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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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Real Estate Update

                 Stowe Hollow Road, Stowe

 

As we reported last month, the real estate market has been strong and consistent for years in our market area and beyond.  These past months have been anything but normal, and brought unexpected challenges as a result of a pandemic sweeping across our nation and the world.  For a time, there was a great deal of uncertainty; and now, more than ever, people want to know what the state of the real estate market is.  We are happy to report, that over just the last few weeks, we have seen life turning back to more normalcy, and real estate is in some ways coming back as strong as ever.  We continue to see an increase in overall sales activity, some of which has to do with more buyers being able to come to Vermont to view properties, now that additional state restrictions for travel have been lifted.  There has also been a collective effort and means to adapt to the current buying and selling conditions, which all parties have managed to navigate very well.

Each day we monitor the market very closely to keep everyone best informed and up to date.  What we are finding is that the market conditions and activity for our market area in general are very much comparable to last year at this time despite some of the operating challenges that still remain.

The sales data has revealed a very strong market over the last month, and in particular the last 7 days.  We've been seeing steady increases each week, but last week was the most significant so far since February/March. The increases were across the board last week, including closed and pending sales.  The number of overall closed sales was up in every area, and pending sales were up in Stowe and Waterbury.  There was only 1 pending land sale in Lamoille North. 

The number of days on market for the pending sales in Stowe was very low - between 4 and 22 for homes - the exception being the Mt Cabin condominium at Spruce Peak which was on the market for 165 days.  One of the homes had multiple offers, which has not been uncommon.  Buyer demand is very high.  The current number of pending sales overall in Stowe is 26 ranging in price from $155,000 for a condo to $3,700,000.  This is almost the same amount as last year during the same time period.  24 of those are residential, and 2 are land.  The median days on market for all is only 48, and the median price is $499,500.

Although there was only 1 pending sale in Lamoille North, there are currently a total of 34 pending sales, most of which are residential, 11 of those are land.  The median price  is $242,000, with a high of $695,000.

In Waterbury, the 5 pending sales is the highest amount seen there in months.  The number of closed sales was consistent with past weeks.  There is a total of 28 pending sales in Waterbury, mostly homes, with a median days on market of 71.  The median price is $372,500.

New inventory added was the highest in Stowe compared to past weeks and months, but this is typical for this time of year.  It remained about the same for Lamoille North and Waterbury.  There was no new commercial data to report in Stowe.

These statistics show a strong market overall, and buyer demand should continue. If you haven't had a chance, you can review our 1st Quarter Market Report on our website.  We will be preparing the 2nd quarter report at the end of June.

 

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Market Update

                 Mountain Glen Drive, Stowe

 

The real estate market has been strong and consistent for years in our market area and beyond.  As our world has had to recently navigate the unexpected challenges and affects of Covid-19, there has been a great deal of uncertainty; and more than ever, people want to know what the state of the real estate market is.  As communities expand with re-opening, and some local and state restrictions have been lifted over past weeks, we have been able to begin to get a clearer picture.  Real estate continues to transact, and prices have been holding for the most part - in some cases even increasing. Three factors so far remain in tact - strong buyer demand, low inventory, and all-time low interest rates.  And although there have been fewer options for buyers to choose from, this is the time where more sellers will be listing their properties for sale, which we have already been seeing.

Despite challenges surrounding the ability for buyers to actually come to Vermont from out of state, and sellers being willing or not to have their properties shown, all parties have had to find ways to adapt.  Real estate agents have had to enhance their virtual property tours to enable buyers more visual opportunities to view and even purchase, with assistance from their agents.  As a result, we have been seeing more buyers becoming increasingly active, and properties going under contract at all price points.  In some cases buyers had not even physically seen the property.  As with pre-Covid, some sellers have been presented with multiple offers, a number of which have been for over the listed prices.  We have been monitoring the market more closely than ever, and have found over the past couple of weeks pending sales and closed sales in our market area have been robust - in all price ranges. Two weeks ago all 4 homes that sold, were on average, within 5% of the list price. 

