Comparing August 2021 to August 2022 | 9/16/22
We look at single family homes and condos together and gather statistics in Chittenden and Franklin counties from the Multiple Listing Service (MLS). Grand Isle County had too few sales in one month to be able to make any statements about the market. We consider number of homes sold, average increase or decrease in sales price, percentage of list price sellers received, and average days on market until the seller accepted an offer.
Take a look at these statistics for August of 2022 compared to 2021:
Chittenden County: 2021 2022 Up or down?
# Properties sold: 258 202 Down 27.7%
Ave sales price: $482,654 $527,954 Up 9.38%
Percentage over asking: 102.40% 103.86% Up approx. 1.5%
Average days on market: 18 19 Flat
Franklin County: 2021 2022 Up or down?
# Properties sold: 80 72 Down 11%
Ave sales price: $301,293 $352,643 Up 17%
Percentage over asking: 101.93% 103.47% Up approx. 1.54%
Average days on market: 34 23 Down 8.6%
What does all this mean? Across the board, comparing the statistics of August of 2022 to August of 2021, we continue to see an increase in average sales price, an increase in the percentage over asking that sellers received, a decrease in the number of homes sold and a decrease in the days on market. These statistics do not mirror national statistics which show decline in average or median sales price and in many markets, an increase in supply.
Here is a link to the Northwest Vermont Realtor Association statistics which also include comments about national trends:
https://www.nwvtrealtor.org/wp-content/uploads/2022/09/NVBR_MMI_2022-08.pdf
You will also see other interesting statistics which drill down data.
Are we fortunate in our northern Vermont counties? It depends on your point of view. Are you asking about Buyers or Sellers? Buyers are still in multiple offer competitions and heaven help them if they have a house to sell first! With multiple offers, even buyers whose homes are under contract and will close soon, are losing because sellers are often choosing the path of least resistance and the highest price with the fewest contingencies. We wrote six offers for one set of buyers before they finally got a property under deposit and that was only after their home sold. They moved into a campground until their new home sold! The hoops buyers have to jump through!
Sellers continue to be happy with the market. However, sellers will tell you they are hesitant to list their homes unless they know they have a home to move to. (Not everyone is willing to camp, especially with the cold weather coming!)
Will the market cool? Yes, it always does, as history repeats itself. We would have thought the cooling would have happened by now given that the crash of 2008 is so far behind us. However, the low inventory has continued to follow the law of supply and demand, pushing prices upward. Until more inventory comes on the market, we anticipate more of the same results. When we look at the third quarter in next month’s newsletter, we will have a more balanced picture of market trends.
