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How Much is my Property Worth?

              

           340 Worcester Ridge, Elmore

With the real estate market always changing, Sellers want to know what the value of their home is. Today, there are so many online ‘calculators’ and/or websites that claim they can offer you a current market value. But were you aware that those are usually based only on data available through town government, much of which is not necessarily up to date? 

Real estate markets are fluid. That’s why full time real estate professionals follow the market day in and day out, and are therefore best suited to advise their Seller clients, about the worth of their home in today’s market. We real estate professionals have access to the MLS where we can do a search of recent sales, pending sales, active listings, and more. In addition, we are familiar with these properties, whereas town governments are not. It is important to understand all of the MLS data in order to be provided with the most up to date information so you can make the best decision about when to put your house on the market, and what price to expect, and as a result, capitalize on the market you are in.

Please feel free to contact us any time for a complimentary evaluation of your home - We are happy to help satisfy your curiosity, and any questions you may have.

The Market is Still Moving

10 acres Sweeney Lane, Cambridge

The Real Estate Market is still very active, and each week is a reminder of that.  The following is a weekly snapshot of market activity and transactions in our area.

Stowe saw significant increases over the past week in number of listings, sales, and pending sales. New Inventory rose to the highest number seen in months, consisting of a mixture of homes, condominiums, and some commercial properties, the average price for which, was just over $1M.  The highest residential sale transferred at $3.4M; and for pending sales it was $1.350M; so essentially back to higher priced properties in general. 
Here are the details for Stowe.

There was again a high number of new listings added in towns north of Stowe, with a wide variety of properties and prices. Properties went under contract quickly - only 38 days on average - indicating market demand is still very high. The average under contract price was higher than usual at $345k, yet, sale prices closed much lower last week at $172k, on average.
Here are the details for Lamoille North.
 
As is typical for Waterbury, there were only 2 sales over the past week, and no pending sales. There were 4 new homes added to the list of active inventory.
Here are the details for Waterbury.

New to the Market

 

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A rare condominium find at Notchbrook Resort. This charming and well maintained 3 bedroom, 3 bath condo, is ready to move right into.  Ideally located to enjoy Stowe's 4-season lifestyle, you will marvel at the breathtaking mountain views, and all the amenities such as the onsite heated pool, tennis courts; and trails, nearby.  Click here for the full listing details for this exceptional property. 

 

      

 

New construction is the new answer to limited home inventory in this market.  Why not have a new home custom built for you, with the quality you expect, where you can enjoy these stunning mountain views, pond, and open meadows.  This desirable community and setting is just minutes from Stowe village, and offers a number of choices to build.  For more information, click here for the full listing details.

Market Update Winter 2021

Luxury Studio at Stowe Mountain Resort

 

It’s been a little over a year since our world was rocked by COVID and shutdowns. So much has happened over this time period, including many hardships and pain. As we reported in our year-end report, it was a year like no other, wrapping up as one of the most historic years in real estate sales ever. Although we will have our comprehensive Q1 market report in a few weeks, here is a preview of the data and trends we are seeing so far. 

As this winter has progressed, so have overall sales. We continue to see record-breaking figures, and recurring trends: higher number of sales and prices; and interest rates still at historical lows. Growing demand to invest and live in Vermont remains a significant factor, and as a result, buyers are faced with some of the lowest levels of inventory ever seen in our market area. As they and their agents search for additional options, land has come into focus, resulting in higher numbers of sales in that category too.

In Stowe, there have been 18 home sales, year to date, which is higher than previous norms.  These range in price from $445K to a high of $5.6M for a luxury home in Robinson Springs.  More than half of the sales were over $1 million, which has never been seen before. And with 2 of the homes selling over $5 million, the median sale price is over $1 million. These properties moved through the market faster than usual, with a median number of days on the market being only 17.

Demand for, and number of condominiums sales was the same as for homes, but the prices were much more affordable, with a median sale price of $404K. The number of days on market was historically low with a median of only 29.

The number of home sales north of Stowe was up as well. The 22 closings were distributed almost evenly between Morrisville, Elmore, Hyde Park and Wolcott, with a median sale price of $297K. The large majority of closings were under $450K, offering buyers many more affordable options in this region. The highest sale price was just over $1M for a contemporary post and beam on 4+ acres.

