Northern Vermont Real Estate BlogRecently posted or modified blog posts in the category - Market Updateshttps://www.yourvermonthomesearch.com/blog/Copyright YourVermontHomesearch.com2023-12-12T12:01:44-07:00tag:yourvermonthomesearch.com,2012-09-20:6478Chittenden County, Vermont Real Estate Market Update for November 2023<img src="https://assets.site-static.com/userfiles/2257/image/julie/market_update_november.png" width="1920" height="1080" style="font-size: 17px;" />
Hey everyone, it's Julie Danaher here, to give you an another exciting real estate market update for Chittenden County, Vermont in November 2023. In this update, we'll explore key indicators that provide insights into the current state of the real estate market. So, let's get started!
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Median Sales Price of homes in Chittenden County, Vermont:
Our first focus is on the median sales price for single-family homes in Chittenden County. In November, we observed a slight dip from the previous month, settling at $545,000—a 5% decrease from October's $574,000. However, the year-over-year perspective reveals an 11.3% increase from $489,000 in November 2022, indicating continued growth.
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List to Sale Price:
Moving on to the list-to-sale price ratio, it's noteworthy that sellers are still reaching over 100% of their asking prices, showcasing a robust market. Despite a marginal decline of 0.7% from last month and 0.9% from the previous year, this metric underscores the impact of interest rates on the current buyer market, suggesting a trend toward stabilization.
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Months of Supply of Inventory:
The months of supply of inventory remains a key metric, coming in at 1.4%. While this falls significantly below the 6-month threshold for a balanced market, it's important to note a positive trend—there's more inventory available compared to October and the same period last year (November 2020). The increased options for buyers hint at a growing and diverse real estate landscape.
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Median Days on Market:
Seller efficiency, measured by the median days on market, stands at 7 days. Consistent with the previous month, this quick turnaround indicates a dynamic market. It's a notable aspect that aligns with the broader trends we're observing.
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Interest Rates Impact:
In a Facebook post by my friend Kelly, who is a lender at Union Bank, we catch a glimpse of the impact of interest rates. The excitement about rates dipping below seven is palpable, especially considering the recent crawl towards the higher sevens and eights. This positive development is likely to have implications for buyers in 2024, encouraging a more stable pricing environment.
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So what does that mean for you?
In conclusion, the Chittenden County real estate market is navigating fluctuations in prices, interest rates, and inventory. The current scenario indicates resilience and adaptability, offering opportunities for both buyers and sellers. If you have specific questions about your town, inventory, or local trends, feel free to reach out!
2023-12-12T11:29:22-07:002023-12-12T12:01:44-07:00Julie Danahertag:yourvermonthomesearch.com,2012-09-20:6176Market Update September 2023
If you're a buyer or seller in the Chittenden County area of Vermont, looking to purchase, today's video is going to show you some insights into the market trends that we are experiencing for September 2023.
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Median sales price. This is for Chittenden County. You can see the graph shows you from 2020 all the way through today, 2023. The median average sales price right now is $562,500, so that is up 6.5% from last month and still up 12.6% from last year. So, we are still seeing strong growth in the single-family residential homes in Chittenden County.
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This is list-to-sale price, so this shows us that sellers are getting on average 2.4% over their listed sales price. You can see that that is actually down 2.2% from last month and down 2.3% from the same month last year. So, that tells us that we are seeing prices starting to come down a little, still over their asking price on average, but hopefully, this is a trend that will continue, especially as it relates to buyer demand.
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Okay, this one is months of supply at inventory. So, how much inventory do we have to support the current market? You can see here that it's 1.3 months of supply, which you can see the blue line across the graph represents a balanced market, and the 1.3 is actually quite below where we should be and has been since 2020. As you can see in this graph, we are still trending up, which is a good sign that shows us that we're growing in our inventory available for the current buyer demand. 0.7% from last month and then 34% from the same month last year in 2022. If we continue to see these numbers go up, especially with new active listings, we can begin to start supporting the more current buyer demand and leveling out the market.
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This tells us that it is an average of 8 days, that is actually flat from the last month, so about the same trend, but then up 33.3% from last year, the same month. When you look at this graph, you can see there are some spikes with it, and that just shows us actually when the interest rates rose in October, how that really did change kind of the buyer pace that we were moving at in the market. So, if you're looking for a home, do be prepared that most homes will be selling within about that week.
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A question that's always on everybody's mind is what is the current interest rate? So, in speaking with some different lenders, the current interest rates are really around 5.5% upwards towards 8%. What really can impact the rate is buying down the rate. If you are putting a significant portion of money down and you buy points, you can buy down the rate to around that 5.5%, but most conventional rates right now are going to be above 7%, and that has really been the trend since 2022 of last fall when the interest rates last really did change the kind of landscape of demand in the market. So, if you are looking at interest rates, I would highly recommend talking with different lenders about their programs and what might work for you in the long term.
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Okay, so here's really what I've been seeing. What does all of this data mean? We are seeing less multiple offers than we were even 6 months to a year ago. We are seeing homes start to stay on the market a little bit longer. We are seeing prices come down and level off. This is really just one of the first months that we are starting to see this trend, or should I say, I don't know if we can even call it a trend quite yet.
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So, I will continue to keep you posted. It would be wonderful to see interest rates come down; that is one of the things we are hoping for as we move into the following year. If you have any questions about any of this data or want more specific market analysis for your specific town, your specific price point, or a style of home, please let me know, as you want to keep in mind that these stats are very much an overall view of what is happening.
2023-10-10T11:35:44-07:002023-10-10T11:51:11-07:00Julie Danahertag:yourvermonthomesearch.com,2012-09-20:2065The Holidays Aren't Stopping Homebuyers This YearThe Holidays Aren’t Stopping Homebuyers This Year
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Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.<br />
Each month, ShowingTime releases their <a href="https://www.showingtime.com/showingtime-showing-index/" title="Showing Index" target="_blank" rel="noopener noreferrer">Showing Index</a> which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:
“The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”
Here’s the breakdown of the latest activity by region of the country compared to this time last year:
The Northeast increased by 65.5%
The West increased by 64.7%
The Midwest increased by 55.7%
The South increased by 54.7%
Why is the traffic so active?<br />
The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer.
One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was <a href="http://www.freddiemac.com/pmms/archive.html?year=2019" title="3.72%" target="_blank" rel="noopener noreferrer">3.72%</a>. Today, the rate is a full percentage point lower.
Bottom Line
There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now.
2020-12-16T10:45:00-07:002020-12-16T10:32:26-07:00Kerry Dawson