Comparing November of 2021 to November of 2022 | 12/6/22

This month we are looking at the number of single family homes and condos sold, the average and median sales price, and the average and median days on market, comparing November of 2022 to November of 2021 in Chittenden County.

Looking at all properties reported in the Multiple Listing Service, there were 89 properties listed and 134 sold in 2022 compared to 120 listed and 170 sold in 2021. This is a reduction of 25% in listed homes and a reduction in closed properties of 18%. 

The average sales price was $478,116 in 2022 compared to $481,107 in 2021. Not much of a difference. Sellers did receive over 102% of their asking price, so prices are still being driven over asking, although some of that comes from an increase from upgrades on new builds.

What is extraordinary is that the median sales price in 2022 was $441,000 and the median sales price in 2021 was $441,500. Almost identical median sales price, dollar-for-dollar.

I think that in addition to looking at the these reported statistics, it makes sense to look at data after removing new homes built in 2021 and 2022 to see if there are significant differences. Taking newer sales out of the data, the number of sales was down 16%, not a significant difference. The average and median sales prices were nearly the same. 

Interestingly, what did change was the number of days on market when taking out the newer homes sales - which can skew data – with an average of 16 days on market in 2022 and 17 in 2021, and a median number of days of 6 in 2022 and 5 in 2021. Almost identical. When new home sales were included, the average days on market were twice as long in 2021.

If the market was trending to be “flat” one would think that with a 25% reduction in listings there would be a 25% reduction in number of homes sold, especially when the days on market are nearly the same. We are still seeing a drop in supply of available houses and are not necessarily seeing the Law of Supply and Demand kick in, because pricing is remaining flat. And we saw that, too, when new builds were factored in. 

People who are buying now are motivated, have likely been looking for some time, can afford the higher interest rates and are jumping on new properties in a matter of days on market. There are still multiple offers on correctly priced homes. It’s just that fewer are selling because fewer are listed. We feel this is due to the time of year and market conditions such as the increase in interest rates. 

Historically, this time of year is slow. Sellers and Buyers are less inclined to list their houses or buy homes during the holidays as the process disrupts their lives and moving in the winter is problematic unless Sellers have to sell and Buyers have to buy. I think we will continue to see the trend of level sales prices, lower number of listings and therefore fewer homes sold as we move through December and January. 

Next month I will compare all of 2022 to 2021 and comment on sales price for December to see if this trend continues.