Vermont Market Update: March 2021

The Vermont Real Estate market is continuing its fast and furious pace as we enter the spring months. Vermont's attractiveness to both in and out of state buyers, combined with low interest rates and a limited inventory, has made for an aggressive market. It's more important now than ever to have an expert by your side to help you navigate the market and provide guidance in this competitive terrain! Take a look at our quick market recap for the month of March.

New listings are up slightly:

Although the perception is that there are less homes coming on the market, there are actually about the same number of homes that hit the market as there was this time last year. What we are seeing is a large amount of buyers searching for homes. With the influx of out of staters moving here, coupled with the lack of inventory that we saw for the better part of 2020, many buyers were unsuccessful in finding homes and are still on the hunt - thus leading to the lack of inventory that we are currently facing. Although it’s that time of year when new listings are on the rise, we will continue to see more and more buyers enter the market, with no end in sight to the issue of a lack of inventory available.

Under Contract up significantly:

The number of homes that went under contract increased by 30% year over year. Homes are selling fast, so while there is certainly inventory coming on the market, it doesn’t last! Homes are selling more quickly than ever - last month alone, 252 homes came on the market while 229 went under contract all in the same month, leaving a very small margin of homes still left on the market.

Closings stayed around the same:

Closings decreased very slightly from March of 2020. This is due to the decreased number of homes that went under contract in the last few months while inventory was down. This number will continue to rise as more homes go under contract and new homes come on the market.

What does this mean if you are a seller?:

We feel like a broken record, but the numbers don’t lie! There has truly never been a better time to sell your home in terms of the prices we’re seeing. Compared to March of last year, homes shot up by 15% and the average days on the market decreased by over 42%. While it seems likely that home prices will continue to rise, nobody has a crystal ball so if you are thinking of selling, we strongly recommend you do so while the numbers are high!

Our advice for Buyers:

There is going to continue to be a lot of competition in the market for the foreseeable future. We are headed into the busy spring and summer season, so it may continue to get worse as the warmer weather sparks buyers to start their searches. Interest rates are also rising and will continue to do so, so locking in at a low rate is a great idea. We partner with Kim Negron at Homebridge Financial, who currently has a 360 Rate Lock that allows you to lock in at the lowest rate while you search for your new home.

For more info or to find out more about what's going on in your town, get in touch with us by calling (802) 488-3487 or Messaging Us