Spring is in full swing here in Northwest Vermont, and with the warmer weather comes a bustling real estate market. Whether you're thinking of buying your dream home or selling your current one, understanding the market trends can help you make the best decisions. 

The Vermont real estate market is known for its seasonal changes. This spring, we're seeing a steady start, with more listings becoming available and increased activity. For both buyers and sellers, this is an exciting time to explore opportunities and make informed choices. 

Let's take a closer look at the current state of our real estate market using the latest data from May 2024. (Data is for single-family home sales in Grand Isle, Franklin, and Chittenden County.) 

• Median Sales Price = $508k

The median sales price of $508,000 reflects a slight rise from last month and a notable increase from last year. For sellers, this means that home values are continuing to appreciate, potentially leading to a profitable sale. For buyers, it's a sign that the market is healthy, and investing in property could offer good returns in the future. Keeping an eye on price trends can help you make a well-informed decision about timing your purchase or sale.

• Closed Sales = 140

With 140 closed sales in May, there was a big jump from April with a 57% change and a 17%  increase compared to last year. This indicates a busy market where more homes are successfully selling. For sellers, this could mean a greater chance of finding a buyer quickly. For buyers, it shows there's active competition, so being ready to act fast when you find the right home is important.

• Median Days on Market = 6

Homes are typically staying on the market for just 6 days, which is a 14.3% decrease from the previous month and consistent with last year. This quick turnover is great news for sellers, as it means your home might sell rapidly if priced correctly and in good condition. For buyers, it highlights the need to be decisive and prepared, as desirable homes are not staying available for long.

• List Price Received = 101.4%

Sellers are getting an average of 101.4% of their list price, which is up from the previous month but slightly down from last year. This suggests that many homes are selling for above the asking price. For sellers, this means there’s potential to get even more than your asking price if the demand is strong. For buyers, it’s a reminder that offering close to or above the list price could be necessary to secure your desired property in a competitive market.

• New Listings = 272

With 272 new listings, there's a significant 63% increase from the previous month and a 14% increase from last year. This is positive for buyers, as more new homes are coming onto the market, providing a wider selection. For sellers, it means more competition, so making sure your home is well-presented and priced competitively is essential to attract buyers.

Northwest Vermont Market Review By County:

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

Chittenden County:

• Active Inventory = 130

• Median Sales Price = $630,000

• Median Days On Market = 5

• Closed Sales = 88

• List Price Received = 101.9%

Franklin County:

• Active Inventory = 92

• Median Sales Price = $391,500

• Median Days On Market = 8

• Closed Sales = 40

• List Price Received = 100.9%

Grand Isle County:

• Active Inventory = 38

• Median Sales Price = $356,750

• Median Days On Market = 11

• Closed Sales = 12

• List Price Received = 99.6%

Partner with a Local Real Estate Expert

Understanding these market trends can be challenging, especially with the competitive nature of the Northwest Vermont real estate market. That's why partnering with a local real estate expert is crucial. They can provide you with a detailed market analysis tailored to your area of interest, helping you navigate the complexities of buying or selling a home.

A market analysis offers a deep dive into the current conditions, including comparable home sales, pricing strategies, and buyer demand. This information is essential for setting the right price for your home or making a competitive offer.

Ready to make your move in the Northwest Vermont real estate market? Contact us today for a personalized market analysis. Let’s work together to turn your real estate dreams into reality.

Welcome to our latest exploration of the ever-evolving real estate landscape in Northwest Vermont. As we head into the new year, let's take a closer look at some key statistics from December 2023 that shed light on the current state of the real estate market. Whether you're a potential buyer or seller, understanding these numbers can be instrumental in making informed decisions. Metrics are for Single Family Home Sales In Northwest Vermont (Chittenden, Franklin, and Grand Isle County). 

1. Median Sales Price: The Heartbeat of the Market

The Median Sales Price is a crucial indicator, reflecting the midpoint of home prices in the region. At $437,661, it's essential to note the 7.9% decrease from the previous month and the 10.2% increase from December 2022. For buyers, this signals where prices might be heading, while sellers can leverage the market's growth to maximize their returns. Keeping an eye on this figure helps both parties align their expectations and strategies.

2. Closed Sales: Unveiling Market Activity

Closed Sales, standing at 123, provide insight into the level of activity in the Northwest Vermont real estate market. While there's a 4.7% decrease from the previous month, the 7% increase from December 2022 suggests a healthy overall trend. 

3. Median Days On Market: Timing is Key

Time is of the essence in real estate, and the Median Days On Market (DOM) is a metric worth watching. With a 20% increase from the previous month and a 31.4% decrease from December 2022, the current DOM stands at 12 days. For sellers, a shorter DOM indicates a faster turnaround, while buyers should be prepared for potentially swift transactions. Understanding this metric helps both parties set realistic expectations and refine their negotiation strategies.

4. List Price Received: Maximizing Returns

At 100.4%, the List Price Received represents the percentage of the list price that sellers receive when their homes are sold. While there's a marginal 0.7% decrease from the previous month, the 0.3% increase from December 2022 underscores the resilience of property values. Sellers should be mindful of pricing strategies, while buyers can gauge the market's competitiveness.

