• Across the board, we saw numbers dip a bit when compared to September of last year. New listings were down over 11%, homes that went under contract stayed about the same but closings were down almost 18% - which we expect to see when new listings have been down for the past couple of months. 

• Overall $8M less of real estate was sold across homes in Chittenden and Franklin counties in September 2023 than it was in September 2022. 

• What wasn’t down though, was the median sales price, this saw an over 9% increase year-over-year hitting $457,000 this month. The amount the average homebuyer paid over asking did take steep dive - last year this sat at about 4.5% paid over the listing price and this September we saw it shrink to just .5%! 

• Month-over-month, the same trends can be seen - new listings were down 16.7% and the median sales price rose 5.5% from $433,000 in August. 

• Since July of this year, we’ve been seeing a steady decrease in the list to sales ratio (or the amount paid over the listing price). In July it was 4%, in August it shrunk to 3.1% and as mentioned above, in September it was down to only .5%! The fact that the median sales price continues to rise may offset much of this decrease, however it is a positive sign for homebuyers that there can be room for negotiations and they don’t necessarily have to pay more than the list price for the home. 

• Across the Single-Family Homes and Condos that were on the market in Chittenden and Franklin counties alone, we saw 103 price changes in September, up a decent amount from the 85 that happened in August! This is indicative of the fact that many sellers are now having to come to terms with the changes that we’ve seen in the market - both the ones that are due to the seasonality and time of the year as well as the ones that a continued consequence of the rising mortgage rates we’ve been seeing for much of the year - and they have to be a bit more realistic about pricing in order to get their home sold and those that are not are sitting on the market until they do. 

Looking at Quarter 3’s performance, across the entire state we saw that numbers were also down, as we expected them to be given the market over the last few months and interest rates continuing to rise. 

• New listings were down about 9.8% year-over-year and closings didn’t even top 2,000 this year whereas they were almost 2,600 in Q3 2022 - an almost 25% decrease.

• This was a largely contributing factor in the 17% decrease in total volume of real estate sold, in Q3 of last year over $1.1 Billion of real estate was sold across the state, however this year we didn’t quite make it to the billion mark and ended at just under $950M.

• The median sales price rose from $360,000 in 2022 to topping $400,000 in 2023, but we continued to see the same trend where the list to sale ratio decreased - buyers paid an average of 2.9% over asking in Q3 2022 compared to just 1.4% in Q3 2023.

As we roll into quarter 4, we expect we’ll see listings and sales continue to be lower than they were last year, unless of course, rates suddenly drop and then we’ll see a surge of home buyers and sellers enter the market again and give a boost to those numbers!

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