The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings increased 9.1 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 7.8 percent for singlefamily homes and 19.4 percent for townhouse-condo properties. Inventory increased 1.8 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties. The Median Sales Price was up 6.3 percent to $420,000 for single-family homes and 31.3 percent to $362,000 for townhouse-condo properties. Days on Market decreased 10.5 percent for single-family homes but remained flat for townhouse-condo properties. Months Supply of Inventory increased 22.2 percent for detached homes but remained flat for townhouse-condo properties.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

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

 

 

 

Please join us in congratulating 2022 Coldwell Banker Award Winners, Franz Rosenberger, and Evan Potvin! These agents are ranked among the top sales professionals in the Coldwell Banker global network. Franz and Evan are true trailblazers who go above and beyond for their clients. We’re honored to have them as leaders of our team. Congratulations on these outstanding achievements; we wish you continued success in 2023.

Franz Rosenberger received the 2022 International President’s Elite Award, representing the top 2% of Coldwell Banker agents globally.

Evan Potvin received the 2022 International President’s Circle Award, representing the top 5% of Coldwell Banker agents globally.

 

From Lake Champlain Island town spotlights to real estate humor, Coldwell Banker Islands Realty shares a variety of real estate content on social media. We wrapped up our top posts from the past two months in this blog post! Check them out below.

1. Hiking in Vermont: Sunny Hollow Trails

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

 

2. Why Would You Buy A Home Without A Realtor

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

 

3. Welcome To Alburgh, Vermont

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

 

Make sure to follow us on social media to see beautiful Vermont homes, real estate education, and local town insights!

One of our main marketing channels at Coldwell Banker Islands Realty is social media. Short-form video has taken over social media and we are leveraging this to highlight listings, the area, and more. These videos reach a broader audience, have higher engagement, and lead to more views on the listing page maximizing the listing's exposure. Check out our top-performing videos of 2022 below.

1. Just Sold: Isle La Motte Farmhouse

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

This first video was shared on Instagram to celebrate a recent closing. It highlights a charming farmhouse in Isle La Motte that was very popular among viewers. It reached over 11,000 people and received 307 likes.  

2. Farmhouse Appreciation

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

This Farmhouse Appreciation video was meant to highlight a listing. This home was extensively renovated and it came out beautifully while maintaining the original character of a Vermont farmhouse. It reached over 10,000 people and received 197 likes. 

3. Wait Till You See The Waterslide

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Coldwell Banker Islands Realty (@cbislandsrealty)

The last video is another listing video to highlight a feature of the home. This unique home is an outdoor recreation enthusiast's dream with an in-ground pool with a waterslide, recreational trails, a pond, and a rec cabin. The video reached over 7,000 people and received 184 likes. 

 

Make sure to follow us on our social media platforms to see beautiful homes and all other things Vermont real estate related!

 

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing home and pending home sales have continued to slow as we move into winter.

New Listings decreased 28.1 percent for single-family homes and 31.0 percent for townhouse-condo properties. Pending Sales decreased 32.2 percent for single-family homes and 27.9 percent for townhouse-condo properties.

Inventory decreased 0.9 percent for single-family homes and 29.5 percent for townhouse-condo properties. The Median Sales Price was up 5.7 percent to $438,500 for single-family homes and 19.6 percent to $330,000 for townhouse-condo properties. Days on Market decreased 37.1 percent for single-family homes but increased 14.3 percent for townhouse-condo properties. Months Supply of Inventory increased 25.0 percent for single-family homes but increased 28.6 percent for townhouse/condo properties.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.

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