After a rather tumultuous year, we head into 2023 with cautious anticipation. Anyone hoping to buy or sell a home in the new year likely has a lot of apprehension over what awaits in 2023. By and large, last year brought many abrupt changes to the real estate market - mortgage rates rose at a fast clip, bidding wars cooled, home inspections and seller concessions reappeared, and an overall market correction came into view.
How can we predict what awaits in the new year? As always, we must pay attention to the rate hikes from the Fed to anticipate what happens next. As we enter the new year, we can expect the market to find some solid footing once rate increases calm down. Anyone who feels a bit shell shocked after two years of unprecedented changes in the market should rest assured that no new changes are currently in view. Instead, we see the market continuing to stabilize and shift back into a normal condition. As far as the world of real estate is concerned, the country is about to return to 'business as usual' for the first time in nearly three years.
If you’re waiting to enter the real estate market, there are some promising signs that 2023 could be the year for you. For anyone who was scared off by the intense bidding wars that were a staple of the pandemic era, thankfully we are leaving those days in our rearview. It will be a good year for buyers and those stretched thin - there will be less competition for homes in the upcoming year, which will in turn bring down listing prices to more realistic rates.
What awaits sellers in the new year? While we are undergoing a market correction, this is still a seller’s market. That means homeowners still hold most of the cards, however with the quantity of buyers still sitting on the sidelines, we may see sellers start to strategically sweeten the pot by offering concessions or buyer perks this year. There is still immense opportunity for sellers in this current market, however strategy and proper negotiations will be your keys to success.
Washington County:
Single-Family Home Statistics sourced from NEREN.com
Year in Review: Total # of Sales: 611
Highest Sale $: $2.45m | Lowest Sale $: $38.5K | Median Sale $: $319,587
In Montpelier, there were 0 new homes brought to market last month, while 5 homes sold. The median days on market was 27 days with a sales price of $350K. Compared to this time last year, days on market is up 145% while the sales price is also up 17%.
In Barre, there were 4 new listings and 19 closings for single-family homes. Median days on market was 12 days with a median sales price of $268K. Year over year, new listings are down 63.6% while market time is almost halved. Buyer demand is still strong in this area with the median sales price also up 11% since last year.
Across Washington County, there were a total of 9 new single-family homes listed and 48 sold. Median days on market was 17 days while median sales price was $302.5K. Compared to this time last year, new listings are down 55% while sales price is up 15.9%.
Lamoille County:
Single-Family Home Statistics sourced from NEREN.com
Year in Review: Total # of Sales: 297
Highest Sale $: $5.75m | Lowest Sale $: $40.5K | Median Sale $: $440K
In Stowe, there were 5 new single family homes listed with 6 sales last month. Median days on market was 37 days while the median sales price was $1.78m. Compared to this time last year, homes are selling 17% faster but sales price is slightly down 12%.
Across Lamoille County, there were 12 new listings with 26 sales. Year over year, median sales price is up 2.6% while median days on market has increased 29.6%.
Chittenden County:
Single-Family Home Statistics sourced from NEREN.com
Year in Review: Total # of Sales: 1,132
Highest Sale $: $10.25m | Lowest Sale $: $27K | Median Sale $: $508,750
In Burlington, last month saw 4 new single-family homes listed and 11 sold. Median days on market had a slight bump to just over 1 week, with the median sales price at $337K. Year over year, sales are down 50% and sales price has declined 27%.
Across Chittenden County, there were 27 new listings and 69 sales in December. Median days on market remained in the neighborhood of one week while median sales price took a slight dip to $425K compared to this time last year.
Franklin County:
Single-Family Home Statistics sourced from NEREN.com
Year in Review: Total # of Sales: 553
Highest Sale $: $1.15m | Lowest Sale $: $35K | Median Sale $: $330K
Across Franklin County, there were a total of 26 new listings with 40 homes sold during December. The median days on market dipped slightly to 12 days while the median sales price increased 16.7% to $370K.
Grand Isle County:
Single-Family Home Statistics sourced from NEREN.com
Year in Review: Total # of Sales: 138
Highest Sale $: $3.5m | Lowest Sale $: $56K | Median Sale $: $392.5K
Across Grand Isle County, there were 6 new single family homes listed with 5 sold during December. Last month saw a median days on market of 42 days with a median sales price of $405K. Compared to this time last year, homes sat on market 40% longer while fetching a slightly higher sales price of 3.8%.