Winter is here, but there are signs of thaw in the housing market. Across Vermont, we are seeing buyer activity increase. As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. Now, however, rates are beginning to level out, bringing buyers back to the market.

On February 1st, the Fed did increase rates another 25 points, however this is good news. This is the smallest rate increase in nearly a year and the Federal Reserve responds to consumer confidence in the economy, which is on the rise. This smaller rate increase means the market is responding positively to their strategy to combat inflation. We are on the recovering end, in both the economy and housing market. Lowered inflation will only further improve buying power.

When it comes to buying a home, it's important to keep in mind that the current market is highly competitive, with limited inventory and higher rates. Historically, more concessions and negotiations have been reportedly secured during winter months as the bulk of buyers are hesitant to return until spring. As a result, savvy buyers will view this season as an opportunity to navigate a competitive market while there is reduced competition. Ready to make a move?

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Competitive positioning is the key to success in this market. Though the market remains inventory driven, meaning sellers have the advantage, buyers may still need a bit of encouragement to step off the sidelines. While there is still immense opportunity for sellers in this current market, competitive positioning and strategy will be your keys to success. Curious about the sales process? Learn More Here.

Chittenden County:

Single-Family Home statistics sourced from NEREN.com

In Burlington, last month saw 7 new single-family homes brought to market. There were 8 homes sold with a median sales price at $344.5K. Year over year, last month proved to be quite unusual with sales down 27% and price taking a 16% dip.

Across Chittenden County, there were 51 new listings and 58 sales in January. It was an unusual month with median days on market exceeding the one week mark while median sales price increased 16.3% compared to this time last year.

Lamoille County:

In Stowe, there were 2 new single family homes listed with 3 sales last month. Median days on market was 39 days while the median sales price was $840K. Seasonal factors have certainly surfaced in this market - property location relative to the ski mountain seems to hold a strong correlation with buyer interest.

Across Lamoille County, there were 18 new listings with 12 sales. Median days on market remained on par with this time last year, however according to last month’s limited sample size, sales price experienced a 33.8% dip.

Washington County:

In Montpelier, there was 1 new home brought to market and 1 sold last month. This sample is too small to reflect any median statistic reporting.

In Barre, there were 6 new listings and 5 closings for single-family homes. Last month saw the median days on market to be 15 days, about 11% faster than this time last year. The median sales price was $275K, an increase of 28% year over year.

In Waterbury, there were 5 single family homes and 3 sales for January. Median sales price was $760K and median days on market was a swift 3 days. Year over year, closed sales are up 50% and sales price is up 143.2%.

Across Washington County, there were a total of 18 new single-family homes listed and 22 sold. Median sales price was $320.5K. Compared to this time last year, new listings are down 35.7% while sales price has increased 13.4%.

Franklin County:

Across Franklin County, there were 24 new single family homes brought to market. January saw 26 homes sold with a median days on market of one week. Year over year, the number of new listings has improved 14.3% with a slight 10.3% dip in sales price.

Grand Isle County:

Across Grand Isle County, last month saw 6 new listings and 5 homes sold. Homes remained on market for a median of only 5 days and median sales price was $390K. Compared to this time last year, homes moved significantly quicker and sales price has increased 14.7%.

Have questions about what this means for you and your home? Contact us today.