Morrisville Property Information

2014 Year-End SM Report, Stowe, VT Real Estate Report

2014 Year-End SM Report, Stowe, VT Real Estate Report

 

Welcome to the Smith Macdonald Report, our 2014 Year-End examination of the Stowe, Lamoille and Waterbury residential and land real estate market.  This report uses market-wide data based on transactions that closed in 2014 and compares them to closings that took place during 2013.  Since closings usually occur four-to-eight weeks after a contract is signed the sales activity charted here reflects transactions that closed during and through the end of 2014, and does not include contracts signed that have not closed.

In 2014 the Stowe market continued to show steady growth from 2013, with an increase of 9% in units sold.  There were 89 total units sold in 2014, setting a record high for the past 10 years.  2014 brought about a more rounded market across all price points, with the sub $500K market leading the way with 53% of the market.  The luxury market saw significant gains, with sales finally breaking through the $2 million mark.  Given the sales were more evenly dispersed throughout the market the median and average pricing rose by 30% and 10% respectively, these shifts were mainly due to the sales above $2 million.  There were slight increases in units on the market, 18%, and months of supply, 17, which is indicative of a more stable market with positive indicators.  As we progress into 2015 with a stronger US economy we expect to see those economic trends translate into continued growth in our local market.

The Lamoille market (excluding Stowe) was stable year over year with only a 11% gain in units sold.  The luxury market, above $400K, had a 50% increase in sales in 2014, 10, compared to 5 in 2013.  Movement on this end of the market is important as it has been stalled for many years.  The Waterbury market had a slight dip of 8% in 2014 compared to 2013, but given there were only 34 units sold in 2014, we consider this to be a very stable market.

Smith Macdonald Group ranked 3rd in the state of Vermont and 194th nationally among all Coldwell Banker teams, second in sales among all brokers in Stowe and Lamoille County and top 25 in all of Vermont.  Whatever your real estate needs in the coming year, Smith Macdonald Group is the market and technology leader and we encourage you to take advantage of every resource we can offer you.
 

Click the link below to access our website and download our full Smith Macdonald Report.

2014 Year-End Smith Macdonald Report, Stowe, VT Real Estate Report

Lamoille County, VT Real Estate Report | Stowe Blog

Lamoille County, VT Real Estate Report

Welcome to the Smith Macdonald Report, our examination of the 1st six months of the Lamoille County, VT residential and land real estate market. This report uses market-wide data based on transactions that closed in the first six months of 2014 and compares them to closings that took place during the first six months of 2013 and to Q1 2014. Closings usually occur four-to-eight weeks after a contract is signed for that reason, the sales activity charted here reflects transactions that closed during and through the end of the 2nd Quarter, and does not include contracts signed that have not closed.

Summer is in full swing in the Vermont with green stretching as far as one can see. We are quickly reminded of how wonderful summer can be in Vermont after the long winter season. Here at Coldwell Banker Carlson Real Estate we've welcomed the changing of the seasons with a change of our own, we've moved the office location to the Center Stowe Village. Our new location keeps us on Main Street, but also allows for us to invest in the Stowe & Lamoille County community.

Lamoille County, excluding Stowe, has remained steady with only slight growth with an 11% increase in units sold. This market continues to be driven by the sub $200K market, but is showing some signs of life above $300K in certain neighborhoods or areas.

A market in transition requires expertise to navigate it properly if you are a buyer you need to be fully educated and ready to move. As a seller proper pricing and marketing remain essential, but working with an expert who can produce the best results will have the greatest impact on your bottom line.  Whatever your real estate needs, Smith Macdonald Group is the market and technology leader and we encourage you to take advantage of every resource we can offer you.

Lamoille County Residential Sales

Lamoille County saw only slight improvements of 11% in homes sold compared to a year ago. There continues to be an oversupply of inventory, 222 homes, below $300K and a lack of increase in buyers. This dynamic will require a significant market shift either in pricing improvements or lack of inventory in markets like Stowe to break the status quo. The plus $300K price points have seen gains in sales due the lack of inventory in the lower end of the Stowe market.

Lamoille 2nd qtr 2014 Res

Lamoille County Land Sales

In terms of land sales there was no change in parcels sold compared to 2013, but there was a drop in both median and average pricing by 25% and 36% respectively. The inventory increased 14% and so did the months' of supply, both of which add downward pressure on sales prices.

Lamoille 2nd qtr 2014 Land

Q1 2014 Lamoille County VT Real Estate | Stowe Blog

Welcome to the Smith Macdonald Report, our examination of the 1st three months of the Lamoille County VT residential and land real estate market. This report uses market-wide data based on transactions that closed in the first three months of 2014 and compares them to closings that took place during the first three months of 2013. Closings usually occur four-to-eight weeks after a contract is signed for that reason, the sales activity charted here reflects transactions that closed during and through the end of the 1st Quarter, and does not include contracts signed that have not closed.

