Comparing February 2021 to 2022 | 3/10/22

This month we are looking strictly at Chittenden County and am comparing February of last year to February of this year, looking at condominiums and single-family homes. The trend of it being a seller’s market continues with some interesting statistics.

              Last year, 96 properties sold at an average sales price of $417,348. The average days on market was 50 but that was in part because of the length of time some new builds are on the market. Sellers received 99.19% of their asking price. Note, that there were 10 homes that were built in 2020 or newer and all but one of those went over the original asking price and some closed significantly higher.  The reason is usually buyer upgrades such as tiled showers or hardwood floors throughout the home that push the price up. So, a part of that percentage increase is due to upgrades that pushed up the price. For instance, one house was listed for $567,000 and closed at $724,740.

              This year, 72 sold, down about 25%, for an average sales price of $467,968 which is a 12% year-over-year increase. The list-to-sell ratio was 103.42%. Interestingly, it wasn’t new builds this year that primarily contributed to the houses going over asking price. It was more the older homes. In some cases, the increases were as high as 20%. Extraordinary times for sellers. (There were a few that had been priced incorrectly for condition and location and the prices were less than asking, but not many.)

              With some increases in interest rates and with the uncertainty of the economic repercussions of the war in Ukraine, we are not sure exactly how the local real estate market will be affected. (Our hearts go out to the people of Ukraine. We are looking at safe ways to make contributions that we are sure will reach the people. Two examples: Airbnb.com and Globalgiving.org seem legitimate.  Please do your own confirmation of any such sites before donating. If anyone knows of other sites, please send us an email.)

In spite of all this turmoil, over the weekend, one buyer put an offer in on a property and there were eight offers. Another buyer was a part of a six-offer property. From what we have seen recently, the local market is still strong. As of this writing on March 7, there are 62 single family and condo properties combined on the MLS ranging from a $150,000 condo in Essex Junction to a $2.24M house in Williston. Of those 62, 14 are houses built (or to be built) from 2021 to now. There just isn’t enough inventory for the buyers out there.  For that reason, it's more important than ever to be represented by a strong Realtor to achieve your goals.  We're here to help.