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 the weather cools and we spend more time indoors, creating a comfortable and inviting home becomes essential. Simple strategic changes can revamp your home’s look and feel, making it aesthetically pleasing and enhancing functionality. If you’re thinking about selling, whether in the next year or ten, making thoughtful updates to your home will give it that “wow” factor home buyers are looking for. Here are five impactful improvements that can transform your home into an irresistible option for buyers.

1. Fresh, Neutral Paint
A fresh coat of paint can instantly breathe new life into your home. Opt for neutral tones like soft grays, warm beiges, or off-whites. These shades create a clean, modern aesthetic that appeals to a broad range of buyers. Neutral colors help spaces feel open and inviting, allowing potential buyers to envision their own style and belongings in the space.

2. Updated Lighting Fixtures
Lighting is an often overlooked element that can dramatically alter a room's ambiance. Replacing outdated fixtures with contemporary, energy-efficient options gives your home a modern edge. Updating light fixtures can highlight the main features of your home while adding functional beauty to every room. 

3. Smart Home Upgrades
As technology becomes increasingly integrated into our daily lives, smart home features are becoming more desirable to homebuyers. Installing a smart thermostat, security system, or energy-efficient lighting that can be controlled via smartphone apps can significantly enhance the modern appeal of your home. These upgrades provide convenience, energy savings, and the allure of a more connected living space, making them especially appealing to tech-savvy buyers.

4. Updated Bathrooms with Spa-Like Touches
Bathrooms can be deal-makers (or breakers) for homebuyers. Small updates, such as installing modern fixtures like rain showerheads, and waterfall faucets can create a a more elevated atmosphere. Upgrading a vanity and adding high-quality tile or natural stone elements can further elevate the look. A fresh, clean bathroom signals that the home is well-maintained, making a significant impact on home shoppers.

5. Refresh Your Space
Revisiting your home’s decor can make a big impact without the need for major purchases. Start by decluttering and depersonalizing—remove family photos, excess décor, and any items that might distract buyers. This creates an inviting space that buyers can easily envision as their own. Rearranging furniture to optimize flow and open up key rooms can make your home feel more spacious and welcoming. Simple touches like placing fresh flowers in the entryway or adding crisp linens in the bedroom can brighten the atmosphere. Don’t forget to do a thorough deep clean to remove odors and ensure your home shines, creating a warm, welcoming environment that makes buyers feel at home.

By implementing these interior improvements, you can create an appealing environment that not only attracts buyers but also enhances your home’s overall value, setting the stage for a successful sale.  Selling a home is a complicated process, but our experienced Realtors are here to help you navigate the many factors involved in preparing your home for sale with confidence. Learn more about our seller services today. 

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.

 

With Autumn’s arrival, now’s the perfect time to get your home ready for winter. Completing a few key tasks can save you from expensive repairs and ensure your home stays cozy and efficient through the colder months. Use this checklist to winterize your home and protect your investment:

1. Seal Cracks Around Windows and Doors
Prevent drafts and save on heating by sealing any gaps around windows and doors. Use caulking or weatherstripping to keep the cold air out and the warmth in, improving your home’s energy efficiency and comfort.

2. Clean Your Gutters
Falling leaves can clog your gutters, leading to water damage, pests, and a shortened roof lifespan. Clean them out to prevent these issues and ensure water flows away from your home properly.

3. Inspect Your Roof
Check for missing shingles, cracks, or other damage before snow arrives. Addressing minor roof issues now can prevent major problems later, such as leaks or structural damage when winter weather hits.

4. Trim Trees and Bushes
Overgrown branches near your home can become hazards in winter storms. Trim back trees and bushes to prevent limbs from falling on your roof or causing other damage during heavy snowfall or strong winds.

5. Test Smoke and Carbon Monoxide Detectors
Cold weather often means more time spent indoors, with heaters and fireplaces in use. Ensure your smoke and carbon monoxide detectors are working by testing them and replacing batteries as needed for safety.

6. Service Your Chimney and Fireplace
Before lighting the first fire of the season, have your chimney and fireplace inspected and cleaned. This reduces the risk of fire hazards and ensures your fireplace is ready for cozy winter nights.

7. Remove Window Screens and Install Storm Windows
Take down window screens to protect them from winter weather. Consider installing storm windows or doors to provide extra insulation and keep your home warmer during cold months.

8. Winterize Power Equipment
Store away summer tools like lawnmowers and bring out snow removal equipment. Test your snowblower and other winter gear to ensure everything is in working order before the first snowfall.

9. Cover Outdoor Furniture
Protect outdoor furniture from the harsh winter elements by covering or storing it away. This helps extend the life of your patio furniture, grills, and outdoor accessories.

10. Shut Off Outdoor Faucets and Drain Hoses
Avoid frozen pipes by shutting off outdoor faucets and draining hoses or sprinkler systems. Water left inside can freeze, expand, and cause costly damage, so be sure to winterize these systems properly.

For more expert home maintenance tips or personalized advice on getting your home market-ready this fall, reach out to a Coldwell Banker Islands Realty agent today. Let us help you keep your home in top shape—whether you’re staying for the season or preparing to sell!
 

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.