Outside of Stowe, the rest of Lamoille County saw an increase in residential sales in the 1st quarter as well - up 38%.  This mirrors the increase seen when comparing the last quarter of 2013 to that of the year before. The median sales price increased 8%, and the average 32%.  The Inventory dropped even more significantly than Stowe - 27%.  The number of Land sales was just 1 less, and the amount of inventory there remained almost unchanged.  The majority of the home sales, 53%, were under $200,000.

Lamoille 1st qtr 2014 - Main Charts

 

Stowe VT Real Estate Analysis | 2013 Year-End Smith Macdonald Report | Stowe Blog

Stowe, VT Real Estate Analysis

Stowe, VT Real Estate Analysis, Smith Macdonald Report
Stowe, VT Real Estate Analysis, Smith Macdonald Report

 

Welcome to the Smith Macdonald Report, our 2013 Year-End examination of the Stowe, Lamoille and Waterbury residential and land real e

state market.  This report uses market-wide data based on transactions that closed in 2013 and compares them to closings that took place during 2012.  Since closings usually occur four-to-eight weeks after a contract is signed the sales activity charted here reflects transactions that closed during and through the end of 2013, and does not include contracts signed that have not closed.

In 2013 the Stowe market saw a significant shift in total residential units sold not only year over year, a 10% increase from 2012 but more importantly a 75% increase in sales from the bottom of the market in 2009.  There were 82 total units sold in 2013, equaling a market high from 2005 and matching the largest amount of sales over a nine year period.  While the majority of price points held steady over 2013, the $500K to $1 million price point saw an increase of 42% in unit sales, helping to restore the middle ground in our market.  The increase in sales helped to push inventory down, with a 12% decrease in homes on the market compared to a year ago.  Our market is trending tow

ards a more balanced market in terms of supply.  The sub $500K market is where the majority of the sales continue, there is just over a seven months of supply, basically an even market.  Below $300K there is a shortage of inventory with only a four months supply.  The above $500K market has 11 months of supply of inventory, still a buyer's market.

The Lamoille market (excluding Stowe) had a strong year with a 36% gain in units sold, with gains in the higher-end portion of the market finally breaking through.  The majority of sales still remain below $200K.  The Waterbury market remained stable with only slight drops in median and average pricing, but a 9% increase in units sold.

Smith Macdonald Group ranked 4th in the state of Vermont among all Coldwell Banker teams, the only team located outside the Burlington area, second in sales among all brokers in Stowe and Lamoille County and top 25 in all of Vermont.  Whatever your real estate needs in the coming year, Smith Macdonald Group is the market and technology leader and we encourage you to take advantage of every resource we can offer you.

Peggy Smith                                       McKee Macdonald

President/Broker                             Broker

802.793.3566                                      802.375.5009

SMG@smithmacdonaldgroup.com

 

Vermont Property Owners Report Market Update | Stowe Blog

Vermont Property Owners Report Market Update

vt prop cover_20131205124517_00001Smith Macdonald Group's McKee Macdonald was featured in Vermont Property Owners Report Market Update regarding market conditions in Stowe, VT for December 2013-January 2014.  Vermont Property Owners Report is distributed throughout the state and covers all issues related to property owners.  They cover Vermont news, updates on the market, law & taxes, court decisions, interviews and sampling of recent sales from around Vermont.

For the Market Update in this issue they looked at the state as a whole with sales still improving state-wide, but Stowe and Manchester showing much improved numbers this year.  Here's an excerpt featuring Smith Macdonald Group's McKee Macdonald: "In Stowe, single-family home sales through October were up 21% from a year earlier, according to broker McKee Macdonald of Coldwell Banker Carlson Real Estate.  We have definitely seen prices tighten on the lower end, and that will creep up into the higher price ranges, he said.  He also reported an increase in the people looking in the $1 million to $1.5 million range."

As we move toward the end of 2013, the numbers for sales in Stowe remain strong.  Look for our year-end report due out in early 2014.

Here's the full Market Update from the Vermont Property Owners Report:

Vermont Property Owners Report Market Update

Here's the 2013 mid-year Smith Macdonald Report:

2013 mid-year SM Report

 

 

2013 Mid-Year Smith Macdonald Report | Stowe Real Estate Market Analysis

2013 Mid-Year Smith Macdonald Report

Cover
Smith Macdonald Report

Welcome to the Smith Macdonald Report, our examination of the 1st six months of the Stowe, Lamoille County and Waterbury's residential and land real estate market.  This report uses market-wide data based on transactions that closed in the first six months of 2013 and compares them to closings that took place during the first six months of 2012.  Closings usually occur four-to-eight weeks after a contract is signed for that reason, the sales activity charted here reflects transactions that closed during and through the end of the 1st  & 2nd Quarters, and does not include contracts signed that have not closed.

