If you are in the home or condo market in Northwestern Vermont- South Burlington, Colchester, Williston, Essex, Burlington, Shelburne, Charlotte, etc, than you have no doubt been keeping a keen eye on the sales in our area. Today, we'd like to provide you with some important sales figures as it relates to our market, because the data does matter!
- New Listings are down from May 2011, from 335 to 310. This is ultimately good news for the average seller, less homes on the market means less competition for your home to sell. On the building side of things, we are seeing a lot of people chose to remodel their homes, instead of putting them on the market. This could have something to do with the decreased inventory this year.
- Pending sales are up to 182, from 149. This is a dramatic increase of 22% from the previous year. Buyers are on the move, and willing to move quickly on the right home or condo--also, this proves that banks have money to lend to qualified buyers.
- As no surprise based on pending sales figures, Closed Sales for this year are up 32%.
- The average days on the market for a home is now 116 days. This is slightly up from last year at this time, which was 111 days. As a side note, we at Dousevicz Real Estate just experienced a home located in the right area, priced for the right amount, that was on the market for just 3 DAYS. The market is warm in a lot of areas, and HOT in select areas of our region.
- Both the median and average sales price are up 4.3% and 5.6%, respectively. The last two points, when read together, means that sellers are holding out a bit longer for more money for their home or condo. This is a very healthy sign of the market improving.
- The inventory of homes for sale is currently 1137, which is a 13.9% decrease from the previous year.