The summer real estate season is in full swing here in Northwest Vermont, and July 2024 has brought some noteworthy changes to the market. Whether you’re a potential buyer or seller, understanding these trends is key to making informed decisions. Let’s dive into the latest data on single-family home sales in our region and what it means for you. Data is for single-family home sales in Grand Isle, Chittenden, and Franklin Counties. 

What These Numbers Mean for Buyers and Sellers

• Median Sales Price

The median sales price has climbed to $540,100, reflecting a 2.9% increase from the previous month and a significant 12.5% rise from last year. For sellers, this continued growth in home values means that the market remains strong, offering an excellent opportunity to capitalize on your investment. For buyers, while the rising prices might seem daunting, it’s a sign of a robust market where your investment is likely to appreciate over time.

• Closed Sales

With 174 closed sales in July, the market has seen a 10.1% increase from June and a 10.8% increase from July 2023. This uptick in sales activity indicates that buyers are still actively purchasing homes, even as prices rise. For sellers, this is a good indicator that demand remains high, making it a favorable time to list your property. Buyers, on the other hand, should be prepared to act quickly as competition remains strong.

• Median Days On Market

The median days on market have increased to 10 days, which is a 66.7% jump from the previous month and a 42.9% increase from last year. This suggests that homes are taking a bit longer to sell compared to earlier in the year. For sellers, this could mean that pricing your home competitively and ensuring it’s in top condition is more important than ever. Buyers might find this increase in days on market to their advantage, as it could signal slightly less urgency and offer more time to make decisions.

• List Price Received

Sellers received an average of 102.1% of their list price, which is down slightly by 0.7% from June and 1.5% from July 2023. While still above 100%, this slight decrease suggests that the market may be balancing out, with fewer homes selling well above asking price. For sellers, it’s crucial to set a realistic price to attract serious buyers. Buyers may find this trend encouraging, as it could indicate more negotiating power.

• New Listings

The number of new listings has dropped to 204, an 18.4% decrease from June but a 13.3% increase from July 2023. This decrease from the previous month could lead to less competition among sellers, but the year-over-year increase shows that more homeowners are deciding to sell. For sellers, less competition in the short term might help your property stand out, while buyers should still see a healthy number of options compared to last year.

• Active Inventory

Active inventory has risen to 311 homes, marking a 2.3% increase from the previous month and a substantial 42% increase from July 2023. This growing inventory is good news for buyers, offering more choices and potentially easing some of the competition for available homes. Sellers should be aware of the increased competition and consider strategies to make their listings more attractive, such as competitive pricing or home staging.

• Months Supply of Inventory

The months supply of inventory has decreased slightly to 1.8 months, a 7.1% drop from June 2024 but still a significant 28.1% increase from July 2023. This metric indicates how long it would take to sell all the current listings at the current sales pace. Despite the small monthly decrease, the year-over-year increase suggests the market is slowly moving toward a more balanced state. For buyers, this could mean less pressure to make hasty decisions, while sellers should remain mindful of the growing inventory when setting expectations.

 

Why a Market Analysis is Essential

Understanding these market trends is crucial whether you’re buying or selling in Northwest Vermont. A personalized market analysis can provide deeper insights tailored to your specific area of interest, helping you make informed decisions. This analysis can reveal how your property compares to others on the market, what you might expect to pay as a buyer, or what price you should set as a seller.

Partnering with a Local Real Estate Expert

Navigating the Vermont real estate market can be challenging, especially with the competitive conditions we’re seeing this summer. By partnering with a local real estate expert, you gain access to their extensive knowledge of the market, their understanding of area trends, and their ability to negotiate on your behalf. Whether you’re looking to buy your dream home or sell your property for the best possible price, having a trusted professional by your side can make all the difference.

Ready to Take the Next Step?

If you’re considering buying or selling a home in Northwest Vermont, don’t go it alone. Contact us today for a personalized market analysis tailored to your specific needs. Let us help you navigate this competitive market with confidence, ensuring that you achieve your real estate goals.

 

Northwest Vermont Market Review By County:

Statistics are for single-family home sales in July 2024.

