Is the convenience of owning a condo starting to collapse? Let’s take a closer look at the latest market update for November 2024 in Chittenden County and find out what the numbers are really telling us.
Chittenden County condo market
Median Sales Price Trends
Down Month-to-Month and Year-to-Year
We’re starting with the median sales price, and here’s the big takeaway: condo prices were down over 13% from last month. That’s a sharp drop. On top of that, prices are also down just under 1% compared to the same month last year. Essentially, condo prices haven’t seen any significant increase in 2024.
Still Ahead in the Bigger Picture
Now, here’s some perspective. Even though we’re seeing a drop compared to last month and last year, prices are still well above what they were in many of the previous years. Looking at a 10-year graph, we can see that today’s prices are quite significant compared to five years ago. This dip feels less like a collapse and more like the market taking a breather.
List-to-Sale Price Ratio: Buyers Are Getting a Deal
Selling Below Asking Price
If you’re a buyer, here’s something you’ll like: condos are selling at 99.7% of their asking price. Yes, that’s below asking price! This is down 1.2% from last month and just shy of 3% compared to the same month last year.
Back to Normal Market Conditions
When you step back and look at this over the last 10 years, it’s clear we’re returning to more typical market behavior. Pre-2020, the real estate market wasn’t as hyped as it’s been in recent years. This current trend feels a lot more like the balanced market we used to know.
Median Days on Market: Condos Taking Longer to Sell
A Seasonal Slowdown
Let’s talk about how long condos are sitting on the market. The median days on market in November was 23. That means we’re now looking at weeks rather than days for a sale to close. This is a 70% increase compared to last month, and it’s significantly higher than this time last year. Some of this could just be seasonal data since November is typically slower.
A Decade of Change
Looking at the 10-year graph, it’s amazing to see how far we’ve come. Ten years ago, condos were taking triple the time to sell compared to now. So yes, while sales are slower than last year, today’s timeline is still far better than it used to be. This shift signals a return to a more normal market pace.
Final Takeaways for Condo Sellers and Buyers
If you’re selling a condo or townhome right now, pricing it correctly is more important than ever. The market isn’t as forgiving as it was in the height of the real estate frenzy. Take the time to understand these market dynamics so you can set realistic expectations for both pricing and time to sell.
On the flip side, if you’re a buyer, this is a great time to consider purchasing a condo. With prices slightly down and condos selling below the asking price, you have a unique opportunity to find a good deal. Single-family homes are in higher demand right now, so that demand shift could work in your favor when negotiating for a condo.
Shifting Preferences: Condos vs. Single-Family Homes
The current buyer population is leaning toward single-family homes over condos. This shift in demand is likely contributing to some of the slower condo sales and longer days on market. As a seller, it’s important to be aware of this trend so you can position your property competitively. As a buyer, it’s worth factoring this into your decision-making process since condos might offer better value at the moment.
A Look Ahead: What This Means for You
The November 2024 market shows signs of cooling in the condo segment, but this is less about collapse and more about normalization. If you’re thinking about buying or selling, take these trends into account:
Sellers: Be patient, price strategically, and consider the extra time your property might sit on the market.
Buyers: Enjoy the opportunity to negotiate and potentially purchase a condo below asking price while taking advantage of less competition.
Contact Julie Danaher for real estate inquiries at Julie@ridgelinerealestate.com or (802) 310-5823
If you’ve got questions about your home, your area, or your price range, let’s dive in together. I’d love to help you make sense of these trends and find the best strategy for your needs.
Take care, and happy house hunting (or selling)!
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