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.