November Market Statistics
I look each month at single family homes and condos in Chittenden and Franklin counties and compare stats from 2024 to 2023. I consider how many properties sold, the median price sold, and the median days on the market until the sellers accepted an offer.
In Chittenden County, 130 properties closed in November of this year compared to 110 in 2023. The median sales price in 2024 was $510,000 compared to $477,000 in 2023 for an increase of 6.8%. This is a healthy increase, not as high as some months in the past, but a reasonable increase. Year-to-date increase was 5.4%. Median days on market was 9 in 2024 and 6 in 2023. Not a significant difference.
In Franklin County, 27 properties closed in November of 2024 compared to 33 in 2023. The median sales price actually decreased 9.6% in 2024 from $365,000 in 2023 to $330,000. However, if I look at year-to-date in 2024 compared to the same time period in 2023, the market is actually up. The median sales price YTD in 2023 was $350,000 and it increased 4% to $364,000 in 2024. Usually, year-to-date statistics are the most meaningful.
I also like to look at what is called the “absorption rate.” This is calculated by looking at the average number of properties sold in the last 12 months compared to the current number of homes for sale. We divide that number by 12 to get the average sales per month. We ask; if no new homes came on the market, how long would it take to empty the market of current properties – how long would it take to “absorb” the current number of properties. Approximately six months of inventory is a neutral market favoring neither buyers nor sellers. Under six months of inventory favors sellers and over six favors buyers. This is built on the law of supply and demand.
In Chittenden County in the past 12 months, an average of 131 homes sold per month. There are currently 200 homes on the market. That means an absorption rate that strongly favors sellers as there is only a 1.5-month supply of homes for sale. And these numbers can change if a buyer only wants a single-family home or only wants a condo as I have not separated those styles of homes in this calculation.
In Franklin County, an average of 41 homes sold per month. There are currently 115 homes on the market. This means the absorption rate favors sellers as there is nearly a 3-month supply of homes on the market. However, for a seller, that can be a long time to wait for a contract on their home.
Pricing is key to a quicker sale. We are still seeing price reductions when properties are not selling in the median or average number of days. Buyers often interpret a price reduction as seller urgency when it might really indicate the wrong price to begin with. We still recommend conservative pricing. If the asking price is too low, there will be multiple offers to drive the price higher.
Here’s wishing all of you a happy and healthy holiday season!
