Comparing First Quarter 2021 to First Quarter 2022 | 4/11/22

Monthly stats comparing year-over-year can be interesting and helpful, but not as valuable as looking at the comparison of quarters, year-over-year. I looked at single family homes and condos together in Chittenden and Franklin counties. I also looked at Grand Isle County, but there are too few sales to be able to make any valid statements about the market in Grand Isle County.

In some ways, I feel like a “broken record” because once again, I’m going to talk about what a strong seller’s market it is. But that’s the true story – there are way more buyers than there are sellers and given the law of supply and demand, the prices are being driven up. Here’s an example: A house in Essex was listed for $685,000 and sold for $851,000 after being on the market for five days. I was recently part of an 18-way multiple offer. It’s a challenge for buyers whether they are getting a mortgage or are paying cash (but easier with cash.)

In Chittenden County, the average sales price in 2021 was $413,231 and was $536,209 in 2022 for a 29.7% increase. The number of days on market decreased from 43 days in 2021 to 28 days in 2022 for a 53% decrease in days on market. And this is with new home sales included. Sellers on average received 101% of their asking price in 2021 and 102.65% in 2022.

In Franklin County, the average sales price in 2021 was $269,005 compared to $343,991 in 2022 for an increase of 27.87%. The average days on market hardly changed year-over-year. It took an average of 56 days to get a house under contract in 2021 compared to 53 days in 2011. We are finding that in resale houses, many are under deposit in less than one week. Sellers received about the same percentage over asking, 100.12% in 2021 and 101.86% in 2022.

We thought we’d be seeing a slow down because of the increase in interest rates, but that doesn’t seem to be the case. I do feel we will want to pay attention to the economy and the influence that has on the market in months to come.

We think this is a unique time in the market that may not happen again for years. Sellers are looking to sell and cash-in on the equity in their homes. The challenge for many sellers is knowing where they can buy! Good news/bad news – they can sell for an incredibly high price, but they can’t find a house to buy themselves.

Free free to reach out to us if you have any questions or are interested in buying or selling.