As we head into the winter months, the real estate market in Northwest Vermont continues to shift. November brought some notable changes in single-family home sales that both homebuyers and sellers should pay attention to as they plan their next steps. Here’s a closer look at the latest trends and how they might impact you. Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County.

Median Sales Price

The median sales price skyrocketed to $550,000, a significant 16.8% jump from October and a robust 14.6% increase compared to November 2023. For people considering selling, this increase highlights strong home value appreciation in the region, making it an excellent time to list. A higher price point could allow you to maximize your return, especially if your property is in great condition and priced competitively. Homebuyers, however, should plan carefully. While prices are higher, they reflect the strong demand and limited supply in the market, which means acting decisively when you find a home that fits your needs is crucial.

Closed Sales

Number of homes sold fell to 117, a 21.5% decrease from October and a 7.9% drop from last November. For home sellers, this decrease in sales volume signals a slower pace of transactions, which may require extra patience as home purchasers navigate the holiday season. Effective marketing and competitive pricing will help your property stand out. Homebuyers may benefit from the reduced pace as fewer sales could create opportunities to negotiate terms, especially if homes remain on the market longer.

Median Days on Market

The average home in Northwest Vermont spent 13 days on the market, up slightly by 8.3% from October and up 4% compared to November 2023. For sellers, this slight increase means you might need to invest more time in preparing your home to make a strong impression on buyers. However, homes are still selling quickly overall, indicating continued demand for well-maintained, appropriately priced properties. Buyers can use this extended timeframe to their advantage, allowing for a more thoughtful search while still staying alert to high-demand listings that might move quickly.

List Price Received

On average, home sellers received 100.1% of their asking price, a modest 0.2% decrease from October and a 1.1% decline from November 2023. Sellers should interpret this as a sign of a still competitive market where buyers are willing to pay close to the asking price for desirable homes. For homebuyers, the slight dip suggests a bit more room for negotiation, particularly on homes that have been on the market longer.

New Listings

New listings fell sharply to 103, a 42.1% drop from October and a 2.8% decline from last year. For sellers, this lower level of competition could work in your favor, as fewer homes on the market mean your property has a better chance of attracting attention. Buyers, on the other hand, will need to act quickly with fewer new options available. Planning your search carefully and partnering with a local expert can help you navigate this constrained supply.

Active Inventory

Active inventory decreased to 262 homes, a 25.1% drop from October, though it remains 20.7% higher than last November. Sellers should note that while there are fewer active listings compared to the previous month, the year-over-year increase in inventory suggests buyers have more choices than they did a year ago. Buyers benefit from this broader selection, giving them more opportunities to find a property that meets their needs, even in a market with fewer new listings.

Months Supply of Inventory

The months supply of inventory dipped to 2.2 months, down 4.7% from October but up 31.1% from November 2023. While this figure still indicates a seller’s market, the upward trend in inventory compared to last year signals a gradual shift toward more balanced conditions. Sellers should be prepared for longer selling times and potentially more negotiation as the market evolves. Buyers, however, can feel more confident knowing the market is becoming less competitive, offering them more leverage than in the past.

Why Local Expertise Matters

Market trends in Northwest Vermont vary significantly by town and neighborhood. A personalized market analysis tailored to your area can help you make informed decisions, whether you’re buying or selling. Understanding specific pricing trends, competition levels, and market dynamics ensures you’re fully prepared to navigate the process.

Partner with a Vermont Real Estate Expert

Navigating Vermont’s unique real estate landscape requires a trusted local advisor. Whether you’re buying or selling, a knowledgeable real estate expert can help you make sense of the data, anticipate market shifts, and achieve your goals. With insights into local trends and the experience to guide you, a Realtor is your key to success in this competitive and evolving market.

Take the Next Step

Curious about the value of your home or ready to explore your buying options? Contact us today for a customized market analysis and personalized guidance. Let us help you make the most of Vermont’s dynamic real estate market and achieve your goals with confidence.

 

As the leaves fall and Vermont prepares for winter, the Northwest Vermont real estate market is undergoing changes that buyers and sellers alike should note. Here’s a breakdown of the latest trends in single-family home sales for October 2024 and what they mean for you. Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County. 

