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Market Updates with Julie: August 2023

Updated: Sep 29, 2023

Hey, everyone!

It's Julie Danaher Realtor with Ridgeline Real Estate. Today we're talking about market statistics.


The graph of Vermont here that you can see is the different median sales prices for each of the counties in Vermont and no surprise that Chittenden County is one of the highest, Grand Isle taking the lead, more than likely because all the lake property that you find there. You can see on the left, it breaks it down by where you can see each county falls. One of the lowest priced counties is Essex County and then on the bottom you can look at trend over the years. So where were we from median sales price back in 2013 to where we are now? And as you have felt with these last couple of years and COVID driving the prices up, we've seen such an increase in the median sales price.


This section is all about the months of supply of inventory. Months of supply of inventory is the number of months it would take to sell through the available inventory at the current selling rate. I chose to do 2019 through 2023 to show you that the months of supply inventory really took such a dive. 2020 (COVID) has stayed underneath the line of two months of supply and honestly closer to one and a half for quite some time. So this means there's not enough available homes in the market. This is statistical data from the Counties I service, which is about an hour outside of Burlington and single family. So this is one of the stats and graphs I use to help buyers see that we did not dig this inventory hole overnight and it won't change overnight. We have some work to do. The more balanced market is around five or six months of supply.


This is how many days it takes for a home to go pending once it's listed. You can see the number here is eight. That is a 14% change from last month, but flat to the same month of the prior year in 2022. These trends are important to look at as we continue to evaluate how the market is doing and what it's moving towards. The graph you see is from 2019 to 2023, showing you that the median days on market really did take that dive in the early part or later part of 2020 into 2021 and stayed pretty low, which continues to show that it's really a strong seller's market.


Here we're talking about percent of list sales price received in the market. So again, this is data from the counties I service, which is about an hour outside. Of Burlington and single family listings. So 103.1% is about where we're at currently, and that's negative 0.1% difference from last month and down 0.8% from the prior year. This is interesting. If we continue to see this trend of being down, we're continuing to see that home prices are leveling. You can see the graph from 2019 all the way through 2023, which shows that the percent of list price really grew and especially peaked during 2021 and 2022, showing us that sellers were receiving anywhere from four to upwards towards 6% above their listed sales price. We're still still in a strong seller's market though, with being over list price.

Thanks for your interest in Market Updates! If you have questions about the market in your specific area or a price point, please don't hesitate to reach out.

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