In contrast, Waterbury’s numbers are always much smaller, for instance, there are only 2 homes there that have sold since the beginning of the year. This is due in large part to the dearth of listings available in that area. The median price was $388K, and the median days on market, 33.

Pending sales are higher than usual. In Stowe there are 19 pending home sales, with a median list price of just under $1 million. The number of days that these were on the market was slightly over 17, as seen for sold properties in Stowe. Homes priced over $1M were about 1/3 of the total there that are pending.

There are 12 condominiums pending, ranging up to $2.5M for a 4 bedroom luxe Club Residence at Spruce Peak. These were on the market about 3 times longer than Stowe’s residential homes.

In Waterbury there were only 3 pending home sales, with a median price of $875k, which were only on the market for 17 days; and in Lamoille North, there were 12, with a median price of $369; and only on the market for 8 days!
 

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Coldwell Banker Awards Smith Macdonald Group President's Premier Teams for 2020 Achievements

It is with great pride – and humility – that we announce Coldwell Banker Real Estate has presented The Smith Macdonald Group with the prestigious International President's Premier Team award for 2020. The achievement of this highly esteemed designation distinguishes recipients as one of the top 1% of Coldwell Banker Teams in the U.S and Canada.

The Smith Macdonald Group proudly celebrates 11 years as a team in the Coldwell Banker family (as Coldwell Banker Carlson Real Estate). Family members and owners, Peggy Smith, and daughter and son, Maggie and McKee Macdonald, have combined real estate experience and expertise that spans decades and now generations as the family continues to grow and evolve this agency into the future. Our commitment remains to provide the highest level of service to our buyers and sellers and apply today's most advanced technology, resources, and tools to provide our valued clients with the most successful outcomes.

Thank you to Coldwell Banker for this notable recognition – and thank you to our exceptional community who we will continue to gratefully serve – for the trust and confidence you have placed in us.

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New Listings in Stowe, Vermont

Buyer Demand has never been higher; and with the least amount of inventory the market has ever seen, buyers are waiting in the wings for new properties to be listed.  Here are two new listings in Stowe.  One is a 1 bedroom condominium at Spruce Peak, and the other, a commercial condominium on the Mountain Road, both of which are ideally located and affordable.  See below for more information on these new listings, or click on the photographs.

 

 

 

 

 

 

First chair, no problem! Last run, for sure! Sunrise turns your views of Mt. Mansfield and Stowe Mt. Resort pink, sunset turning the sky hues to purple and red, check! Don't want to drive and deal with parking at the base, done!  This luxury studio offers prime views of Stowe Mt. Resort, Mt. Mansfield, the Front Four, and Gondola, check the conditions of the day from your bed by looking out the window. Access to the spa, outdoor pools, hot tubs, restaurants and bars, valet parking, ski valet, and the private club are all options with ownership.  For more on this including photos, you can go here. Price: $299,000

 

 

Located just outside the village, this handicap accessible condominium is modern, bright, and open.  With 4 separate offices or treatment rooms, the entire space was renovated in 2019, including new plumbing, a new heating system, and rewiring.  With lots of parking and hi-speed internet, you won't find nicer commercial space in town to move right in. If you are currently renting office or retail space, this property makes sense to purchase.  For more on this property you can go here.  Price: $220,000.

 

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Seller's Market Continues

As with so many communities throughout our region, real estate sales continue to be very strong.  Buyer demand is higher than ever, yet inventory is the lowest ever.  Buyers stand ready to view any new homes landing in their daily inbox, but days and days may go by before there is anything new for them to look at.  Today there was a total of only 19 homes on the market in Stowe, ranging in price from $490,000 to $11.9 million, with only 6 of those under $1 million.  There were a few more condominium choices - 28 in total - many of which are located up at Spruce Peak Resort. 

Despite the winter and holiday season affecting overall activity a little, as it typically does, Seller's are still in an enviable position when it comes to selling now.  Since there are more buyers than there is inventory, it is still an unprecedented time to sell in this market.  One in which the number of days on the market is the lowest, and sales prices are the highest in many cases.

We are ready, willing and able to help any seller who is thinking of selling by walking through the process, and providing an updated evaluation of your property so that you can decide whether it makes sense for you to sell in one of the strongest markets ever seen in our area.  Land is also selling well now as well, as some buyers are turning their interest to building, since inventory choices are so limited.