Median Sales Price

The median sales price for single-family homes in Northwest Vermont dropped to $471,000, marking a 5.5% decrease from September and a slight 0.8% dip from October 2023. This recent decline suggests home sellers need to price their homes competitively to attract interest in a market where prospective homebuyers may be more discerning. However, the year-over-year stability in prices reflects a market that continues to hold value, making it essential for buyers to act decisively if they find a home that fits their needs. For buyers, this slight decrease in price could offer an opportunity to secure a more favorable deal, especially as the market begins to shift.

Closed Sales

Closed sales rose modestly to 149, a 4.9% increase from September, though they remain 1.3% below October 2023 levels. For home sellers, this rebound in sales activity indicates that there are still active buyers in the market, but capturing their attention may require thoughtful marketing and competitive pricing. House hunters can take advantage of the slight cooling in year-over-year sales, which reduces the likelihood of bidding wars and increases opportunities for negotiation.

Median Days on Market

Homes spent an average of 11 days on the market, up 10% from September and 22.2% longer than last October. Home sellers should view this slight increase as a signal to prepare their homes meticulously before listing, as well-presented homes are still selling relatively quickly despite the slight slowdown. For homebuyers, this extended timeframe offers breathing room, allowing for a more deliberate search process. However, in-demand properties may still move quickly, so staying prepared is key.

List Price Received

Home sellers received an average of 100.3% of their asking price, a small 0.3% increase from September but slightly below the levels seen in October 2023. For sellers, this underscores the importance of setting a realistic asking price. Homes that align with market expectations are more likely to sell quickly and at—or even slightly above—their list price. For homebuyers, while paying close to the asking price remains common, the slight shift in the market may open opportunities for negotiation, particularly on homes that have been on the market longer.

New Listings

New listings totaled 179, a 3.8% decrease from September, but a 16.2% increase compared to October 2023. People selling a home can expect a more competitive environment than last year, with increased year-over-year supply giving homebuyers more options. To stand out, sellers should focus on staging and marketing their homes effectively. Buyers, on the other hand, will appreciate the broader selection of homes, which provides a better chance of finding a property that fits their preferences and budget.

Active Inventory

Active inventory decreased slightly to 337 homes, down 5.9% from September, but it remains 43.4% higher than October 2023. For home sellers, this elevated inventory compared to last year means that homebuyers have more choices, making it essential to price strategically and present your home in its best light. Buyers benefit from this increased inventory, as it reduces competition and creates more opportunities to find a home that meets their needs.

Months Supply of Inventory

The months supply of inventory fell to 2.3 months, a 10.3% decrease from September, but still 45.3% higher than October 2023. While this level of supply keeps the market in sellers’ favor, the gradual trend toward balance signals a shift in dynamics. Sellers should be prepared for potentially longer selling times and more negotiations, while buyers can feel more confident navigating a market that increasingly offers them more options and leverage.

 

Why a Local Market Analysis Matters

While these regional statistics provide a helpful overview, the real estate market can vary significantly by town or area. A local market analysis tailored to your desired area offers valuable insights, such as pricing trends and competition levels, to help you make the best decisions.

Partner with a Local Real Estate Expert

Navigating Vermont’s unique real estate market requires local expertise. Whether you’re buying or selling, working with a knowledgeable Realtor ensures you’re prepared for the nuances of this evolving market. From understanding trends to providing personalized guidance, a local expert can help you achieve your real estate goals with confidence.

Get Started Today

Are you curious about your home’s value or the opportunities in Northwest Vermont’s real estate market? Contact us for a personalized market analysis and let us guide you through the next steps. With our local knowledge and professional expertise, we’ll help you succeed in Vermont’s ever-changing real estate landscape.

As we transition into the fall season, the real estate market in Northwest Vermont is showing signs of change. Whether you’re considering buying or selling, understanding these current trends will help you make informed decisions. Let's dive into the latest data for single-family home sales in Northwest Vermont and discuss how it impacts buyers and sellers.

Data is for single-family home sales in Grand Isle, Chittenden, and Franklin County. 

