Manchester Vermont Real Estate Blog

While gathering the data for this week’s recap I happened to notice the days on the market for the properties that closed last week. As you will see below, 4 properties closed last week. The days on the market for these 4 properties were 209 days, 267 days, 471 days, and 561 days. This made me realize that I haven’t discussed days on the market in my blog.

So far this year through the end of August 125 properties have sold. The average days on the market for these properties has been 256 days. Other than price, this is probably one of the things that a seller will be most concerned with – how long will it take to sell my property?

Of course sellers should realize that the 125 owners that have sold this year are the lucky ones. For every seller that has sold, there are 5 others that have their house on the market and are waiting for the right buyer to come along.

To answer the question above – how long it will it take to sell? The answer is that it will probably take over 6 months and quite possibly well over a year if it sells at all in this market. The more aggressive an owner can be on price, the better chance they have of finding a buyer. As always it comes down to supply and demand and right now there is a huge supply and not much demand.

On to the weekly recap.

New Listings – 9 new properties came on the market last week ranging in price from $159,900 to $1,895,000.

Price Reductions – 26 properties were reduced in price with an average price reduction of 8.2%.

Under Contract – 6 properties went under contract last week, 2 under $250,000, 2 between $250,000 - $500,000, 1 between $500,000 - $750,000, and 1 over $1 million.

Sold – 4 properties closed last week: one sold for $129,900 which was 100% of asking price, one sold for $240,000 which was 87% of asking price, one sold for $600,000 which was 80% of asking price, and one sold for $795,000 which was 89% of asking price.