Chittenden County:

• Active Inventory = 155

• Median Sales Price = $645,000

• Median Days On Market = 9

• Closed Sales = 114

• List Price Received = 102.9%

Franklin County:

• Active Inventory = 109

• Median Sales Price = $415,000

• Median Days On Market = 11

• Closed Sales = 45

• List Price Received = 100.7%

Grand Isle County:

• Active Inventory = 47

• Median Sales Price = $589,000

• Median Days On Market = 15

• Closed Sales = 15

• List Price Received = 100.2%

Join us on Saturday, August 31st, for an engaging panel discussion featuring local experts in real estate, interior design, and financing. Learn how to maximize your property’s worth with insights from Realtor Joy Gess, Interior Designer Britt Mee, and Loan Officer Kelly Deforge.

When: Saturday, August 31st, 10am - 11am
Where: Worthen Library, 28 Community Lane, South Hero, VT

Panel Topics Include:

• Realtor, Joy Gess, will share the latest market trends and share the dynamics of seller vs. buyer markets. Learn how to make your home "show-ready" and why representation matters in today's competitive market.
• Interior Designer, Britt Mee will be sharing inspiring before-and-afters and how design services can transform your home. Get the inside scoop on which home improvements offer the best return on investment.
• Loan Officer, Kelly Deforge will help you navigate the mortgage landscape with ease. Learn about different mortgage products and how rate history impacts your buying and selling decisions in today's market.

Don’t miss this opportunity to gain valuable insights and take the next step toward maximizing your home's value. Reserve your spot today!

Learn more about our panelists:

• Joy Gess, Realtor at Coldwell Banker Islands Realty
• Britt Mee, Owner at Vermont Interior Design
• Kelly Defore, Senior Mortgage Loan Originator at Union Bank

Greetings, fellow real estate enthusiasts! Today, we're diving into the dynamic market of Northwest Vermont, unpacking key statistics from February 2024 to help you understand the trends shaping buying and selling decisions in our region. Whether you're considering purchasing your dream home or selling your property, knowledge is your greatest asset. Let's explore the numbers and what they mean for you. These statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County. 

Median Sales Price: $432,250

February saw a 6% decrease from the previous month and a 3.7% decrease compared to February 2023. While this may seem like a downturn, it's essential to understand the broader context. For buyers, this indicates potential opportunities for more affordable purchases, while sellers may need to adjust their pricing strategies accordingly.

Closed Sales: 64

There was a notable 41.3% decrease from the previous month and a 5.9% decrease from February 2023. This decline in closed sales reflects a slowdown in the market, which could be attributed to various factors such as seasonal fluctuations or shifts in buyer demand. Buyers may find less competition, while sellers might need to be patient and strategic in their approach.

Median Days On Market: 6

With a remarkable 76% decrease from the previous month and a 25% decrease from February 2023, homes are spending less time on the market. This swift pace underscores the urgency for both buyers and sellers to act decisively. Buyers should be prepared to make quick decisions, while sellers can capitalize on favorable conditions by ensuring their properties are market-ready.

List Price Received: 99.6%

While there was a marginal 0.1% decrease from the previous month, February 2024 saw a 0.1% increase from the same period last year. This statistic indicates that sellers are generally receiving close to their asking price, highlighting the stability of the market. For sellers, it underscores the importance of pricing properties accurately, while buyers should be prepared to negotiate within a narrow margin.

New Listings: 91

There was no change from the previous month, but February 2024 saw a 1.1% increase compared to the same period last year. This steady influx of new listings provides buyers with a diverse range of options to explore. Sellers, however, may face increased competition and should focus on showcasing the unique features of their homes to stand out in the market.

Active Inventory: 141

Despite a 6.6% decrease from the previous month, February 2024 witnessed a 3.7% increase compared to February 2023. This balance between supply and demand is crucial for maintaining a healthy market environment. Buyers have a reasonable selection of homes to choose from, while sellers should be mindful of market conditions when pricing their properties.

Northwest Vermont Market Review By County:

Chittenden County:

• Active Inventory = 64
• Median Sales Price = $566,500
• Median Days On Market = 6
• Closed Sales = 37
• List Price Received = 100.7%

Franklin County:

• Active Inventory = 54
• Median Sales Price = $339,950
• Median Days On Market = 7
• Closed Sales = 24
• List Price Received = 97.9%

Grand Isle County:

• Active Inventory = 24
• Median Sales Price = $300,000
• Median Days On Market = 64
• Closed Sales = 3
• List Price Received = 101.0%

As you can see, these statistics offer valuable insights for both Vermont buyers and sellers alike. Whether you're looking to purchase your first home, upgrade to a larger space, or sell your current property, understanding the nuances of the Northwest Vermont real estate market is essential for making informed decisions.

