October 2018 Market Insights
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The information in this report is sourced from the New England Real Estate Network. This information is deemed reliable, but not guaranteed. We focus on Chittenden, Washington, Franklin, Grand Isle, and Addison counties. Contact us to learn more about the current market in your town or a county not listed here.
This October we saw that new listings are down and closed sales are up for single family homes across Northwestern Vermont. New listings in October dropped 16% and closed sales increased 13% compared to September. Compared to the same time last year we see an increase in average sale price of 7.4% from $287,700 to $309,000. This is an indication of the still increasing sellers market, where those looking to sell have significant negotiating leverage. This is supported by the average days on market which is 36 days less than October 2017. This metric remains fairly consistent over the past three months.
For buyers this means you should be prepared to make an offer quickly when you find the right property. Getting pre-approved for financing shows sellers that you're serious and capable of buying their home. Delaying this process could mean you missed out on that great home.
Current sellers should recognize that homes are selling in three months, on average. With the upcoming holidays you can expect some delay in finding the right buyer, but considering the shrinking inventory, buyers who are on a schedule should come calling.
For those thinking about selling, contact us today. Now is a great time to list your home. We will be happy to meet with you to review your home's market value and what the winter selling process looks like.
Scroll down to see more stats on your county in Northwestern Vermont, and of course, give us a call if you have any questions on your town or neighborhood!
October 2018 vs. October 2017
New listings for all five counties decreased 1% from 361 to 356 properties.
Average sale price increased 2% to $252,977.
Closed sales increased 2.5% from 315 to 375.
Average Days on Market decreased 20% from 116 to 91 days.