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%

Welcome to our latest market update for single-family home sales in Northwest Vermont. As we move into the heart of summer, it's essential for both buyers and sellers to stay informed about current market conditions. This month, we have seen some interesting trends that highlight the dynamic nature of our local real estate market. While we remain in a seller's market, the market is not as competitive as we’ve seen in the last couple of years. Let's dive into the key statistics for June 2024 and understand what they mean for you.

What These Numbers Mean for Buyers and Sellers

Median Sales Price

The median sales price has risen to $525,000, reflecting a 3.3% increase from the previous month and a 5.2% rise from June 2023. This consistent growth in home values is good news for sellers, indicating a strong market where properties continue to appreciate. For buyers, while higher prices may seem daunting, it also signals that investing in real estate in Northwest Vermont is likely to yield long-term gains.

Closed Sales

With 159 closed sales in June, we see a significant 13.6% increase from May 2024, though there's a 7.6% decrease from June 2023. This uptick in month-over-month sales suggests a bustling market as we enter summer. However, the year-over-year decrease indicates a slight cooling compared to last year. Sellers can be encouraged by the recent increase in activity, while buyers should be prepared to move quickly as homes are selling at a brisk pace.

Median Days On Market

The median days on market remain steady at 6 days, unchanged from both the previous month and last year. This stability indicates a balanced market where well-priced homes sell rapidly. For sellers, this means ensuring your home is competitively priced and market-ready to attract quick offers. For buyers, it underscores the importance of being ready to act fast when you find the right property.

List Price Received

Sellers are receiving an average of 102.8% of their list price, up 1.4% from May 2024 but slightly down by 0.7% from June 2023. This high percentage shows that many homes are still selling above the asking price, reflecting strong buyer demand. Sellers can take advantage of this by pricing their homes strategically. Buyers should be prepared to offer above the list price to stay competitive in desirable areas.

New Listings

There were 251 new listings in June, a 7.7% decrease from May 2024 but a 13.1% increase from June 2023. This indicates a healthy flow of new properties entering the market, providing more options for buyers. However, the month-over-month decrease suggests a slight slowdown in new listings. Sellers should note the increased competition from new listings compared to last year and ensure their properties stand out.

Active Inventory

The active inventory has grown to 300 homes, marking a 14.5% increase from the previous month and a substantial 33.9% increase from June 2023. This rise in available homes is beneficial for buyers, offering more choices and potentially easing some of the competitive pressure. For sellers, it means there’s more competition, so presenting your home in the best possible light is crucial.

Months Supply of Inventory

The months supply of inventory is now at 1.9, a slight 0.8% increase from May 2024 and a significant 44.9% increase from June 2023. This measure indicates how long it would take to sell all the current listings at the current sales pace. A rising months supply suggests the market is moving toward a more balanced state, although it remains a seller’s market. For buyers, this shift could mean slightly less competition and more negotiating power. Sellers, on the other hand, should be aware that the market is gradually balancing and price their homes accordingly.

Get a Personalized Market Analysis

Understanding these 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. By partnering with a local real estate expert, you can navigate this competitive market with confidence. Local experts have the knowledge and experience to guide you through every step of the process, ensuring you make informed decisions.

Why Partner with a Local Real Estate Expert?

Local real estate experts understand the nuances of the Vermont market. They can offer valuable advice on pricing, marketing strategies, and negotiation tactics. Their expertise can make the difference between a successful transaction and a missed opportunity. Whether you're a buyer looking for your dream home or a seller aiming to maximize your investment, having a trusted professional by your side is invaluable.

Ready to Make Your Move?

If you’re considering buying or selling a home in Northwest Vermont, now is the time to act. Contact us today for a personalized market analysis and let us help you achieve your real estate goals. Together, we can turn your real estate dreams into reality.

 

Northwest Vermont Market Review By County:

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

Chittenden County:

• Active Inventory = 147

• Median Sales Price = $651,326

• Median Days On Market = 6

• Closed Sales = 98

• List Price Received = 103.7%

Franklin County:

• Active Inventory = 105

• Median Sales Price = $379,000

• Median Days On Market = 7

• Closed Sales = 55

• List Price Received = 101.8%

Grand Isle County:

• Active Inventory = 48

• Median Sales Price = $477,00

• Median Days On Market = 32

• Closed Sales = 6

• List Price Received = 98.2%

Spring has arrived in Northwest Vermont, and with it, a bustling real estate market that's picking up steam. If you're thinking about buying or selling a home, now is a great time to understand what's happening in our local market. This blog post will walk you through some key statistics and explain why these numbers matter to you. Let's dive in! Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County in April 2024.

The real estate market in Northwest Vermont is known for being seasonal, with spring typically bringing more activity. This year is no exception. We're seeing a steady start to the spring market, with more listings becoming available. Whether you're a buyer or a seller, it's crucial to stay informed about the current trends and statistics.

• Median Sales Price = $507,500

The median sales price of $507,500 indicates that home values are on the rise. This is great news for sellers because it means you might get more money for your home compared to last year. For buyers, it's a sign that investing in property here could be a good long-term decision, as home values are appreciating.

• Closed Sales = 88

With 88 closed sales in April, there's been an 8.6% increase from the previous month. However, there's a 7.4% decrease compared to April 2023. This suggests that while more homes are selling this spring, the market is still catching up to last year's pace.

• Median Days on Market = 6

Homes are staying on the market for a median of 6 days, which is a 25% decrease from the previous month. However, this is a 20% increase from April 2023. If you're selling, this means your home is likely to sell quickly. Buyers, be ready to move fast when you find a home you love, as properties are still moving quickly.

