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Burlington home inventory rises after year-long decline

Median U.S. home prices are falling, but sales are down and inventories are up

Vermont Business Magazine After a year of declines in Burlington’s available homes, inventories rose 26.5% in June, but closed deals fell 31.3%, according to RE/MAX. Transaction numbers and prices also fell over the month. Median home prices are still well 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.

  • Transactions closed: 230, down 31.3% YOY / down 29.2% MOM
  • Median selling price: $420,500, up 8.1% YoY / down 2.2% from MOM
  • Inventory monthly supply: 1.2, up 36.5% YoY, MOM up 67.5%

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

The average selling price in July was $415,000, down 2.9% from June and the lowest since April’s $406,000. The 16.6% decline in home sales was also the first since January. Sales from July 2021 have decreased by 26.3% year-on-year.

After a period of continuous contraction in recent years, inventories surged for the fourth straight month. There were 13.3% more homes for sale than in June and 30.4% more than a year ago. Monthly supply of inventory he doubled from May and is now at 1.8, but had 24 days on the market. However, new listings were down 7.8% compared to his June and 7.2% compared to July 2021.

Nick Bailey, President and CEO, said: “The market is rebalancing after a long period in favor of sellers. There is still room for new construction to make up, but the changes in recent months have provided much-needed relief for buyers. And sellers still too. It’s in good shape. It doesn’t imply a calm market halt and there are many benefits to being on that side.”

Colchester, Vermont-based real estate agent Rich Gardner, real estate agent for RE/MAX North Professionals, added: townhouse condominium sales”.

The average discount rate for July was 101%. This generally means that the home sold for 1% more than the asking price. This is down from 102% in June 2022 and July 2021.

Here are the highlights and local market leading various indicators for July:

new list
Across the 53 metropolitan areas surveyed in July 2022, the number of new listings is down 7.8% compared to June 2022 and 7.2% compared to July 2021. City, Missouri is -47.7%, St. Louis, Missouri -36.9%, and Burlington, Vermont -32.2%. The year-over-year increase in new listings was led by Dover, Germany, +39.4%, Phoenix, Arizona, +34.1% and Trenton, NJ, +19.1%.

New list:
5 markets with the biggest year-over-year declines

market

July 2022
new list

July 2021
new list

YoY-
Year %
Change

Kansas City, Missouri

3,608

6,901

-47.7%

St. Louis, Missouri

4,862

7,700

-36.9%

Burlington, Vermont

244

360

-32.2%

Anchorage, Alaska

714

1,016

-29.7%

San Francisco, California

4,645

6,009

-22.7%

closed deal
Among the 53 metropolitan areas surveyed in July 2022, overall home sales are down 16.6% compared to June 2022 and 26.3% compared to July 2021. , Texas -45.1%, San Diego, CA -42.1%, Miami, FL -40.9%. No metropolitan area saw year-over-year sales growth.

Closed deals:
5 markets with the biggest year-over-year declines

market

July 2022
transaction

July 2021
transaction

YoY-
Year %
Change

houston, texas

5,836

10,625

-45.1%

San Diego, California

2,242

3,875

-42.1%

miami, florida

6,497

11,001

-40.9%

Salt Lake City, Utah

1,137

1,874

-39.3%

Las Vegas, Nevada

2,730

4,394

-37.9%

Median selling price – median price of 53 metropolitan areas
The median sales price across all 53 metropolitan areas in July 2022 was $415,000, down 2.9% compared to June 2022 and up 8.1% from July 2021. -1.9% for TX. Twenty-seven metropolitan areas saw double-digit year-over-year growth, led by Tampa, Florida, at +23.7%, Fayetteville, Arkansas, at +21.6%, and Raleigh, N.C., at +19.1%.

