When it comes to understanding the Grand Isle County residential real estate market, there are several key metrics that can provide valuable insights for both buyers and sellers. 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 July 2023 compared to May 2023 and July 2022.
Firstly, let's talk about the "Months Supply of Inventory," which currently stands at 3.4 in July. This metric represents the number of months it would take to sell all the homes on the market, given the current pace of sales. A lower number indicates a seller's market, where demand exceeds supply, while a higher number points to a buyer's market, where supply outweighs demand. Compared to June 2023, there was a 54% increase in months supply of inventory. While there was a large change in metrics, this is still generally low for Grand Isle County.
Now, let's take a look at the "12-Month Change in Months of Inventory," which has experienced a significant increase of 142.2%. This denotes that the inventory of homes available for sale has grown substantially over the past year. For buyers, this means a wider selection to choose from, potentially leading to more negotiating power. Sellers, on the other hand, might need to consider adjusting their pricing or marketing strategies to stand out in a more competitive environment.
Moving on, we have the "Median Days On Market," which currently stands at a mere 8 days. This metric represents the average number of days it takes for a home to go under contract after being listed for sale. With such a short time frame, it's clear that the Grand Isle County real estate market is quite active and properties are being snatched up quickly. Buyers need to act fast and be prepared to make offers promptly, while sellers can expect a swift sale if they price their homes appropriately.
Now, let's discuss the "List Price Received," which currently sits at an impressive 99.6%. This metric indicates the percentage of the original listing price that a home ultimately sells for. A high percentage like this suggests that homes are generally selling very close to their initial asking prices. For sellers, this is great news as it implies that they have a good chance of receiving a favorable sale price. Buyers, on the other hand, should be prepared to make competitive offers to secure a property in this market.
Lastly, we have the "Median Sales Price," which is currently at $420,000. This metric represents the middle point of all the sale prices in a given area, indicating the typical price at which homes are being sold. For buyers, this information can help them understand the price range they should expect when searching for a new home. Sellers can use it as a benchmark to ensure they are pricing their properties competitively.
In summary, the real estate metrics we've discussed today offer valuable insights for both buyers and sellers in Grand Isle County. The current "Months Supply of Inventory'' indicates a balanced market, while the significant increase in the "12-Month Change in Months of Inventory" suggests a growing inventory. The short "Median Days On Market" and high "List Price Received" imply a fast-paced and competitive market. Lastly, the "Median Sales Price" of $420,000 provides a reference point for buyers and sellers alike.
We hope you found this real estate analysis informative and engaging. If you have any questions about the current real estate market or would like a personalized market analysis please contact us or call (802) 372-5777 and a Realtor will be in touch with you.