housing market

Navigating the Northwest Vermont Real Estate Market: Trends For February 2024

Graphic of Northwest Vermont Real Estate Market Trends February 2024

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!

 

Navigating the Northwest Vermont Real Estate Market: Trends For January 2024

January 2024 Market Trends In Northwest Vermont

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!

 

Vermont Real Estate Market Update: November 2022

Vermont Real Estate Market Update November 2022

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.

Vermont Real Estate Market Update: October 2022

Infographic Vermont Real Estate Market Update Oct 2022

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New Listings decreased 9.2 percent for single-family homes and 2.1 percent for townhouse-condo properties. Pending Sales decreased 21.0 percent for single-family homes but increased 1.9 percent for townhouse-condo properties.

Inventory decreased 9.0 percent for single-family homes and 29.2 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $435,000 for single-family homes and 16.3 percent to $330,000 for townhouse-condo properties. Days on Market decreased 6.7 percent for single-family homes and 45.8 percent for townhouse condo properties. Months Supply of Inventory increased 6.7 percent for single-family homes but increased 25.0 percent for townhouse-condo properties.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Do you have questions about the current market? We're here to help. Contact us today.

Vermont Real Estate Market Update: May 2022

Vermont Real Estate Market Update May 2022

After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.

New Listings decreased 6.7 percent for single-family homes but increased 17.9 percent for townhouse-condo properties. Pending Sales remained flat for single-family properties but increased 20.8 percent for townhouse-condo properties. Inventory decreased 35.8 percent for single-family homes and 28.3 percent for townhouse-condo properties. The Median Sales Price was up 15.8 percent to $439,950 for single-family homes and 26.7 percent to $332,500 for townhouse-condo properties. Days on Market decreased 29.0 percent for single-family homes and 50.0 percent for townhouse-condo properties. Months Supply of Inventory decreased 28.6 percent for single-family homes and 25.0 percent for townhouse-condo properties.

The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

Do you have questions about the current market? We're here to help. Contact us today.

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