As the economic recovery continues to take hold and markets around the country rebound; the Stowe market is starting to follow suit.  As many of us know the Stowe and Vermont markets tend to lag behind many of these national markets.  The market saw gains in units sold of 39% compared to the same time period in 2012.  39 total residential homes sold in the 1st six months of 2013, exceeding market high sales volume from 2007.  While the majority of the sales remain below $500K, 61%, down from 68% a year ago, the $500K to $1 million price point almost doubled from six to 11 sales, increasing its market share to 28% from 21% a year ago.  We also saw the median and average prices only slightly decline by 2% and 4% respectively. There was a slight uptick in inventory, due to seasonality and a strengthening market, of 9% from a year ago.  The more positive market indicator is the overall months of supply have decreased from 23 months to 18, equaling a 22% decline.

Lamoille County continued to improve in 2013 compared to 2012 with a 34% increase in residential sales volume.  It did however see a slight decrease in median and average prices, dropping 3% and 5% respectively.  Inventory in Lamoille County continues to be a concern with over 298 units available, with 221 units being priced from $300K and below.  Waterbury residential sales volume had a strong turn-around, with an increase of 67% in units sold compared to this time a year ago.  This did result in declines in median prices of 20%, but increases in average prices, 7% compared to the first six months of 2012.  Sales between $200K and $300K helped anchor the market in Waterbury, with 7 of the 35 total sales happening in this price point, thus causing the median prices to decrease.

The recent movement in interest rates will require further monitoring before its full affect is known.   The Smith Macdonald Group and Coldwell Banker Carlson Real Estate have started to take a different approach to positioning homes in this ever strengthening market by looking at absorption rates and odds of selling, a key factor to helping you buy or sell.  Contact us to understand how this affects your property.

One factor will always remain; we are your trusted real estate advisors and are ready to provide you with unmatched expertise and advice. We hope you find the Smith Macdonald Report helpful and we welcome any questions you may have regarding it.

Click here to access the 2013 Mid-Year report and other Smith Macdonald Report's.

Sincerely,

Peggy Smith                                                          McKee Macdonald

President/Broker                                                 Broker

802.793.3566                                                       802.375.5009

 

Smith Macdonald Group of Coldwell Banker Carlson Real Estate

25 Main Street, PO Box 300 Stowe, VT 05672

2012 Year-End Smith Macdonald Report and McKee Macdonald Featured in Stowe Reporter

reporter 1-30_20130131144515_000012012 Year-End Smith Macdonald Report in Stowe Reporter

This week's Stowe Reporter featured an article by Lisa McCormack about the real estate market in Stowe.  The article also featured Broker McKee Macdonald and his views on the past year in real estate as well as what we expect to see in 2013.  Also used in the article were statistics from the 2012 Year-End Smith Macdonald Report.

Here's the article in full or click here to read it on the Reporters website.  Click here for the 2012 Year-End Smith Macdonald Report

Home sales up, prices down in 2012

Posted: Thursday, January 31, 2013 12:00 pm

By Lisa McCormack

74 homes sold in Stowe

The Stowe real estate market is picking up steam, though it could be a while before prices reach the peaks they enjoyed prior to the economic crisis, according to local real estate experts.

The number of housing units sold in Stowe last year hit a four-year high while median sales prices dropped slightly, according to a recent report.

Seventy-four single-family homes were sold, a 7 percent increase from 69 in 2011. The median sales price -- the point where half of sales fell above and half below -- fell 9 percent from $426,000 to $387,400.

Sixty-three percent of the home sales involved prices below $500,000, said McKee Macdonald, a broker with the Smith MacDonald Group of Coldwell Banker Carlson Real Estate in Stowe.

The Smith McDonald Group's yearly market report was released earlier this month. The report does not include sales that had not closed by the end of December.

On average, houses priced under $1 million sold for 7 percent below the original asking price, while houses priced at $1 million and above sold for 21 percent less.

Homes generally sold for close to the assessed value the town government uses for property-tax purposes, with homes priced below $500,000 selling closer to their assessed value than more expensive homes.

Eight houses sold for $1 million or more, down from 10 in 2011. Five sold for between $1 million and $1.5 million, and three sold for more than $1.5 million.

All but one of the million-dollar sales were cash transactions, McDonald said.

"People are feeling more confident with the economy," McDonald said. "We're seeing people who have decided that they're not going to put their personal plans on hold waiting to see what happens with the government or the tax codes. There's a nice storm of people with money and the ability to get loans at low rate."

While second homebuyers tend to gravitate toward Mountain Road neighborhoods, in 2012, residential sales were spread evenly throughout Stowe, he said.

The number of Stowe houses for sale shrank 20 percent from 2011.

