Northwest Vermont REALTOR® Association Releases February 2022 Market Statistics

February 2022
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases February 2022 Market Statistics

The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

Changes for February over last year at this time include:

• New Listings decreased 4.6 percent for single-family homes and 5.4 percent for townhouse-condo properties. 
• Pending Sales decreased 17.3 percent for single-family homes but increased 3.6 percent for townhouse-condo properties.
• Inventory decreased 42.7 percent for single-family homes and 54.5 percent for townhouse-condo properties. 
• The Median Sales Price was up 12.5 percent to $365,500 for single-family homes and 24.0 percent to $310,000 for townhouse-condo properties. 
• Days on Market decreased 35.7 percent for single-family homes and 66.7 percent for townhouse-condo properties. 
• Months Supply of Inventory decreased 41.7 percent for single-family homes and 57.1 percent for townhouse-condo properties.

Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

Click the links for a complete Summary Report and the Town by Town Statistics. 

*The Northwest Vermont REALTOR® Association (NVRA) is the “Voice for Real Estate” in northwestern Vermont representing over 650 members involved in all aspects of the residential and commercial real estate industries. The monthly market statistics report is sponsored by NorthCountry Federal Credit Union.