Median Selling Price:
5 markets with the highest year-over-year growth

market

July 2022
median sales
price

July 2021
median sales
price

YoY-
Year %
Change

Tampa, Florida

$377,260

$305,000

+23.7%

Fayetteville, Arkansas

$335,000

$275,500

+21.6%

Raleigh, North Carolina

$448,250

$376,390

+19.1%

miami, florida

$445,000

$375,000

+18.7%

Nashville, Tennessee

$459,000

$387,250

+18.5%

Close to list price ratio – average of 53 metropolitan area prices
In July 2022, the ratio of near average list prices across all 53 metropolitan areas included in the report was 101%, down 1.3% compared to June 2022 and down 1.1% compared to July 2021 Did. It is calculated by dividing the average sale price of each transaction by the list price. If the number is above 100%, the house closed above list price. If it’s less than 100%, the home is selling below list price. The metropolitan areas with the lowest Last Price ratios were Coeur d’Alene, Idaho and Miami, Florida, which were tied at 97%. Bozeman, Montana and New Orleans, Louisiana followed closely at 98%. Burlington, VT had the highest rate of near list price at 105%, followed by Boston, MA, Hartford, CT, Richmond, NH, Richmond, VA, and San Francisco, CA at 104%. .

Close to list price ratio:
5 markets with the biggest year-over-year declines

market

July 2022
close to list
price ratio

July 2021
close to list
price ratio

YoY-
Year %
Change

Seattle, Washington

99.7%

105.6%

-5.5%

San Francisco, California

103.9%

109.2%

-4.9%

Denver, Colorado

100.4%

103.6%

-3.1%

Salt Lake City, Utah

99.6%

102.5%

-2.9%

Raleigh, North Carolina

101.9%

104.9%

-2.8%

Monthly supply of inventory – average of 53 metropolitan areas
The number of homes for sale in July 2022 increased by 13.3% from June 2022 and by 30.4% from July 2021. Based on the July 2022 home sales rate, the monthly supply of inventory increased from 1.4 in June 2022 to 1.8. , and increased compared to 1.2 in July 2021. The market with the lowest monthly supply of inventory in July 2022 was Albuquerque, New Mexico with 0.7, followed by Manchester, New Hampshire with 0.8.

Monthly supply in stock:
5 markets with the highest year-over-year growth

market

July 2022
moon supply
in stock

July 2021
moon supply
in stock

YoY-
Year %
Change

Raleigh, North Carolina

1.6

0.5

+257.4%

Phoenix, Arizona

4.4

1.2

+254.3%

Las Vegas, Nevada

3.8

1.1

+252.9%

Salt Lake City, Utah

2.2

0.7

+209.9%

San Diego, California

2.0

0.7

+191.5%

About the RE/MAX Network
One of the world’s leading real estate franchisors, RE/MAX, LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX), has more than 140,000 agents in approximately 9,000 offices and offices in more than 110 countries. and regionally based. From the housing transaction side, no other company in the world sells as many properties as RE/MAX. RE/MAX was founded in 1973 by Dave and Gail Liniger. Its innovative and entrepreneurial culture has given agents and franchisees the flexibility to operate independently. RE/MAX agents have lived, worked and served 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, find home listings, or find a distributor in your area, visit www.remax.com. For the latest news on RE/MAX, visit news.remax.com.

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

The RE/MAX National Housing Report is distributed around the 15th of each month. This report is based on MLS data for the month in 53 metropolitan areas, includes single-family home types, and is not annualized. For maximum representativeness, try to represent the largest metropolitan area in the country and include at least one metropolitan area in nearly every state. Metropolitan areas are defined by the Core Based Statistical Areas (CBSA) established by the US Office of Management and Budget.

definition
Closed Transactions is the total number of closed residential transactions in a given month. Monthly supply of 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). If “pending” data is not available, the inferred pending status is calculated using closed transactions. Days on Market is the average number of days from the listing of a property to the closing of a deal. The median selling price for a metro area is the median selling price of transactions that ended in that metro area. The national median sales price is calculated at the national aggregate level using the sales prices of all included metropolitan areas. Close-to-List Price Ratio is the average of the sale price of each closed deal divided by the list price.

MLS data is provided by Seventy3, LLC, a company of RE/MAX Holdings. MLS data is believed to be reliable, but cannot be guaranteed. MLS data is constantly updated, and analysis is a snapshot in time. Each month, the data for the previous period is updated to ensure accuracy over time. Raw data remains the intellectual property of the local MLS organization.

Source Denver, Aug. 17, 2022 /PRNewswire/ — RE/MAX, LLC