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Vermont Real Estate Market Update: May 2024

Vermont Real Estate Market Update

Hey everyone, it's Julie Danaher, your real estate accelerator.

Today, I am hopping on to give you my Vermont Real Estate Market Update for the month of May 2024. If you're like me, you find data to be super interesting because you love looking at trends to understand and make educated decisions with that data set.

Median Sales Price

We're going to start with the median sales price. It's crazy how one month can really make you think a certain way about the market. For the month of May, we saw a significant increase from last month and last year in the median sales price. That really could have been due to just one home selling, maybe over a million or multi-million dollar home, that really drove up that price.

The reason I say that is because if you look more at just the market appreciation from last year to this year, it's only 1.9% so far in the Chittenden County single-family market. I think it's really important to understand that data is only information, but you have to really dig in to find the real story. I'm always here to help with that.

List to Sale Price Ratio

This next section is the list to sale price ratio. So, 100% would mean sellers get their asking price. Anything above that would be a bonus. You can see that we are up from last month but down from last year, which tells us that although we are significantly impacted by seasonal trends, I do think that the month of May brought a lot of strength to the market.

We are down from last year, which tells us we're not having the same pace and not having the same amount of multiple offers with the same amount of insanity of buyers going super far over asking price again for single-family Chittenden County.

Months of Supply of Inventory

Months of supply of inventory is always one of my favorites to talk to people about because I feel like it's the trend to watch most when it comes to thinking about whether it's a good time to buy. Months of supply of inventory means it would take this amount of months for the inventory to actually run out if we stayed with the same amount of buyer demand. You can see that we're up from both last month and last year, which tells me that our inventory is improving.

Homes are staying on the market a little bit longer, and more homes are coming to the market, which is a good thing. That will help to continue to alleviate multiple offers and also give buyers who maybe have not been finding success getting into a home more options and promise. That's always a good thing.

Catalyst Realty's Performance in May

What happened for Catalyst Realty in the month of May? We had two new listings, and I would love for you to check those out. We have 167 Brook Church and 1545 Bartlett Hill in Cambridge, waiting for the right buyer. Sometimes when you have a little bit more of a unique property, it does take finding the right buyer, and so creative marketing, like mentioning it to you right now, and please, you know, like and share, and all those things can help gain attraction.

We did have three buyers go pending. One of them was because of an off-market listing that we found for our buyer, which was really exciting. It helped to avoid competition and feel like they could just get in and get it for the right price.

What we are seeing in some pockets again is houses starting to stay on the market just a little bit longer or not get 5 to 7 multiple offers. I feel like the way that the market changes this year is just a little bit different than last year, where I felt maybe in the past couple of years we stayed really strong with multiple offers all the way through June.

If you are a buyer and you have not entered the market and you're nervous to, now is a perfect time. I would love to sit down and talk with you about how we could find you a great house in the next couple of months because this is when the inventory goes up. If buyer demand is lower, now is a perfect time for you as a buyer.

Feel free to reach out if you have any questions about the best time to list, the best time to buy, or trends in your area.


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