The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for September 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

New Listings decreased 10.4 percent for single-family homes and 10.4 percent for townhouse-condo properties. Pending Sales increased 0.4 percent for single-family homes but decreased 11.3 percent for townhouse-condo properties. Inventory decreased 40.5 percent for single-family homes and 47.7 percent for townhouse-condo properties.

The Median Sales Price was up 15.7 percent to $395,000 for single-family homes and 0.5 percent to $284,050 for townhouse-condo properties. Days on Market decreased 35.6 percent for single-family homes and 33.3 percent for townhouse-condo properties. Months Supply of Inventory decreased 41.7 percent for single-family homes and 46.2 percent for townhouse-condo properties.

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

If you have questions about the real estate market please contact us at (802) 372-5777 or request a complimentary market analysis today.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for June 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing-home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.

New Listings decreased 3.3 percent for single-family homes but increased 27.1 percent for townhouse-condo properties. Pending Sales decreased 4.6 percent for single-family homes and 8.9 percent for townhouse-condo properties. Inventory decreased 43.9 percent for single-family homes and 34.0 percent for townhouse-condo properties.

The Median Sales Price was up 18.5 percent to $385,000 for single-family homes and 10.3 percent to $290,000 for townhouse-condo properties. Days on Market decreased 61.3 percent for single-family homes and 34.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 51.7 percent for single-family homes and 41.2 percent for townhouse-condo properties.

The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand, with housing starts up 3.6% in May from April, according to the Commerce Department. As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.

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