The Northwestern Vermont Board of Realtors (NVBR) has released their real estate market statistics for January 2020. Their numbers are gathered from data of real estate transactions in Chittenden, Franklin, and Grand Isle Counties of Vermont.
Like we have seen in pervious years, market conditions indicate continued strong buyer demand. Things like low unemployment, low interest and the rising cost of rentals have buyers out looking for homes. Seller supply has not quite kept up, creating limited supply for the strong demand. This increases prices and decreases inventory and months supply.
The median sales price increased 11.7% for single family homes (to an average price of $320,000) and increased 9.5% for condos (to $268,000). YTD overall median sales price increased by 9.3%
The charts above show the consistent rise is home prices over the years, meaning that historically, real estate has been a good investment!
Some other key numbers compared to January 2019:
- Inventory decreased 23.9% for single family homes and 31.2% for condos. Inventory is a good indicator of how fast homes are going under contract.
- Months supply decreased 33.3% for single family and 37.9% for condos. Months supply also indicates how fast homes are going under contract.
- Closed sales increased 21.9% for single family and 48.5% for condos indicating the market was busier than last year.
- Pending sales was also up 15.3% for single family and 80% for condos.
Another strong indicator of the market competitiveness is Percent of Original List Price Received. This looks at the price a property closed compared at to the price it was listed at. In January the list to sales price ratio was 96.1% for single family and 100.6% for condos. While this number is largely flat for single family homes, it increased 1.9% for condos and shows that the average condo is being sold for at or even above list price.
Overall, January’s statistics show continued strong market activity with plenty of demand and limited supply. With this only being January, and closed sales up 28.7%, pendings up 30.1% and homes for sale down 25.4%, we fully expect this year to be competitive.
Given the current market conditions, now is a great time to sell if you have been thinking about it. With strong demand and the right price, your home will likely sell quickly. Contact us today to learn how to maximize your exposure and get your home sold!
If you are thinking about buying, we strongly recommend you prepare yourself now. Talk to a lender to get pre-approved (ask us for recommendations if needed), think about exactly what you want and need in a home, and set up a meeting with us so we can start looking with you. This will allow you to act fast when the right one comes along. You will already be pre-approved and you will know if it is right for you or not. Plus, after you meet with us, we will be on the look out for homes even before they hit the market.