Chittenden County Real Estate March 2024
Hey friends, Julie Danaher here, wishing you all a very Happy Eclipse Day! I’m excited to dive into the real estate market statistics for Chittenden County for the month of March. Let’s take a closer look at what has been happening in our local real estate market.
Single Family Homes: A Remarkable Increase
This March has been quite the month for single-family homes in our area. Despite a dip from February, we've witnessed a significant increase of 17% in the median sales price compared to last year. This substantial growth indicates that single-family homes are not only in high demand but also that they are likely to maintain strong value moving forward.
Condos: A Mixed Bag
On the other hand, condos have shown a bit of a mixed trend. Although there was a slight increase from last month, the year-over-year comparison tells us they're down. This could suggest that single-family homes are currently more desired among buyers, potentially due to their space and privacy.
List to Sale Price Ratio: Sellers' Market Confirmed
A burning question on many sellers' and buyers' minds is whether homes are selling for their asking price or more. In March, both the single-family and townhome/condo markets saw properties selling over their listed prices. This trend is particularly strong in single-family homes, showing a consistent sellers' market. Buyers are willing to pay above asking, underlining the competitive nature of our current market.
Median Days on Market: Swift Movements
An intriguing metric to look at is the median days on market, which gives us insight into how quickly homes are going under contract. This March, we've noticed that homes are taking slightly longer to find their buyers — though we're talking about an increase of just a day or two, with homes still moving to pending in an aggressive seven days on average. Given the high prices in the market, this speed is quite remarkable.
March Madness: A Personal Note
This March felt like March Madness with the level of activity we saw. I had the pleasure of handling two listings, both receiving multiple offers and selling for over the asking price, much to the delight of the sellers. On the buyer's side, securing an off-market listing was a highlight, presenting a rare opportunity in this competitive market. Despite the intense competition, with one instance involving 12 offers, buyers and sellers alike ended the month happy with the outcomes, looking forward to closing on their new homes soon.
I hope you found this update insightful and helpful as you navigate the Chittenden County real estate market. Whether you’re selling, buying, or just observing, the current market dynamics offer much to consider. Stay tuned for more updates, and here’s to finding your perfect home or buyer in the coming month!
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