If you're curious about how these trends specifically impact your area of interest, please reach out for a personalized market analysis. By leveraging the expertise of a seasoned real estate professional, you can navigate the complexities of the market with confidence and clarity.

In conclusion, the Northwest Vermont real estate market presents a unique blend of opportunities and challenges. By staying informed and proactive, you can position yourself for success in achieving your real estate goals. Happy house hunting!

For a complimentary market analysis tailored to your needs, contact us today!

 

Welcome, future homeowners and sellers! Today, we're diving into the bustling real estate scene of Northwest Vermont. Whether you're considering buying or selling, understanding the latest trends and statistics is crucial. Let's break down the key points from January 2024 to help you make informed decisions. These statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County. 

Median Sales Price:

• In January 2024, the median sales price for single-family homes in Northwest Vermont stood at $460,000. This figure marks a 5.7% increase from the previous month and a substantial 7% rise from January 2023. For buyers, this signals a growing market where property values are appreciating, potentially leading to higher investment returns in the long run. Sellers can rejoice at the prospect of fetching better prices for their homes, reflecting a healthy and competitive real estate landscape.

Closed Sales:

• Despite a 13.5% decrease from the previous month, January 2024 saw a 23.9% increase in closed sales compared to the same period last year. This suggests a robust demand for homes in Northwest Vermont. Buyers should be prepared to act swiftly when they find a property that meets their needs, as competition remains stiff. Sellers can leverage this demand to their advantage, but pricing their homes competitively and ensuring they stand out in a crowded market will be key to attracting buyers.

Median Days On Market (DOM):

• The median DOM rose significantly to 25 days, marking an 85.2% increase from the previous month and doubling from January 2023. This shift indicates a slight cooling in the market compared to the rapid pace seen in previous months. Buyers may find more breathing room to conduct thorough inspections and negotiations, while sellers should be mindful of pricing strategies to avoid prolonged listing periods.

List Price Received:

• Sellers received approximately 99.7% of their list price in January 2024, reflecting a slight dip from the previous month and a marginal decrease from the same period last year. While this may signal a slight softening in negotiations, it still indicates a seller-friendly market where buyers are willing to meet asking prices. Buyers should be prepared to negotiate effectively, while sellers should aim for realistic pricing to attract motivated buyers.

Active Inventory:

• The active inventory in Northwest Vermont decreased by 19.2% from the previous month but increased by 4.3% compared to January 2023. This suggests a tightening of available housing stock in our area, potentially leading to increased competition among buyers. Buyers should act decisively and consider broadening their search criteria to find suitable options. Sellers, on the other hand, may benefit from listing their properties in a market with limited inventory, potentially leading to quicker sales and favorable terms.

Months Supply of Inventory (MSI):

• The MSI decreased to 1.3 months, marking a 6.6% decrease from the previous month and a 15.8% decrease from January 2023. A lower MSI indicates a seller's market, where demand outpaces supply. For buyers, this means facing heightened competition and possibly needing to make stronger offers to secure a desired property. Sellers can capitalize on the low MSI by strategically pricing their homes and leveraging the scarcity of available inventory to their advantage.

Northwest Vermont Market Review By County:

Chittenden County:

• Active Inventory = 80
• Median Sales Price = $523,500
• Median Days On Market = 12
• Closed Sales = 78
• List Price Received = 100.6%

Franklin County:

• Active Inventory = 49
• Median Sales Price = $327,500
• Median Days On Market = 34
• Closed Sales = 24
• List Price Received = 97.6%

Grand Isle County:

• Active Inventory = 22
• Median Sales Price = $420,000
• Median Days On Market = 44
• Closed Sales = 7
• List Price Received = 97.4%

In conclusion, the Northwest Vermont real estate market continues to exhibit strength and resilience, with both buyers and sellers finding opportunities in the current landscape. Whether you're looking to buy or sell, staying informed about market trends and statistics is key to making sound decisions.

Ready to explore your options further? Contact us today for a personalized market analysis tailored to your area of interest. Let's navigate the Vermont real estate market together! Contact us now for a complimentary market analysis of your area!

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.