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!

The sizzling summer house-hunting season is off to a busy start! Before embarking on your search for a Vermont home, it’s crucial to be mindful of common mistakes that can impede your search and potentially result in regretful decisions. Familiarize yourself with these pitfalls to better prepare yourself this summer. 

1. Not getting pre-approved 

No matter the season, talking to a lender and getting prequalified for a mortgage before you start looking at Vermont real estate is essential. This will give you a better idea of how much you may be able to borrow, which will help you determine how much you can spend on a home. Tell your lender once you find a home you want to make an offer on.

2. Neglecting to establish priorities

Before beginning your search, clearly define your priorities and non-negotiables. Consider factors such as location, amenities, size, and budget. Knowing what you want will help you stay focused and avoid wasting time on properties that don't align with your needs.

3. Getting caught up in the summer frenzy 

The fast-paced nature of the summer housing market can lead to rushed decisions. It's important to remain level-headed and not let the competitive atmosphere sway you into impulsive choices. Take the time to thoroughly assess each property and consult with your real estate professional before making an offer.

4. Forgetting about future considerations

While you are in a summer state of mind, it's essential to consider the property's suitability beyond the summer months. Think about its year-round functionality, potential for rental income, and how it aligns with your long-term plans.

5. Not working with a local real estate agent

Attempting to navigate the summer housing market alone can be overwhelming and potentially detrimental. Consider hiring a Vermont REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you.  They will provide invaluable guidance, help you navigate the process, and negotiate on your behalf.

By avoiding these common mistakes, you'll be better equipped to make informed decisions, find a home that meets your needs, and ensure a successful summer house-hunting experience. Ready to start your search for your Vermont home? Schedule a buyer consultation with a Vermont real estate professional today or start getting to know the real estate market in your desired area with our MLS Search tool.

Nestled on the tranquil West Shore, this covert Colonial dwelling offers picturesque vistas of Lake Champlain and the Adirondack Mountains. Situated on 15 private acres, it boasts a serene setting with 216 feet of shared deeded lake frontage. 

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U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month over- month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings decreased 25.3 percent for single-family homes and 36.0 percent for townhouse-condo properties. Pending Sales decreased 22.5 percent for single-family homes and 26.3 percent for townhouse-condo properties. Inventory decreased 3.3 percent for single-family homes and 2.3 percent for townhouse-condo properties.

The Median Sales Price was up 1.5 percent to $441,050 for single-family homes and 10.0 percent to $385,000 for townhouse-condo properties. Days on Market increased 55.6 percent for single-family homes and 26.1 percent for townhouse condo properties. Months Supply of Inventory increased 20.0 percent for single family homes and 14.3 percent for townhouse-condo properties.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.

Considering a move and wondering what your options are this spring? We're here to help. Contact us today.