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A Time For Giving

2020 has been a challenge for so many individuals and businesses.  This is typically the time of year where we focus our sights on helping our neighbors who are in particular need, yet this year is more important than past years due to additional strain many have felt as a result of job, health or food insecurity.  Our communities have always been resilient, and have always come to the fore to help each other, when the need arises.  So much thanks and so much gratitude goes to all of those who have been working tirelessly on the front lines during the pandemic to insure our friends and neighbors have what they need.  During the holidays in particular, we pause to make sure everyone has what they need.  There are food, toy and coat drives.  People volunteering for the food shelves, Meals on Wheels, and other.

If you would like to lend a hand, or make a donation to help those who need it most, here are some suggestions:

We wish you and your loved ones a safe, healthy, happy holiday and new year!

 

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Is it Still a Seller's Market?

133 Gilcrist Road, Stowe Vt

 

The answer is "yes".  As we transition to the late fall and winter season, some have asked us if the real estate market is still active.  We've seen one of the strongest markets ever over the summer and fall, and that continues today as a result of strong buyer demand, and an all time low level of inventory.  There are only 27 homes in Stowe that are on the market currently.  That coupled with many active buyers in the marketplace still looking for either a primary or second home has caused  properties to go under contract extremely quickly - in some cases in only 1 day.  Multiple offers have been common, pushing sale prices up further.  Demand for homes and condominiums takes place in all price ranges.  Even the previously lagging luxury market has been met with a high level of interest, and it has now become more common to see these properties selling in the multi-million dollar price range.  Our team just recently listed the above pictured home along with 54 acres which sold for $6,100M. 

Land and building lots have become more popular too, as the number of residential listings keeps shrinking.  Consumers would still prefer to purchase an existing home, but land provides a nice opportunity to build a dream home from scratch.  There are so many talented architechts, designers and builders with whom we have strong relationships, thereby taking the worry out of this process to build a new home.

Overall, more and more people are choosing Stowe and the surrounding area as a place to call home.  And, with that comes the need for new listings to meet this demand.  If you or anyone you know is thinking of selling, we welcome the opportunity to speak with you about the value of your home, and the process.  We have one of the strongest track records of successfully listing and selling homes for our clients, so we can guide you to help you meet your goals and provide the best outcome.

 

End of Summer Real Estate Market Update

              

 

 

 

 

 

 

 

 

 

 

 

The real estate market in our area is hot right now.  It wasn't that long ago that we wondered how the market might be affected by the interruption that Covid had on our world.  There was so much uncertainty.  As Vermont and the surrounding states began to flatten the curve of the Pandemic, buyers were able to begin entering the Stowe area market place again.  Slowly but surely offers and closings began to increase.  And now, we are seeing buyer demand like never before.  This is happening across the nation as well.  Existing home sales were up over 24% in July, as was the median price.  Pent up demand and low inventory sparked a resurgence in buying activity.  Despite continued shortages of residential inventory, buyers have found a way to follow through on their desire to invest in Vermont in a big way, but it's not unusual for them to be finding themselves in a very competitive situation, with multiple offers becoming more common.  Since the end of June, sales and pending sales, and prices have been on the rise.  The number of days on market decreases as properties flow through the market more quickly than usual. 

Sales activity increased again over the course of the past week - significantly in Stowe and Lamoille North.  Waterbury remained consistent with closed sales; and a slight increase in pending sales.  The numbers in Stowe were way up, with an over 30% increase in pending sales and closed sales.  Condominiums and homes still dominate the number of transactions, yet there has been more and more land activity, as buyers look to consider building as an alternative. New listing inventory fluctuates, as buyers remain vigilant and aware, along with their agents, of new properties coming onto the market so they can make appointments to see them as soon as possible. 

We remain vigilant as well, helping to guide our sellers and buyers through the process of selling and buying, giving guidance in order to procure the best outcome for our clients.  We are committed to monitoring the market very closely to keep everyone best informed and up to date.  This is a great time to sell, and the market is desperate for additional inventory.

Our Q2 Market Report is available to view here.  Although home sales in Stowe, Lamoille North and Waterbury were all down for the first 6 months due to the Covid interruption, the number of residential home, and condo sales continues to increase. 

Please feel free to contact us with any questions - we are always available.

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