Comparing October of 2024 to October of 2023
I looked at single family homes and condominiums together, comparing October of 2024 to October of 2023 in Chittenden and Franklin counties. I looked at median sales price and median days on market.
In Chittenden County 149 homes closed in October 2024 compared to 151 in 2023, not a significant difference. The median sales price was $471,000 in 2024 compared to $474,900 in 2023. Again, not much of a difference. Median days on market until sellers accepted a contract was 12 days in 2024 and 7 in 2023. We are not seeing any big differences year-over-year.
In Franklin County 54 homes sold in October 2024 compared to 48 in 2023 for an increase of 12.5%. However, we are only talking about a difference of six sales. The median sales price in 2024 was $352,500 compared to $325,341 in 2023 for a difference of approximately 8%.
Anecdotally, you will find this interesting: I am showing ten properties this week in Chittenden County. When I went online to make appointments, none of the homes had any appointments scheduled for this entire week. This has to worry sellers. Some are relatively new properties to the market, and some have been on for several weeks. To me, this indicates a bit of a slowdown in the market.
This made me wonder how many currently listed homes have lowered prices since first listing. There are currently 246 single family and condos for sale. Of that number, 109 had a price change. In my opinion, that is a large number. It means nearly half of listed homes chose the wrong price when first listed. Or the market changed after they first listed.
This data is a warning to sellers to price their homes carefully. Indeed, in my opinion, sellers should consider pricing against the competition. What I mean by that is if there is a “hole” in the market where there are no homes for sale in a price range, sellers should put their homes in that hole, assuming a market analysis suggests that price range.
Additionally, I would consider ignoring market appreciation when pricing. For example, if a very similar house sold in March of this year sellers should not factor in market appreciation. If the price chosen is too low, multiple buyers will bid the price higher. This is far better than lowering the price later. When prices drop, buyers always ask, “What’s wrong with the house?” And what might be wrong is simply the original price was too high.
One month of reporting is a small sample, but we should still consider this data. Sellers should price carefully and lean on an experienced Realtor to guide them when pricing their homes. Inventory is still low, but correct pricing is crucial today.
