Burlington’s housing stock rises after a year-long decline

US median home prices inch down as sales decline, inventory grows

Vermont Business Magazine After a year-long decline in Burlington homes for sale, inventory rose 26.5% in June, according to RE/MAX data, but closed transactions fell 31.3%. The number of transactions and prices decreased during the month. Median home prices are ahead of where they were a year ago. The median home price is $420,500.

Here’s a quick snapshot of June’s Burlington Housing Market Report.

• Closed Transactions: 230, down 31.3% YOY / down 29.2% MOM
• Median Sales Price: $420,500, down 8.1% YOY/down 2.2% MOM
• Months of Inventory: 1.2, 36.5% YOY, 67.5% MOM

Nationally, a double-digit decline in home sales from June to July led to a double-digit increase in homes for sale, leading to the first drop in median sales prices since January.

July’s median sales price of $415,000 was down 2.9% from June and the lowest since April’s $406,000. The 16.6% decline in home sales was the first since January. Year-over-year, sales fell 26.3 percent from July.

Following a period of steady contraction in recent years, inventories jumped for the fourth consecutive month. There were 13.3% more homes for sale in June and 30.4% more homes than a year ago. Months of inventory has doubled since May and now stands at 1.8, while days on market was 24. New listings, however, were down 7.8% from June and 7.2% from July 2021.

“It’s an exciting time to be a home buyer. For the first time in years, we’re seeing sustained inventory gains and rising home prices,” said President and CEO Nick Bailey. “The market is rebalancing after favoring sellers for a long time. There is still some way to go to offset new construction, but the changes in recent months have brought much-needed relief to buyers. And sellers are still doing well. A stable market. It’s not stopping — and at the same level.” Being on the side has many advantages.”

Added RE/MAX North Professionals real estate agent Rich Gardner, based in Colchester, VT, “The housing market in Vermont continues to favor strong sellers. Since January, we’re still seeing increases in values ​​in Chittenden County for both single-family and townhouse-condo sales.”

In July, the average price-to-list ratio was 101%, meaning homes generally sold for 1% more than asking price. This is down from 102% in June 2022 and July 2021.

Key news and leading domestic markets for July include:

New details
Among the 53 metro areas surveyed in July 2022, the number of newly listed homes fell 7.8 percent from June 2022 and 7.2 percent from July 2021. Markets with the largest decline in the percentage of new listings over the year are Kansas. City, MO at -47.7%, St. Louis, MO at -36.9%, and Burlington, VT at -32.2%. Leading the year-over-year percentage increase in new listings were Dover, DE at +39.4%, Phoenix, AZ at +34.1%, and Trenton, NJ at +19.1%.

Closed transactions
Of the 53 metro areas surveyed in July 2022, the total number of home sales fell 16.6 percent, and was down 26.3 percent from July 2021. Markets with the largest year-over-year sales percentage declines are Houston. , TX at -45.1%, San Diego, CA -42.1%, and Miami, FL -40.9%. No metro area had a year-over-year percentage increase in sales.

Median Sales Price – Average of 53 metro area prices
In the year The sales price for all 53 metro areas in July 2022 was $415,000, down 2.9% from June 2022, and up 8.1% from July 2021. One metro area’s average sales price, Dallas, declined year-over-year. TX at -1.9%. Twenty-seven metro areas increased by double-digit percentages year over year, including Tampa, FL at +23.7%, Fayetteville, AR at +21.6%, and Raleigh, NC at +19.1%.

Price ratio from listing – average of 53 metro area prices
In the July 2022 report, the average close-to-list price ratio for all 53 metro areas was 101%, down 1.3% from June 2022, and down 1.1% from July 2021. For each transaction, the average price is calculated as the sale price divided by the list price. When the number is more than 100%, the house is closed above the list price. If it’s less than 100%, the home is selling for less than the list price. The metro areas with the lowest list-to-close price ratios are Coeur d’Alene, ID and Miami, FL, tied at 97%, followed by Bozeman, MT and New Orleans, LA at 98%. The highest price-to-list ratios were in Burlington, VT at 105%, followed by Boston, MA, Hartford, CT, Manchester, NH, Richmond, VA and San Francisco, CA at 104% in a five-way tie.

Months of Supply – Average 53 metro areas
The number of homes for sale in July 2022 increased by 13.3 percent from June 2022 and 30.4 percent from July 2021. It is up from 1.2 in July 2021. Markets with the lowest monthly inventory in July 2022 are Albuquerque, NM at 0.7, Manchester, NH at 0.8.

About the RE/MAX network
As one of the world’s leading real estate franchisors, RE/MAX, LLC is part of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in nearly 9,000 offices and locations in more than 110 countries and territories. No one in the world sells more real estate than RE/MAX, measured by the residential marketing side. RE/MAX was founded in 1973 by Dave and Gail Lininger as a franchise with an innovative entrepreneurial culture that gives its agents the freedom to operate their businesses. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.

Report details
Starting with the April 2022 report, RE/MAX is using a new source for aggregate data.

The RE/MAX National Homes Report is distributed on or around the 15th of each month. The report is based on monthly MLS data for 53 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, the largest metro areas in the country are represented, and an attempt was made to include at least one metro area in each state. Metro areas are defined by Core-Based Statistical Areas (CBSAs) established by the US Office of Management and Budget.

Definitions
Closed transactions are the total number of residential transactions closed in a given month. Monthly inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed during the month (pending listings). When “pending” data is not available, the estimated pending status is calculated using closed transactions. Days on Market is the average number of days that elapse from the time a property is listed until the property goes under contract. Median sales price for a metro area is the average sales price for all closed transactions in that metro area. The national median sales price is calculated as a national aggregate using all sales prices from metro areas. The price-to-list ratio is the average of the sales price divided by the list price for each closed transaction.

MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS information is believed to be reliable, it cannot be guaranteed. MLS data is updated regularly, making any analysis a snapshot in time. Each month, data from the previous period is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.

DENVER, Aug. 17, 2022 /PRNewswire/ — RE/MAX, LLC