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    State of the Market – January 2023

    The last few years we’ve ping-ponged between a really aggressive market and a cooling market. With more economic stability, we believe it will bring more overall balance to the market. We are seeing the national economy continue to improve with the unemployment rate hitting a historic low of 3.5% and wage growth over the past 12 months at 4.6%. Job additions are critical in generating fresh housing demand as mortgage rates show signs of stabilization. After mortgage interest rates peaked at over 7% in the fall of 2022, we are seeing rates stabilize as we enter 2023. Experts expect rates to average around 5.7% this year.

    The Federal Reserve has been fighting inflation and after hitting a 40-year high in June above 9%, the Consumer Price Index (CPI) has drifted lower for five consecutive months, just one sign that inflation may have peaked. In 2023, it is believed the Fed will slow interest rate increases and potentially stop hiking. This will only be possible if inflation breaks. The most recent CPI report features a year-over-year headline figure of 7.1% which is still high but well less than the June peak.

    Vermont has been no exception to the low inventory we are seeing across the Country. Many buyers are finding they can work-from-anywhere, set off by the pandemic which has only increased demand. Vermont is seeing an influx of buyers from many different states. Vermont topped the list of Top Moving Desinations of 2022 according to the 2022 National Movers Study. We saw the primary reason for moving being jobs at 39.55% and family at 38.44% with retirement coming in next at 16.43%.

    It was a challenging year and the number of homes available was the largest challenge to the market. In 2022 new listings in Chittenden County were down 18% from 1498 for 2021 to 1241 for 2022. In November we saw 112 homes on the market, the highest amount for the year. In 7 out of 12 months we saw inventory below 100 homes. Even with inventory at a low, in Vermont we always
    see a milder reaction to any market shift. Some markets across the country are seeing drastic cool downs. We are not seeing that in Vermont.

    The average sales price per NEREN for single-family homes increased over 2022 in Addison, Chittenden, Franklin, and Grand Isle Counties. Chittenden County average home sale price increased 13.78% from $521,293 to $593,129. The average sale price for condos in Chittenden County increased 20.48% from $323,415 in 2021 to $389,667 in 2022.

    2022 in Review – Average Single-Family Home Prices by County- Statistics per NEREN

    CountyAverage priceChange from 2021Median priceChange from 2021

    Addison                         $462,686             up      16.24%               $392,000               up           15.29 %
    Chittenden                    $593,129             up       13.78%               $509,000               up           15.68 %
    Franklin                         $342,394             up      10.62%               $330,000               up           11.86 %
    Grand Isle                     $483,359             up       14.83%               $392,500               up               3.29%

    The highest average sale prices were recorded in Shelburne ($1,008,869), Charlotte (at $955,369) & South Hero (at $905,257). Shelburne, Charlotte and South Hero have some of the most expensive homes and lakefront properties in our market which tends to weigh the averages higher.

    The Nancy Jenkins Team had a great year, closing 154 homes in 2022 and helping families from across Vermont, the US, Canada, and Europe with their real estate goals. We are proud to call Vermont our home, and we enjoy all our great state has to offer. If this is your year for a move, we are here to help you, your family, co-workers, and friends. We look forward to a great year helping you to achieve your real estate goals. Give us a call or visit our website www.nancyjenkins.com to search for your new home, condo, lakefront, or investment property.

    Our best wishes to you for a safe, happy, and prosperous 2023.

    Nancy and the Nancy Jenkins Team


    This Month’s Coupon:

     


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    Client Testimonial:

    “Amanda and the entire team at Nancy Jenkins did a phenomenal job of selling my property. They were a class act from start to finish! I’m so appreciative and highly recommend them.” – Judy

     

    Special Thanks to Friends Who Sent Us Their Friends!

    Maryanne Duell, Lisa McKitty Racicot, Stephanie Draper, Winkelette Whittemore & Amy Brennan


    ©2023 Nancy Jenkins Real Estate

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