November’s Hidden Home is an iconic stone home located in Isle La Motte. The home was built in 1829 with limestone from the Fisk Quarry and includes 4.4 acres with extensive gardens. The current owners completed extensive renovations to the property that respect the original features of the home while modernizing it for comfortable year-round living.
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October’s Hidden home is a stunning covert colonial in Essex, Vermont. The four-bed, four-bath residence is tucked back on 11.9 acres with a mix of mature trees, meadows, and gardens. Enjoy an in-ground pool and beautiful views of the Green Mountains from the elegant deck.
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Real Estate Market Trends have been released for August 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 area. Metrics are for single-family home sales in August 2023 compared to July 2023 and August 2022.
Let’s start by examining the number of “New Listings,” which was at 19 for August. That is an 11.8% increase from the previous month and a 17.1% increase from last year. With the rise in new listings on the market, buyers may have more options. However, “Active Inventory” is at 26 single-family homes which is lower than the previous month and this time last year. So while new listings increased, we are still seeing limited inventory.
Next, we’ll look at "Months Supply of Inventory," which stands at 3.1. This metric represents the number of months it would take to sell all the existing homes on the market, given the current level of demand. A lower number typically indicates a seller's market, where demand exceeds supply, resulting in higher prices and quicker sales.
Another crucial factor to consider is the "Median Days Homes are On the Market," which currently stands at 12 days. This metric indicates the average number of days it takes for a home to go under contract. With such a short timeframe, it is clear that the market is highly active and homes are selling swiftly. Sellers can take advantage of this trend by pricing their homes competitively and positioning themselves for quick sales.
Moving on, we have the "List Price Received," which sits at a remarkable 99.4%. This metric represents the percentage of the initial listing price that homes are actually sold for. A high percentage indicates that sellers are achieving close to their asking price, demonstrating a strong market with motivated buyers willing to meet the seller's demands.
Lastly, let's discuss the "Median Sales Price," which is currently at an impressive $600,000. This metric represents the middle point of all sold homes' prices, indicating the market's overall value. A higher median sold price signifies a strong market with desirable properties, while a lower price may indicate more affordable options for buyers. It is important to keep in mind that in Grand Isle County there are fewer sales so this number can be skewed if a home with a higher price sells. It is important to talk to your real estate agent to understand home prices in your market.
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 a real estate agent who understands the Vermont 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.
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:
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.
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.
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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70 East Shore N, Grand Isle, VT
List Price: $1,200,000
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3656 West Shore Rd, Isle La Motte, VT
List Price: $699,000
