Comparing June of 2023 to June of 2022
Comparing statistics for one month, year-over-year, is not indicative of the entire market, but it does give us a snapshot of the changes happening. Here, we look at the number of single-family homes and condos that sold in Chittenden and Franklin counties, the median sales price, and the median days on market before a seller accepted an offer. In the past, we have also looked at the percentage over asking price that a seller received, but we have found that if sellers are pricing their homes correctly, they may not receive huge amounts over asking. And therefore, we are finding that data to be less relevant. Suffice to say, in both years, buyers pushed prices over the asking price by several percentage points.
In Chittenden County, 228 homes sold in 2022 compared to 164 in 2023 for a 28% drop in the number of homes sold. Obviously, the inventory is much lower this year than last, which is why buyers are having so much trouble finding homes. The median price of a sold home in 2022 was $480,000 compared to $501,000 in 2023. This is an increase of approximately 4%. That is a normal increase in sales price. In the past, we have seen 12% or higher increases year-over-year. Even though we are not looking at an entire year, this feels like a “normal” and respectable increase. The median days on market until a seller accepted a contract were five in 2022 and six in 2023. With so few homes for sale, we can assume there were multiple offers on most properties given the short number of days until an accepted contract.
In Franklin County, we are seeing a similar trend although the percentages differ. 67 homes sold in 2022 compared to 52 in 2023 for a 22% reduction in the number of homes sold. The median sales price in 2022 was $339,844 and increased a little over 5% to $358,000 in 2023. Median days on market in 2022 were six and in 2023, five. Quick sales both years.
Last month we talked about supply and demand and said that we felt the demand was coming down. We are not necessarily changing our point of view this month. Interest rates continue to rise, and some buyers are stepping out of the market. Agents on our team who work with buyers are seeing this trend first hand, myself included. I recently had three buyers state that they are going to stop looking for a while. Their buying power changed with the rise in interest rates, and they got tired being in multiple offers situations and losing.
In addition, sellers tell us they are hesitant to sell because they don’t know where to go unless they are moving to an area with more inventory. They also don’t want to trade in a low interest rate for a high one. However, with an average of only five and six days on the market, we know there are buyers still out there. We wonder what will happen when those buyers who are currently looking for homes take themselves out of the market either by finding a home or giving up the search. We will continue to keep you posted!