Median Sales Price

The median sales price for single-family homes in Northwest Vermont dropped by 3.7% from August to $498,500 in September. However, it’s still up by 3.9% compared to September 2023, reflecting a gradual upward trend in prices over the past year. 

For someone selling their home, this slight month-over-month dip suggests that pricing homes competitively is crucial to attracting potential homebuyers in a shifting market. The increase from last year shows home values are still strong, but today’s buyers may expect more negotiation on price.

The recent decrease in the median sales price may present an opportunity for homebuyers to find a good deal on a home. However, with prices up from last year, this is still a valuable market, so they should act decisively when the right property arises.

Closed Sales

Closed sales dropped to 142, a significant 23.7% decrease from August and a 16% decrease from September of last year. This decline in closed sales indicates a slower pace in transactions, which could mean it might take a little longer for home sellers to find a buyer. Being flexible on price and terms might be necessary as the market adjusts to lower transaction volumes. 

Fewer closed sales may give current buyers more room to negotiate and avoid bidding wars. This shift could help them approach the market with a bit more confidence, knowing that the pace is slowing down.

Median Days on Market

The median days on market remains steady at 10 days, slightly down from the previous month and last September. This is a positive signal to home sellers showing that well-priced homes are still moving quickly. A home seller needs to present their home in the best possible light to stay competitive in a slightly cooler market.

While homes are selling in about 10 days on average, having a bit more time on the market means homebuyers might not feel as much pressure to make an immediate decision. However, attractive homes in sought-after areas can still sell fast, so they should be prepared to act when the right property comes on the market.

List Price Received

Home sellers are receiving 100% of their list price on average, down from August’s 101% but still indicating that properties are generally selling at the asking price. For home sellers, receiving the full list price is a good indicator of a balanced market, though the slight decline suggests some room for negotiation. Setting a fair, market-aligned price will keep today’s buyers engaged without the need for excessive price reductions.

For homebuyers, this signals that while competitive, the market is starting to offer more flexibility. They may have the opportunity to negotiate but should still expect to pay close to the list price on most homes.

New Listings

The number of new listings in September is down by 11% from August, with 187 homes hitting the market. However, this is a 15.4% increase from September 2023, indicating a slight uptick in year-over-year supply. This increase in year-over-year listings means there’s more competition. For home sellers, standing out with staging and competitive pricing is key to attracting interest. More new listings compared to last year provide homebuyers with more choices, which can help them find the right property at the right price. This slight increase in supply may reduce the intensity of competition.

Active Inventory

With active inventory rising to 355 homes, up 4.4% from last month and a substantial 43.1% increase from last year, homebuyers now have a broader selection of homes.

For home sellers, this expanded inventory means buyers have more options, so expect to compete for attention. Well-presented homes that are priced competitively will likely draw more interest.

The increase in active inventory is a favorable trend for homebuyers. With more options available, they have the chance to find a home that meets their needs and fits within their budget.

Months Supply of Inventory

The months supply of inventory has risen to 2.5 months, up 36.8% from August and a substantial 70.4% increase compared to last September. While still below six months is generally considered balanced, this increase shows a trend toward a more balanced market. This higher inventory means that while it’s still a seller’s market, the advantage is shifting. Home sellers should be prepared for longer selling times and potentially more negotiations on price. A higher months supply indicates homebuyers have more choice and leverage than in a tighter market. This gradual shift can reduce the pressure of intense competition and give them more time to explore options.

Why a Local Market Analysis is Key

Each county and town in Northwest Vermont may have unique trends and variables that don’t show in broader market data. A personalized market analysis can offer valuable insights into what’s happening in your specific area, whether you’re looking to buy or sell. This tailored information will provide you with pricing trends, competition levels, and what to expect when entering the market.

Work with a Local Real Estate Expert

The Vermont real estate market is unique, and having a local real estate expert by your side can make a world of difference. An experienced agent can guide you through the buying or selling process, provide insight into local trends, and help you make informed decisions in evolving markets.

