The fall real estate market in Vermont is certainly off to a great start! The drop in interest rates we saw at the beginning of the month coupled with having more inventory available has made it notably busier than it was this time last year!

Noteworthy Highlights:

• New listings are up over 22% from last October! This is a great thing for buyers in the market as they have more homes to choose from and the added inventory is helping home prices to level out as well.

• Homes are staying on the market longer than they have been, which is also helping keep home prices in check as well as increasing our month's supply of inventory. With the median days on market at 12, this is a 33% increase from last October and is up 10% from September. Buyers this time of year tend to like to look at their options (especially when there are more of them available) and think through their purchase before jumping right in, so we typically see homes stay on the market for a little bit longer than we do in the summer months. This also allows buyers more time to view the homes they are interested in, so people who may not have had a chance to see a home if it was under contract in just a few days have a bit more time to look.
• We saw an increase of over 22% in the number of listings that are expiring or terminating their listing contract before they sell. This is due to the fact that some sellers choose to take their homes off the market in the fall and winter (this is why listing your home in these months can mean less competition), but also because homes are not selling - especially if they are in more rural areas or if they need a lot of work and are not move in ready. More expired and terminated listings means there is the potential for even more options out there for buyers than what is on the active market and those options likely don't have much competition since they aren't actively listed - so make sure you have an experienced agent who can help you explore this, often overlooked, pocket of inventory.
• The number of homes that went under contract in October soared compared to last year with an over 34% increase and a 17% increase over the previous month!
• Homes coming back on the market rose from September by about 10% and we saw 2.5% more homes with price adjustments than we did the month prior. This is also indicative of what happens when homes stay on the market longer.

• Closed home prices remained about the same year-over-year are down about 3.7% from September.

Want to know more about the current market, where it's headed, and what your options are? Or just want to chat about real estate in general? Reach out, we'd love to talk further!

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