Despite the ongoing need to adapt, including new protocols for showing properties (think masks and other safety precautions), we are optimistic that these consistent trends and consumers' resiliency will continue as we enter our busiest selling season of the year.  Be assured that our goal is to keep the public informed, and provide whatever assistance may be necessary, more often than ever during these changing times.

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Smith Macdonald Group Receives Award from Coldwell Banker

It is with great pleasure that Coldwell Banker Real Estate presents The Smith Macdonald Group with the prestigious International President's Elite Team award. The achievement of this highly esteemed designation distinguishes this Team as one of the top 6% of Coldwell Banker Teams in the U.S and Canada, and ranks them 88th out of 2,480 teams size 1-3 in North America.
 
The Smith Macdonald Group celebrates 10 years as a team with Coldwell Banker Carlson Real Estate. Peggy Smith has been the Owner and Principal Broker of Coldwell Banker Carlson Real Estate for over 40 years.  McKee and Maggie Macdonald, Peggy's son and daughter, joined forces with her in recent years, to help sustain their growing business.  Together, they provide the highest level of committed service to their buyers and sellers, and apply today's most cutting edge technology and tools, to create the most successful outcomes. 

Additionally, their office received the President’s Premiere Gold award, for the 8th year in a row, which only the top 5% of all offices internationally qualified for.

We congratulate the Smith Macdonald Group for their well-deserved recognition and achievements!
 
Ryan Gorman

President & CEO
Coldwell Banker Real Estate

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Village Living in Stowe and Montpelier, Vermont

Stroll to the center of historic downtown Stowe from this charming village home. This prime location with Mt. Mansfield views provides for a desirable village lifestyle with easy access to all that Stowe offers, from shopping, restaurants, rec path, galleries, and more. Sip a warm cup of coffee while watching the morning sun paint Stowe Mountain Resort deep shades of pink; then enjoy an early morning walk on the Quiet Path and beyond.  For more information, including photographs and tour, click through here.

 

                    

 

The Residences at Hill Street, a new development located steps from historic Stowe Village, offer the best in classic Vermont farmhouse design with modern finishes.  Throughout each home you'll find attention to detail, modern kitchen features, garage, and more.  To find out more about these brand new homes and their special features, click through here.

 

This stunning, fully renovated 3 story carriage house is located in the heart of Vermont’s vibrant Capital. Every aspect of this former Mayoral residence has been lovingly restored by renowned Interior Architect Tinatin Kilaberidze and the current owners. This is a truly unique home in one of the nation’s most storied cities, and is within walking distance to shopping, dining, cultural venues and Vermont’s historic State House.  For more on on this charming property, click through here.

 

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Select Properties in Stowe and Morrisville, Vermont

 

This updated home is ready for you to move right into.  Located on a double lot, this sweet home features a modern kitchen with new appliances, bath, and flooring.  One-level living and 3 bedrooms make this home very comfortable for you, your family, and friends.  For more information, including photographs, you can go here.

 

                    

 

Rarely available Hillcrest condo! With unobstructed views of Mount Mansfield and low monthly fees, this well-appointed condo is just what you've been looking for! Centrally located near everything you need in Stowe. The location also offers easy access to the Mountain Road and ski hill. Enjoy summers on the deck watching the sunset over the Green Mountains after taking a dip in the community pool. Cozy up with a book next to the fire on a cold winter day. This well maintained two bedroom Hillcrest condo is a perfect starter home, or great for a weekend getaway. Available furnished, move right in.  For further detail and photographs, go here.

 

New Multi-Family and Commercial Opportunities

New real estate inventory remains a challenge for buyers today, including those who are looking for sound investments in income producing, and commercial properties.  These three new listings offer excellent choices for those seeking such opportunities.  A multi-family home provides the opportunity for a buyer to own their own home, while collecting rents to offset their mortgage payment.

For more information including additional photos on these properties, click through each photo below.

