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Picket Fence Preview Market Update


*September 19, 2022* -  Since June, when we noted the Vermont market was showing signs of slowing, we have (gratefully) seen a steadying of the market, similar to what is happening in other parts of the country. Home values remain at record high levels, but the rate of home price appreciation appears to be plateauing. This is good news for everyone -- especially buyers!


As interest rates began to rise this summer, it caused some buyers to drop out of the market, or to adjust their sights on less expensive homes.  As such, even with more homes entering  the market, the number of buyers bidding on each property was less frenzied. Fewer cash offers were reported, as well as more offers with contingencies.  This trend continued through July and August.


Demand remains good throughout Vermont however, as the number of homes on the market in Vermont is still well short of normal. Interestingly, the number of Picket Fence sales actually increased during the summer from the crazy market we had this spring!  Picket Fence sellers are still averaging sale times of well under 30 days, but are less apt to get offers over their asking prices than during the spring.  The average for most counties is at 100% of asking price.


Below are Picket Fence sellers’ Time on the Market and Asking price to Sales price ratios per county from June - August 2022:

Vermont County  Ave. Time on Market      Ave. % AP received
Addison 20 days 100.2%
Chittenden 13.5 days 100%
Franklin 17 days 94.7%
Grand Isle 27 days* 100%*
Lamoille 28 days* not reported
Orleans 2 days* 103.2%*
Rutland 18.5 days 100%
Washington 17.5 days 101.3%
Windsor 12 days

101.3%

*based on one sale

Source: Picket Fence Preview gathers this data from communication with its customers.

"The couple we showed it to first just made a full price offer. They love that the condo is walking distance to everything... UVM, downtown Burlington. In the week since it went on MLS (through you), we've had three showings, all with buyer agents present. Appreciate your help and advice. "  -- Linda Sugarman, June 21, 2022.


"After a slow start, it seemed there was suddenly lots of activity all at once!  I'm now Under Contract, with a full price offer, to an out-of-state cash buyer whose son is going to Middlebury College!  I think upgrading the ad to the MLS package made the difference for me; I had a couple of buyer agents with clients contact me before then, but once it was on MLS, there was a flurry of interest."  -  Kristin Lawson, Cornwall, 6/14/22

 


"Picket Fence made selling my dream home, well...dreamy.  We knew this house would sell  itself to the right buyer, and it did!" - Kathryn Dewar, Lincoln VT, Apr 20, 2022

 

  "Can you please mark my house Under contract so the calls will stop? I only showed my house over a 3 day time period from Thursday- Saturday, allowing an hour per showing, and had 22 showings, with three offers resulting... all well over Asking Price!  I ended up selling to a nice young couple that wanted the Williston school system. Scheduled to close on 6/16."  John Lentine, Williston  5/9/22      AP= $439,600  SP= $470,000

 



Average number of visits to PicketFencePreview.com in 2021 & 2022

 

Q1 Jan-Mar 2022 Q2 Apr-Jun 2022 Q3 Jul-Sep 2021 Q4 Oct-Dec 2021
49,449/mo 54,158/mo 61,483/mo 46,874/mo

 

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