of inventory in certain areas.

Finally, we have the Median Sold Price, which currently sits at $391,101. This is a good indicator of the overall health of the market, as it shows that home values are holding steady.

So, what can we conclude from these metrics? Overall, the market is relatively balanced, but there are more homes available for sale than there were a year ago. Despite this, homes are still selling quickly and for slightly more than their list price. And, most importantly, home values are holding steady.

As a buyer or seller, it's important to keep these metrics in mind when making decisions about the market. But remember, there are many other factors that can impact the buying and selling process, so it's always a good idea to consult with a real estate professional for personalized advice. To connect with a Realtor please contact us or call (802) 372-5777.

Thanks for tuning in, and happy house hunting!