Get Started Today

Are you ready to learn more about the real estate opportunities in Northwest Vermont? Contact us for a customized market analysis and discover how we can help you achieve your real estate goals. Partnering with a local Realtor can provide the guidance and support you need to succeed in Vermont’s unique real estate landscape.

 

As summer draws to a close, the real estate market in Northwest Vermont continues to evolve. If you're considering buying or selling a home, understanding the latest market trends is essential. Let's take a closer look at the single-family home sales data for August 2024 and what these numbers mean for you. Data is for sales in Grand Isle, Chittenden and Franklin County. 

What These Numbers Mean for Buyers and Sellers

Median Sales Price

The median sales price in August 2024 dropped slightly to $519,900, down 3.7% from July. However, it's important to note that home values are still significantly higher compared to this time last year, with a 7.3% year-over-year increase.

For sellers, this slight dip in price might suggest a minor market cooling, but it doesn’t mean home values are declining long-term. In fact, compared to last year, prices remain solidly up. If you’re considering selling, this is still an excellent time to list your home, especially as buyers continue to show strong interest.

For buyers, the decrease in price could be an opportunity to find more affordable options but keep in mind that values are still up from last year. If you’ve been waiting for the right moment, this might be the time to make a move before prices increase again.

Closed Sales

Closed sales increased by 6.3% from the previous month, with 185 homes sold in August. Year-over-year, this marks a 10.1% increase in the number of homes sold compared to August 2023.

For sellers, this increase in closed sales means demand is still high, and properties are moving. If your home is priced well and presented effectively, you’re likely to find serious buyers.

For buyers, this continued activity indicates that while the market is competitive, homes are being sold at a steady pace, and the right property for you could be just around the corner.

Median Days on Market

The median days on market remained steady at 10 days, a slight 9.1% decrease from July but a notable 25% increase from August 2023. This metric shows that homes are still selling quickly, but they’re staying on the market slightly longer than last year.

For sellers, this may mean you’ll have a little more time to review offers, but don’t expect your home to sit on the market for long if it’s priced right.

For buyers, the increase in days on market from last year could be a sign that you have more breathing room to make decisions, but acting promptly on well-priced properties is still advised.

List Price Received

Sellers are still receiving 101% of their list price, which is down slightly from July’s 102.1% but remains an excellent figure. This means that, on average, homes are still selling for more than the asking price.

For sellers, this slight dip isn’t a cause for concern; the fact that homes are still selling over list price shows that demand remains strong. However, setting a competitive list price is essential to continue attracting motivated buyers.

For buyers, the dip in the list price received may indicate a slight shift toward a more balanced market, giving you more negotiation power than in previous months.

New Listings

The number of new listings increased by 2% from July to 209, although this is a 7.5% decrease compared to August 2023.

For sellers, this slight increase in new listings could mean more competition in the market, but with strong demand and inventory levels still relatively low, your home can still stand out if it’s priced correctly.

For buyers, this uptick in listings gives you more choices, but keep in mind that the year-over-year decrease indicates that inventory is still relatively tight compared to last summer.

Active Inventory

Active inventory climbed to 329 homes, marking a 4.1% increase from July and a significant 32.7% jump from August 2023. This surge in inventory is one of the most notable trends in the current market.

For sellers, increased inventory means more competition, so making your home shine is more important than ever. Staging, pricing, and marketing will play critical roles in helping your property stand out in a growing market.

For buyers, this increased inventory is great news. You’ll have more options to choose from, and with a growing supply of homes, you might find it easier to negotiate or avoid bidding wars.

Months Supply of Inventory

The months supply of inventory is at 1.8 months, a slight 2.1% decrease from July but a 20.5% increase from August 2023. This metric tells us how long it would take to sell all the current listings at the current sales pace.

A supply of fewer than six months generally indicates a seller’s market, and while we’re still in that territory, the increase in inventory shows that the market is slowly balancing out.

For sellers, this means there’s still time to take advantage of strong demand, but with more homes entering the market, competition is rising.

For buyers, the increase in supply might give you a bit more leverage and reduce the likelihood of extreme bidding wars, though it’s still important to act decisively on homes you’re interested in.

 

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.

 

 

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%