Market Update September 2023
Posted by Julie Danaher on Tuesday, October 10, 2023 at 2:35:44 PM By Julie Danaher / October 10, 2023 Comment
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.
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.
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.
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.
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.
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.
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.
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.