Comparing Third Quarter of 2021 to Third Quarter 2020
We keep thinking the market is going to soften and of course, at some point it will, but we wish we had a crystal ball to predict when. Given the statistics of the third quarter of 2021 compared to 2020, sellers will continue to be happy, and buyers will continue to be in multiple offers, often paying over list price for a home
The third quarter of this year compared to last year has seen extraordinary growth – and we thought last year was strong. We looked at year-over-year statistics in Chittenden, Franklin, and Grand Isle counties, specifically single family and condominium sales. We looked at the numbers sold and current active listings; the average sales price; days on market; and the percentage sellers received compared to their asking price.
In Chittenden County, there are currently 129 active single family and condo listings in the MLS. In the third quarter, there were 696 sold. Last year there were 741 sold. This is a decrease of 6% in the number of homes sold. The average sales price in 2021 was $473,576 compared to $407,640 in 2020, an increase of about 16%. Of note is that the list to sell ratio, the amount the seller received compared to what they asked, was 102.76% in 2021 compared to 99.47% in 2021. Days on market fell 53% from 39 days in 2020 to 18 days in 2021. This could be attributed to several things – that the market is simply stronger because of supply and demand, that the new builds are going under deposit faster, or perhaps people are worried the prices might go up or interest rates might rise and are buying faster.
In Franklin County, there are currently 72 active listings. In the third quarter, there were 226 sold. The average price was $322,081 in 2021 compared to $257,603 in 2020, an increase of 25%. Sellers received 101.76% of their sales price compared to 99.07% in 2020. Of note was the decrease in number of days on market: 36 in 2021 compared to 67 in 2020, a decrease of 46%.
In Grand Isle County there are only 32 active listings. In the third quarter of 2021, 48 homes sold compared to 72 sold in 2020. The average sales price in 2021 was $439,023 compared to $426,740 in 2020, which is negligible. The list to sell ratio was 98.63% in 2021 and 96.64% in 2020. The average days on market was shockingly less in 2021: 47 in 2021 compared to 140 in 2020, a drop of 66%! This is good news for Grand Isle sellers – low inventory, stable pricing, higher list to sales price and a much lower number of days on market.
We are wishing you health. We all know someone who has suffered or passed away from COVID. We are keeping all of you in our thoughts. Karin and Dave