Northwest Vermont REALTOR® Association Releases March 2023 Market Statistics

March 2023
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases March 2023 Market Statistics

Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

Changes for March over last year at this time include:

• New Listings decreased 31.0 percent for single-family homes and 6.3 percent for townhouse-condo properties.
• Pending Sales decreased 27.7 percent for single-family homes and 4.2 percent for townhouse-condo properties.
• Inventory remained flat for single-family homes but increased 29.8 percent for townhouse condo properties.
• The Median Sales Price was down 1.2 percent to $415,000 for single-family homes but increased 4.0 percent to $351,000 for townhouse-condo properties.

• Days on Market decreased 17.5 percent for single-family homes and 43.3 percent for townhouse-condo properties.

• Months Supply of Inventory increased 22.2 percent for single-family homes and 28.6 percent for townhouse-condo properties.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

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.