Blog :: 03-2021

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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