Comparing March of 2023 to March of 2022

We look at single family homes and condos together in Chittenden County and make comparisons year-over-year to get a picture of the market. 

In March of 2022, 105 homes sold for a median price of $444,000. Buyers paid an average of 102.77% of the asking price. The median days on market was 6. 

In March of 2023, 83 homes sold which translates to 21% fewer homes sold in 2023 than in 2022. The average sales price in 2023 was actually 3% lower than in 2022 at $431,000. Sellers received fewer over-asking contracts in 2023, but that could be because sellers priced their homes accurately for the market. The median days on market was 6 days for both years. 

I also looked at single family sales only, comparing March of each year, and was surprised at what I found: 54 homes sold in 2022 compared to 55 in 2023. Interesting. But the median sales price in 2022 was $505,000 compared to $480,000 in 2023. This is a reduction of about 5%. We are continuing to see bidding wars and offers over asking, so this statistic surprised me. 

What is important to note is that this is only one month of statistics and should not be considered a trend unless this continues. Let’s look at year-to-date compared to last year - the median price of a single family home from January 1 to March 31 of 2022 was $444,000 compared to $508,000 in 2023. This is a 12.5% increase. This reflects more accurately what we are seeing in the market – an appreciation year-over-year. 

We are surprised that the increase in mortgage rates has not seemed to affect the field of buyers. A recent listing of mine had 61 showings and 14 offers. We are continuing to receive multiple offers that close over the asking price. It is still a great time for sellers to sell and still a challenging time for buyers. We believe the trend of sales price appreciation year-to-date compared to the previous year will continue for at least the near future.