vermont real estate

Navigating the Northwest Vermont Real Estate Market: Trends For January 2024

January 2024 Market Trends In Northwest Vermont

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.

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!

 

February 2024 Monthly Newsletter: Winter Fun & Market Insights

A warm welcome to our February newsletter! As we enter into the thick of winter, we're here to share local events, hot market stats, a hidden lakefront home tour, and some featured properties! 

Lake Champlain Winter Event Guide

Don't miss out on February fun in the Lake Champlain area! From live music nights to winter carnivals there is something for everyone to enjoy. 
Read Winter Guide 



Hidden Home

February’s Hidden Home is nestled on Lake Champlain's Inland Sea. This one-level residence features 200 feet of gradual lake frontage.


Featured Listings

Lot 5 Four Winds Ln, North Hero, VT
Price: $150,000

67 & 74 E Shore S, Grand Isle, VT
Price: $635k - Price reduced!

Visit our website to view these listings and see more available office listings.

Read More

Hidden Home: Charming Stone Residence

November’s Hidden Home is an iconic stone home located in Isle La Motte. The home was built in 1829 with limestone from the Fisk Quarry and includes 4.4 acres with extensive gardens. The current owners completed extensive renovations to the property that respect the original features of the home while modernizing it for comfortable year-round living.

Watch to see the interior and subscribe to our YouTube Channel to see more Hidden Vermont Homes! 

Hidden Home: Private Colonial Residence

October’s Hidden home is a stunning covert colonial in Essex, Vermont. The four-bed, four-bath residence is tucked back on 11.9 acres with a mix of mature trees, meadows, and gardens. Enjoy an in-ground pool and beautiful views of the Green Mountains from the elegant deck. 

Watch to see the interior and subscribe to our YouTube Channel to see more Hidden Vermont Homes! 

 

 

Real Estate Market Trends For Grand Isle County, August 2023

Grand Isle County Real Estate Market Trends For August 2023

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.

 

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