• List Price Received = 99.5%

Sellers are getting 99.5% of their list price on average. While this is slightly down from the previous month, it's still very close to full asking price. This means that pricing your home correctly is essential to getting top dollar. Buyers, you can expect to pay near the asking price, so be prepared for negotiations to be competitive.

• New Listings = 166

With 166 new listings in April, there's a significant increase from both the previous month and April 2023. This is great news for buyers, as more options are coming onto the market. Sellers, more listings mean more competition, so make sure your home stands out.

• Active Inventory = 171

There are 171 active listings in our region, showing a small increase from the previous month and last year. This balanced increase helps keep the market dynamic and gives buyers more choices. Sellers, you'll need to make your home appealing to attract buyers in this growing inventory.

 

Northwest Vermont Market Review By County:

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

Chittenden County:

• Active Inventory = 71

• Median Sales Price = $525,000

• Median Days On Market = 6

• Closed Sales = 59

• List Price Received = 99.7%

Franklin County:

• Active Inventory = 75

• Median Sales Price = $372,500

• Median Days On Market = 8

• Closed Sales = 24

• List Price Received = 99.1%

Grand Isle County:

• Active Inventory = 25

• Median Sales Price = $662,500

• Median Days On Market = 12

• Closed Sales = 5

• List Price Received = 98.8%

 

Partner with a Local Real Estate Expert

Navigating the Northwest Vermont real estate market can be competitive and complex. Market conditions can vary by county, town, and property type. That's why it's essential to partner with a local real estate expert. They can provide you with a detailed market analysis tailored to your area of interest, helping you make informed decisions whether you're buying or selling.

A market analysis gives you a comprehensive look at current market conditions, comparable home sales, and pricing strategies. This information is crucial for setting the right price for your home or making a competitive offer as a buyer.

The Benefits of Working with a Local Expert

Our Realtors work throughout Northwest Vermont and have in-depth knowledge of the Vermont market. They understand the seasonal trends, neighborhood specifics, and what buyers and sellers are looking for. With their expertise, you can navigate the market confidently and achieve your real estate goals.

If you're ready to take the next step in your real estate journey, contact us today for a personalized market analysis. Let's work together to make your home buying or selling experience in Northwest Vermont a success.

 

Welcome, savvy homebuyers and sellers, to our latest update on the bustling real estate scene right here in Northwest Vermont! As we transition into the spring season, the market is abuzz with activity, promising a steady flow of listings and opportunities for both buyers and sellers alike.

Let's dive into some key statistics from March 2024 to get a clear picture of what's been happening in our neck of the woods:

1. Median Sales Price: $494,500

The median sales price for single-family homes has seen a remarkable 13.8% surge from the previous month and a substantial 17.7% increase compared to March 2023. This uptrend underscores the robust demand for properties in our region, indicating a healthy and thriving market.

2. Closed Sales: 81

Despite a slight dip of 1.2% compared to March last year, the number of closed sales has surged by an impressive 24.6% from the previous month. This uptick signals a growing appetite among buyers, eager to secure their dream homes in our picturesque corner of Vermont.

3. Median Days on Market: 7

With a median of just 7 days on the market, homes are selling swiftly, albeit showing a slight uptick of 7.7% from the previous month. This underscores the importance of acting decisively in today's competitive market environment, whether you're buying or selling.

4. List Price Received: 100.5%

Sellers rejoice! Home sellers are receiving, on average, slightly over their list price, reflecting a market where demand often outstrips supply. This figure, while a 1% decrease from March 2023, still indicates a strong seller's market, providing an excellent opportunity for those looking to make a lucrative sale.

5. New Listings: 132

The influx of 132 new listings represents a substantial 45.1% increase from the previous month and a 6.5% uptick from March last year. This surge in inventory bodes well for buyers, offering a wider selection of properties to choose from as they embark on their home-buying journey.

6. Active Inventory: 159

While there's been a modest 1.3% increase from the previous month, the active inventory has seen a notable 4.6% rise compared to March 2023. This expanding inventory presents both buyers and sellers with more opportunities and flexibility in their transactions.

Northwest Vermont Market Review By County:

Statistics are for single-family home sales.

Chittenden County:

• Active Inventory = 73
• Median Sales Price = $544,950
• Median Days On Market = 7
• Closed Sales = 46
• List Price Received = 102.3%

Franklin County:

• Active Inventory = 59
• Median Sales Price = $334,000
• Median Days On Market = 5
• Closed Sales = 31
• List Price Received = 98.7%

Grand Isle County:

• Active Inventory = 27
• Median Sales Price = $335,000
• Median Days On Market = 164
• Closed Sales = 4
• List Price Received = 94.1%

Now, why are these statistics crucial for you, whether you're in the market to buy or sell?

For buyers, these numbers paint a picture of a dynamic and competitive market. The surge in new listings and steady rise in inventory provide you with more options to explore, but it also underscores the importance of acting swiftly. With homes selling rapidly and often above asking price, being prepared and working with a knowledgeable local real estate expert is key to securing your dream home at the best possible terms.

For sellers, these statistics highlight the opportune moment to capitalize on the robust demand for properties in our region. The increase in median sales price and the trend of homes selling above list price demonstrate a seller's market, but it's essential to navigate this landscape wisely. Partnering with a seasoned real estate professional who understands the nuances of our local market can help you position your property effectively and maximize your returns.

So, whether you're looking to buy or sell, now is the time to take advantage of the vibrant real estate market in Northwest Vermont. Don't navigate this journey alone—reach out to a local expert who can guide you every step of the way.

Ready to unlock the potential of the Northwest Vermont real estate market? Contact us today for a comprehensive market analysis tailored to your area of interest. Let's embark on this exciting journey together and turn your real estate goals into reality!

 

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!