 

This home which is in a prime Morrisville location has a strong and attractive rental history. This is an ideal property for those looking for a passive income stream or for the person who wants a place to live while receiving the benefits of rental income offsetting mortgage payments and other expenses. Rental figures show a strong cap rate, and has long term stable tenants. In addition the current owner has recently replaced the sewer connection line to the property. Take advantage of this sought after location for commuting to the surrounding communities.  Listed for $385,000.

This 3-unit multi-family property is centrally located between Morrisville and Stowe. It has views of the Worcester Range and offers a garage, and a shared mudroom with washer/dryer. The 3 bedroom apartment has been renovated and has a large deck with extra living space in the walkout basement. The two bedroom apartment has plenty of living space between the main floor and walkout basement. The one bedroom is located above the garage and has plenty of space and light. All units have access to the open flat lawn and parking. Live in one unit and rent the others, or take advantage of the opportunity to rent all three units. Minutes to downtown Stowe and Morrisville. Strong rental history with many long term tenants and annual leases in place. Listed for $450,000.

Work and live in this prime commercial building and location, in Stowe, Vermont.  A unique opportunity to run a small business just a few minutes from Stowe Mountain Resort. This property is iconic and historic, dating back generations as a family home and then several businesses, including a ski tuning business. Perfect for a start-up business with ample parking.  Listed for $345,000.

 

 

Low Housing Inventory Got You Down?

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Many active buyers, means low inventory, and a fast moving market!  Buyers continue to find themselves challenged by the limited options of homes for sale.  So, many are turning to purchasing land, and building.  There is currently a wide variety of properties available, and there are many exceptional builders and architects to choose from, providing the opportunity to build the home of your dreams.  Click through the photographs or visit our website to find out more about these and other beautiful, ready to build on land parcels. 

                      

 

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Village Living, Stowe and Morrisville

There are so many benefits to living in the village, especially in northern Vermont.  To be within walking distance to so many places offers convenience and a multitude of opportunities, from dining and shopping, to enjoying cultural activities, and kids being able to walk or ride their bikes to school. 

Real estate inventory remains low, especially for village properties.  The following are two recently listed homes - one in Stowe, and one in Morrisville - which are ideally located to take advantage of all that village living has to offer. 

  

Thomas Lane, Stowe

This new Stowe Village home provides ease of ownership, and is located on a paved street with sidewalks. Modern living will engulf you as you enter the open living area of this Vermont style farmhouse which is highlighted by hand crafted custom finishes throughout. The chef’s kitchen is open to the living room allowing you to entertain guests while you prepare the evening’s dinner. Gaze out the window to the trees and your scenic backyard. The master suite has plenty of room with a large walk-in closet, luxury tiled bath with a large shower. A walk-out lower level is fully finished, complete with another custom bathroom. Spend your evenings on the front porch watching the days end or kick off the night on the back deck with a BBQ with friends. 

For more information on this property, including photos and virtual tour, you can visit our website.

Union Street, Morrisville

This conveniently located, adorable downtown Morrisville home offers loads of charm and plenty of space. With 2 nicely appointed bedrooms and a swing space that can function as a den, office or guest room you will find living here very comfortable. Well maintained throughout with solid wood doors and plenty of character. Finish the walk up attic space into a large master suite or extra living space. Walk to town for a cup of coffee, grab a slice or sandwich, all just a block from home. This home has all you need right at your finger tips!

To find out more about this charming village home, you can visit our website.

 

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New Office Now Open in Morrisville!

We have just opened an additional office on Portland Street in Morrisville!  For years we've wanted to provide more convenience and service opportunities to our clients and customers north of our Stowe office. This will provide easier access to a market that we've enjoyed serving for decades, but can now expand more easily, helping buyers and sellers with the goals they are trying to achieve in northern Lamoille County and beyond.  Still offering the same level of exceptional service, expertise, support and guidance through the real estate process, we look forward to welcoming you to our new home. 

Our official grand opening at will be Thursday April 25th, from 4-7.  We hope you can join us then, or feel free to stop by anytime otherwise to check out our new space and to see what's new in the area, and the world of real estate. 

74 Portland Street, Morrisville

CBCarlsonrealestate.com

802-521-7962

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