Real Estate Market - February Performance 2024

As we look towards the spring real estate market in Vermont, notable market indicators from early winter months could signal a transition from a pronounced seller's market to a more balanced one, tilting slightly in favor of buyers. For prospective buyers, this shift is a welcome change. While the fervor among COVID-era buyers has waned, the persistent scarcity of inventory still provides sellers with a degree of control. Here's a snapshot of the February market data for Lamoille County:

• The median sold price stands at $531,666, marking a 27% increase from February 2023.
• Investors and sellers take note: 3-bedroom homes exhibit the most robust market performance in February 2024. Contemplating the addition of a third bedroom before listing? An addition may prove advantageous, depending on the cost of the enhancement. Conversely the home price of 1-bedroom homes decreased by 35.9%, 2-bedroom homes decreased by 5.3%, 4-bedroom homes decreased by 21.7%, and 5+ bedroom homes decreased by 52.1%.
• Housing supply in Lamoille County remains constrained, with 108 homes available for purchase in February, down by -1.8% from January. Sellers contemplating listing are encouraged to list promptly to be "first to market" grabbing spring buyers' attention early.
• The number of sold homes increased by 29.4% compared to January, signaling the upswing of the spring market, however days on market increased overall. 
• Of the sold homes, last month, 59% were sold below asking, 23% at asking, and 18% above asking. This shift in sold prices allows buyers greater leeway to introduce contingencies during the contract negotiation phase. 

Advice for Buyers:

In the current market, buyers have room for negotiation,
given that homes are staying on the market longer and the majority of homes sold under asking in February. Historical patterns suggest more sellers will enter the market as the
weather warms, which may present additional opportunities for buyers. 

Advice for Sellers:

Sellers still find themselves in a favorable position with rising home prices and lower housing inventory. Yet, success hinges on adapting strategies based on current trends and market data. Time on the market directly impacts negotiation power, emphasizing the importance of a well-thought-out strategy in this evolving market.

As a reliable hub of specialized expertise, our agents are poised to keep you well-informed about prevailing market trends, enabling you
to fine-tune your strategic decision-making for optimal success in your real estate endeavors.