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!

Grand Isle County Real Estate Market Trends have been released for September 2023. There are several key metrics that can provide you valuable insights. Today, we will explore the correlation between these metrics to help you make informed decisions while buying or selling a home in The Lake Champlain Islands. Metrics are for single-family home sales.

 

First, let's discuss the Months Supply of Inventory, which currently stands at 1.9. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, while a higher number suggests a buyer's market, where supply exceeds demand. With a supply of 1.9 months, we can conclude that we are still in a sellers market and property in Grand Isle County continues to be highly desirable.

 

Moving on to the Median Days On Market, we find that homes typically spend around 28 days on the market in Grand Isle County before being sold. This metric measures the average length of time it takes for a home to go from being listed to being sold. A lower number implies a fast-paced market, where homes are in high demand and are being snatched up quickly. In this case, with homes typically selling within 28 days, we can conclude that it is taking a little longer for homes to go under contract but the low amount of inventory indicates homes are still selling quickly.

The List to Sold Price Percentage is another important metric, which stands at 97.2%. This metric represents the percentage of the original listing price that homes are ultimately sold for. A higher percentage suggests that homes are selling close to or at their asking price, indicating a strong market where sellers have more negotiating power. With a percentage of 97.2%, we can infer that sellers are generally achieving a price close to what they initially listed their homes for.

Lastly, we have the Median Sold Price, which is currently at $405,000. This metric represents the middle point of all the sold prices within a specific timeframe, indicating the average price at which homes are being sold. The median sold price helps determine the overall price range in the market. In this case, with a median sold price of $405,000, we can conclude that the market is moderately priced.

In conclusion, these real estate metrics provide valuable insights to both buyers and sellers. These metrics indicate the market still favors sellers with limited homes for sale and a high median sales price. As a buyer, the Grand Isle County real estate market is unique and it is important to work with an agent who understands the market and can work with you to find the right property. For sellers, it is essential to price your home competitively and take advantage of the high demand and quick sales. 

Coldwell Banker Islands Realty serves all of Vermont with a concentration in Grand Isle County. If you would like to learn more about the real estate market in your area please reach out for a complimentary market analysis. 

 

Are you curious about the current state of the Grand Isle County real estate market? Let's take a look at some key metrics to better understand what's going on.

First up, we have the Months Supply of Inventory, which currently stands at 4.09. This means that if no new homes were added to the market, it would take just over four months to sell all of the existing homes. So, we can say that the market is relatively balanced at the moment.

However, when we look at the 12-Month Change in Months of Inventory, we see that it has increased by a whopping 73.31%. This means that there are more homes available for sale than there were a year ago, which could lead to increased competition and lower prices.

Despite this increase in inventory, the Median Days Homes are On the Market is only six. This indicates that homes are selling quickly, likely due to low interest rates and high demand.

When it comes to List to Sold Price Percentage, we see that it is currently at 100.3%. This means that, on average, homes are selling for slightly more than their list price. This could be due to bidding wars or a lack of inventory in certain areas.

Finally, we have the Median Sold Price, which currently sits at $391,101. This is a good indicator of the overall health of the market, as it shows that home values are holding steady.

So, what can we conclude from these metrics? Overall, the market is relatively balanced, but there are more homes available for sale than there were a year ago. Despite this, homes are still selling quickly and for slightly more than their list price. And, most importantly, home values are holding steady.

As a buyer or seller, it's important to keep these metrics in mind when making decisions about the market. But remember, there are many other factors that can impact the buying and selling process, so it's always a good idea to consult with a real estate professional for personalized advice. To connect with a Realtor please contact us or call (802) 372-5777.

Thanks for tuning in, and happy house hunting!

 

2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS^® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings decreased 26.7 percent for single-family homes and 29.4 percent for townhouse-condo properties. Pending Sales decreased 13.4 percent for single-family homes and 40.5 percent for townhouse-condo properties. Inventory decreased 5.4 percent for single-family homes and 22.2 percent for townhouse-condo properties.

The Median Sales Price was down 3.4 percent to $386,250 for single-family homes but increased 12.9 percent to $355,550 for townhouse-condo properties. Days on Market decreased 23.7 percent for single-family homes and 45.7 percent for townhouse-condo properties. Months Supply of Inventory increased 20.0 percent for single-family homes but increased 16.7 percent for townhouse-condo properties.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.

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