Published June 3, 2021
May 2021 Vermont Real Estate Market Update
With the end of May comes the beginning of summer - and with it, the busiest time of year for the Vermont Real Estate market. Vermont’s beauty shines in the summer months - making our state even more attractive to the out-of-state buyers that have been drawn here in record numbers during the past year.
Due to our high vaccination rates, Vermont has recently been able to remove several pandemic-related restrictions. It is still too soon to say exactly what effects this loosening up of rules and regulations will have on the market; June will be a crucial month to monitor changes and shifts in patterns that will affect the summer months ahead.
Reflecting on Last Month
May of 2020 was relatively similar, in terms of new listings, properties under contract and closings. Given that May of last year was near the beginning of the country-wide lockdown, it’s no surprise that the average days on market were higher than they are in the current fast-paced real estate world. The average sale price of homes has risen significantly - over 25%! This is reflective of the limited number of homes available for sale - prices directly correspond to the demand that continues to surpass supply.
An Expected Trend
A rise in inventory, however, is one trend that will likely come into play in the coming months. There have been several factors that have contributed to the market favoring sellers, and the low availability of homes has certainly played a role. Some sellers had dismissed the idea of putting their home on the market this past year due to the potential risks associated with opening their home to those outside of their bubble. In addition, people have held onto homes that offered adequate space and provided healthy environments for remote work and virtual education. With these worries and concerns fading, we can be certain that there will be many taking the jump from considering to sell, to committing to put their homes on the market.
Our Advice to You
The numbers don’t lie - now is an excellent time to consider selling your home, and an extremely competitive time to purchase. We can provide you with the knowledge and confidence to be successful in all areas of the current market - message us or call us at (802) 488-3487 today to begin the conversation and learn more about what teaming with Templeton can mean for you!
