Chittenden County, Vermont Real Estate Market Update for November 2023
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!
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.
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.
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.
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.
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.
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!