5. Active Inventory: Supply and Demand Dynamics

Active Inventory, currently at 176, has seen an 18.9% decrease from the previous month and a 1.7% increase from December 2022. This figure emphasizes the delicate balance between supply and demand. A lower inventory can lead to increased competition among buyers, potentially driving prices up. For sellers, this scarcity can be advantageous because there are fewer options for home buyers. On the reverse, buyers may need to act decisively in a competitive market.

6. Months Supply of Inventory: Market Stability

The Months Supply Of Inventory, at 1.4, is a key metric indicating the number of months it would take to sell the current inventory based on the recent sales pace. With a 14.9% decrease from the previous month and a 4.9% decrease from December 2022, this figure signals a tight market. Sellers benefit from reduced competition, while buyers should be prepared for a faster-paced and potentially competitive environment.

Northwest Vermont Market Review By County:

Chittenden County:

• Active Inventory = 88
• Median Sales Price = $562,500
• Median Days On Market = 13
• Closed Sales = 79
• List Price Received = 100.6%

Franklin County:

• Active Inventory = 67
• Median Sales Price = $319,950
• Median Days On Market = 9
• Closed Sales = 38
• List Price Received = 100.0%

Grand Isle County:

• Active Inventory = 21
• Median Sales Price = $465,000
• Median Days On Market = 33
• Closed Sales = 6
• List Price Received = 99.7%

In conclusion, understanding these key statistics and partnering with a local real estate agent empowers both buyers and sellers to navigate the Vermont real estate market with confidence. Whether you're entering the market or considering a move, these insights provide a valuable compass for decision-making.

If you're curious about the market trends, we invite you to take the next step. Get a personalized market analysis for your area of interest – a tailored guide to help you make the best decisions in this dynamic real estate landscape.

Don't miss out on the opportunities waiting for you! Contact us today for a detailed market analysis and let's embark on this exciting journey together. Get Your Personalized Market Analysis.

 

Hello, savvy homeowners and prospective buyers! Welcome back to our insightful journey through the vibrant landscape of Northwest Vermont's real estate market. Today, we're diving deep into the latest statistics for November 2023. These insights provide you with the tools to make informed decisions, whether you're buying or selling a home in Grand Isle, Chittenden, or Franklin County.

1. Median Sales Price: $475,000

Let's kick things off with the heartbeat of the real estate market—the median sales price. At $475,000, we're holding steady with no decrease from the previous month and a notable 5.6% increase from November 2022. Why is this crucial? For sellers, it signifies a healthy appreciation in property values, showcasing the potential for a lucrative sale. Buyers, on the other hand, might find it helpful to identify opportunities for wise investments and future growth.

2. Closed Sales: 129

While the number of closed sales slipped by 15.7% from the previous month and 16.8% from last November, let's not hit the panic button just yet. Real estate often has its seasonal dance, and this slight dip could be a reflection of the colder Vermont months setting in. For buyers, it might mean a chance to find motivated sellers, while sellers should consider strategic pricing and marketing to attract serious buyers.

3. Median Days On Market: 8

Time is money, especially in the real estate world. The Median Days On Market dropping by 11.1% from the previous month and staying at 8 days compared to November 2022 is a testament to the swift pace of the market. For sellers, it underscores the importance of pricing your home right, while for buyers, it's a gentle nudge to act decisively in a market where well-priced homes are in high demand.

4. List Price Received: 101%

Getting your property's price spot-on is an art, and November 2023 shows sellers receiving, on average, 101% of their list price. Yes, there's a tiny 0.1% dip from the previous month and a 0.4% decrease from November 2022, but let's keep it in perspective—this is still a strong indicator of a market where well-priced homes are valued and appreciated. Sellers take note; buyers, be prepared for a market that recognizes and rewards quality properties.

5. Active Inventory: 206

Active inventory—something that both buyers and sellers should keep a keen eye on. At 206 homes, we're looking at a 14.2% decrease from the previous month and a 1.4% decrease from November 2022. What does this mean? For buyers, a lower inventory can mean increased competition, so be ready to act swiftly. Sellers take advantage of this by ensuring your property stands out in a slightly less crowded field.

MARKET REVIEW BY COUNTY:

Chittenden County:

• Active Inventory = 112
• Median Sales Price = $545,500
• Median Days On Market = 7
• Closed Sales = 80
• List Price Received = 101%

Franklin County:

• Active Inventory = 70
• Median Sales Price = $363,500
• Median Days On Market = 8
• Closed Sales = 32
• List Price Received = 100.8%

Grand Isle County:

• Active Inventory = 24
• Median Sales Price = $600,000
• Median Days On Market = 25
• Closed Sales = 17
• List Price Received = 98%

In conclusion, these statistics serve as a compass in your real estate journey, guiding both buyers and sellers through the nuances of the Northwest Vermont market. Whether you're planning to sell your home or looking to find your dream property, understanding these trends and partnering with a local real estate professional is key to making informed decisions. 

Ready to dive deeper into your local market? Our expert team is here to provide you with a personalized market analysis. Discover the opportunities waiting for you in your area—get in touch with us today!

