We are about two years into a national trend of decreased housing supply and increasing average sales prices. Of course, there are exceptions to this rule, but the market is shifting predominately in favor of home sellers. This is great news for homeowners, and home sellers, as property values continue to rise along with demand. Purchasers will be happy to hear that interest rates have remained low, but are expected to creep up in the year to come.
We've seen dozens of multiple-offer situations over the summer, which makes having a realtor on your side crucial to negotiate the best price and terms for your sale or purchase. With a market this aggressive, having a professional working on your behalf is more important than ever.
With an increased demand for homes the average amount of time a property spent on the market in August continued to decrease. This is especially true of homes listed by a licensed real estate agent as they're more widely visible to potential purchasers. Not only are homes selling quickly, but the multiple-offer situations referenced above can drive the sale price up.
August 2016 vs. August 2017 Chittenden County Statistics
As pictured in the graphs below, the number of available listings this August is down 15.6% from last year at month's end. Most notably however, is the substantial jump (over 12%!) in sales price from this time last year, netting sellers nearly $37,000 extra! These statistics are based on homes sold with the assistance of a trained professional; according to a recent study, homes sold without the help of a realtor net substantially less, and spend more time on the market.
Sale Price vs. List Price Comparison
Below you'll find two charts comparing the average sales price versus list price of properties sold so far in 2017. As you'll see, month over month, Signature Properties of Vermont realtors are able to achieve or exceed our sellers' expectations. Signature Properties of Vermont boasts slightly higher results than competing firms with our sellers receiving 100% of their asking price, on average.