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Real Estate Market Update For Chittenden County, Vermont - February 2024

Real Estate Update in Vermont

Hello everyone, it's Julie Danaher here! Today, I'm excited to share the market statistics (Real Estate update in Vermont) for Chittenden County as we bid farewell to the month of February. Let's take a closer look at the trends shaping the real estate landscape in our area.

Single Family Homes vs. Condos: A Trend Analysis

In the upcoming slides, I'll be highlighting the performance of single-family homes versus condos and how they've been trending this year compared to last year. It's essential to understand these dynamics to make informed decisions in the real estate market.

Median Sales Prices: Upward Trends

Firstly, let's discuss the median sales prices for single-family homes and condo townhomes. Single-family homes have experienced a remarkable increase of just over 8% compared to last month and over 3% compared to the same period last year. This steady appreciation is a positive trend that most consumers would be pleased to see continuing.

However, the scenario is slightly different for condo townhomes. We've observed a decrease of over 9% from last month and a 6% decline from the same period last year. This data prompts us to closely monitor the condo townhome market to understand its trajectory in the coming months.

Median Sales Price Chart and image of Julie Danaher, Realtor
Median Sales Price

List to Sale Price Ratio: Stability in the Market

Despite fluctuations in median sales prices, the list to sale price ratio remains relatively stable. This indicates that sellers are still receiving offers slightly above their asking prices, showcasing the ongoing demand in the market despite light inventory levels.

List to Sale Price Ratio chart and image of Julie Danaher, Realtor.
List to Sale Price Ratio

Median Days on Market: A Snapshot of February

February has been a robust month for real estate, with homes selling faster compared to January. However, when comparing to the same period last year, the median days on the market have remained relatively flat for both single-family homes and condo townhomes.

Median Days on Market chart and image of Julie Danaher, Realtor.
Median Days on Market

Interest Rates

One of the key discussions in the real estate community revolves around interest rates and their potential fluctuations. As we move through spring and into 2024, there's anticipation for interest rates to decrease, which could further stimulate the market.

Interest Rates chart and image of Julie Danaher, Realtor.
Interest Rates February 2024

Insights and Fun Facts

Now, let's delve into some intriguing insights and fun facts. Did you know that 34% of homes closing in the MLS are using cash? While cash certainly provides an advantage, conventional loans, especially when paired with a local lender, remain a strong option for many buyers.

Additionally, I'd like to share an exciting highlight from February: a property on Weed Road in Essex sold for over $100,000 above the asking price. This remarkable sale underscores the desirability of properties in prime locations with income potential.

image of 12 Weed Rd in Essex, Vermont.  Image of Julie Danaher in Yellow Sweater.
Julie's Insights

Want to Talk Real Estate?

If you have any questions about the market trends in your area or need assistance with your real estate goals, don't hesitate to reach out. Whether it's through a call, text, or email, I'm here to provide prompt assistance and support.

image of Julie Danaher, Realtor and contact information.
Let's Chat Real Estate

Thank you for joining me today as we explored the market statistics for Chittenden County, Vermont. Remember to enjoy the rest of your day, and I look forward to connecting with you soon!


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