 

As we head through November, it's time for a detailed exploration of the Grand Isle County real estate trends in our local community. We are experiencing a seasonal slow down which is expected for the Vermont real estate market. October has brought forth intriguing shifts in the market, and Coldwell Banker Islands Realty here to guide you through the key statistics, offering insights for both buyers and sellers.

Median Sales Price: Setting New Heights

October has unfurled a remarkable surge in the Median Sales Price, reaching $690,000. This not only signifies a substantial 70% increase from the previous month but also marks a staggering 77% uptick from October 2022. For sellers, this indicates a robust market, showcasing the potential for favorable returns on property investments. Buyers, it highlights the need for strategic considerations and, perhaps, a prompt response to secure desired properties in a competitive landscape.

Closed Sales: A Quiescent Phase

While Closed Sales have experienced a 33% decrease from the previous month and a 41% decline from October 2022, it's important to recognize that market fluctuations are inherent. Sellers may need to be patient, ensuring that their pricing strategies align with the current dynamics. Buyers, on the other hand, may find themselves in a market that allows for more thoughtful decision-making and negotiation.

List Price Received: Navigating the Negotiation Waters

At 98%, the List Price Received metric demonstrates a slight uptick of 0.8% from the previous month. Sellers, this emphasizes the importance of accurate pricing strategies to maximize returns. For buyers, it's a reminder to approach negotiations diligently, leveraging market conditions to secure favorable terms.

Active Inventory: A Closer Look at Market Dynamics

The Active Inventory, currently standing at 30, reflects a 3.2% decrease from the previous month but marks a notable 36% increase from October 2022. This metric plays a crucial role for both buyers and sellers. For sellers, understanding the inventory landscape aids in setting competitive prices. Buyers benefit by gauging the availability of options and potential negotiation power.

Months Supply of Inventory: Balancing Act

With a Months Supply of Inventory at 3, there's been a 45% increase from the previous month and a striking 131% surge from October 2022. Sellers, this may suggest a market that is becoming more balanced. Buyers, take note of the increased supply, offering you more choices and potentially influencing negotiations.

Seasonal Slowdown: Embracing Market Dynamics

In the midst of these compelling metrics, it's crucial to acknowledge the influence of the seasonal ebb and flow of the Vermont real estate landscape. As the leaves change color and the temperatures dip, the market is exhibiting a characteristic seasonal slowdown. This is a natural rhythm in real estate, where activities tend to moderate as we transition into the cooler months. Sellers, this could mean a period of patience and strategic planning. Buyers, on the other hand, may find this slowdown to be an opportune moment for thoughtful consideration and negotiations. As we navigate this seasonal shift, rest assured that these market dynamics are part of the broader tapestry, and CBIR Realtors are here to provide guidance tailored to the unique nuances of the Grand Isle County real estate market.

In conclusion, these metrics, combined with an understanding of the seasonal slowdown, paint a comprehensive picture of the Grand Isle County real estate market in October. For both buyers and sellers, staying informed about these trends and recognizing the seasonal patterns is paramount. As your dedicated real estate guide, our Realtors are here to help you navigate these waters, making informed decisions tailored to your unique needs.

Feel free to reach out if you have any questions or if you'd like a more personalized analysis. Until then, here's to a smooth transition through the seasonal currents in the Grand Isle County real estate market!

 

Real Estate Market Trends have been released for August 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 area. Metrics are for single-family home sales in August 2023 compared to July 2023 and August 2022.

Let’s start by examining the number of “New Listings,” which was at 19 for August. That is an 11.8% increase from the previous month and a 17.1% increase from last year. With the rise in new listings on the market, buyers may have more options. However, “Active Inventory” is at 26 single-family homes which is lower than the previous month and this time last year. So while new listings increased, we are still seeing limited inventory.

Next, we’ll look at "Months Supply of Inventory," which stands at 3.1. This metric represents the number of months it would take to sell all the existing homes on the market, given the current level of demand. A lower number typically indicates a seller's market, where demand exceeds supply, resulting in higher prices and quicker sales.

Another crucial factor to consider is the "Median Days Homes are On the Market," which currently stands at 12 days. This metric indicates the average number of days it takes for a home to go under contract. With such a short timeframe, it is clear that the market is highly active and homes are selling swiftly. Sellers can take advantage of this trend by pricing their homes competitively and positioning themselves for quick sales.

Moving on, we have the "List Price Received," which sits at a remarkable 99.4%. This metric represents the percentage of the initial listing price that homes are actually sold for. A high percentage indicates that sellers are achieving close to their asking price, demonstrating a strong market with motivated buyers willing to meet the seller's demands.

Lastly, let's discuss the "Median Sales Price," which is currently at an impressive $600,000. This metric represents the middle point of all sold homes' prices, indicating the market's overall value. A higher median sold price signifies a strong market with desirable properties, while a lower price may indicate more affordable options for buyers. It is important to keep in mind that in Grand Isle County there are fewer sales so this number can be skewed if a home with a higher price sells. It is important to talk to your real estate agent to understand home prices in your market. 

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 a real estate agent who understands the Vermont 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.