Based on the law of supply and demand, that should eventually help to move prices upward, McDonald said.

Excluding Stowe, sales of residential housing units in the rest of Lamoille County rose 8 percent, with 118 units sold compared to 109 in 2011.

The median sales price increased 1 percent, from $188,000 to $189,250.

While the market is moving in a positive direction, the inventory of homes has increased by 22 percent, from 208 to 253, which may counteract the momentum, according to McDonald.

Land and condo sales up

After several years of stagnant growth, sales of Stowe land parcels increased by 317 percent. There were 19 sales of open land, compared to six sales in 2011. Median prices rose by 24 percent, driven by sales over $500,000.

Meanwhile, inventory decreased by 9 percent; 75 land parcels remain on the market compared to 82 a year ago.

While condominium sales increased last year, sale prices dropped.

Thirty units sold in 2012, up from 24 in 2011, a 25 percent increase. However, the median selling price dropped 30 percent, from $372,500 in 2011 to $262,000.

Most condos sold for less than their town-assessed value with units between $200,000 and $400,000 taking the biggest hit; on average they sold for 9 percent below their assessed value.

Stellar amenities draw buyers

Stowe real-estate offices report a busy year. Last year's sales were just eight units shy of the market high of 82 homes sold in 2005.

Stowe's reputation as a four-season resort community continues to draw second homebuyers while the town's excellent school system attracts primary homeowners, said Pall Spera, owner of Pall Spera Co. Realtors in Stowe and Morristown.

Business at Spera's three offices increased between 30 and 40 percent last year.

Improvements made at Stowe Mountain Resort have helped to generate interest the housing market, Spera said.

"Our pedigree has been enhanced by what they've done up there," Spera said. "Businesses in the entire county are looking at ways to improve their quality of service as a result of the economic challenges from the past few years. You're not going to survive if you don't get it."

Despite the upswing in sales last year, it's still a buyer's market. Making sure that a home is in good condition and pricing it right are essential, given the relatively large number of houses from which buyers can choose, Spera said.

McDonald is seeing a healthy mix of both primary and second-home buyers.

Primary homebuyers tend to make up most of the under $500,000 market and several first-time homeowners have taken advantage of the under $300,000 market, McDonald said.

"They've been renting and now they have enough saved for down payment and are looking at the opportunity to buy into the Stowe market," McDonald said.

Historically low mortgage interest rates are also helping sales, he said.

While the $500,000 and above market tends to attract second-homebuyers, they're looking for good deals.

"It's a turn in the right direction but not a turn to the height of the market where prices were exploding," McDonald said.

Trends for 2013

McDonald expects to see an increase in second-home sales in 2013 as the stock market strengthens and investors look for real estate deals.

"People see the value here," McDonald said. "They see the cultural aspects that Stowe provides. We expect that sales volume will continue to grow and the stabilization of the market will continue.

"We fully expect the sub $500,00 price point to be the driver, but I wouldn't be surprised to see high-end cash purchases to come back and luxury homes to command a larger portion of the market."

Home prices will likely be lower than during the real-estate peak of 2005, but higher than when the market tanked in 2008, predicts Spera.

"I don't see that we'll have a jump up in pricing this year," Spera said. "We'll have a gradual solidifying of prices, which will build confidence in market."

He also expects more people to put their homes on the market.

"Many people have been holding off on selling and they might sell now that market is recovering," Spera said. "This spring you'll see quite a few new properties coming on the market."

Buyers will also continue to consider a home's tax bill when making a purchase, and they'll put an emphasis on whether a home has cell-phone signal and wireless Internet access, Spera said.

 

Q3 2012 Smith Macdonald Report -- Analysis of the Stowe VT Area Real Estate Market

Stowe VT Real Estate Report

 

Q3 2012 Stowe VT Real Estate Market Data

Welcome to the Smith Macdonald Report, our examination of the 3rd Quarter of the Stowe, Lamoille County and Waterbury's residential and land real estate market.  This report uses market-wide data based on transactions that closed in the first nine months of 2012 and compares them to closings that took place during the first nine months of 2011 and compares sales between Q2 and Q3.  Closings usually occur four-to-eight weeks after a contract is signed for that reason, the sales activity charted here reflects transactions that closed during and through the end of the 3rd Quarter, and does not include contracts signed that have not closed.

The Town of Stowe completed its reassessments of all properties during the 3rd Quarter, 60% of the property values in town decreased and 40% increased.  Many of the transactions that closed in Q3 were based on the prior assessment.  Due to this fact and because we are so close to the release of the reassessment, we will look to the data in Q4 and Q1 2013 to see how those transaction related to the new assessments.

Q3 brought about a positive shift in the market, with the number of units sold increasing by 85% compared to Q2.  This resulted in a 2% increase in units sold year to date compared to 2011 year to date.  The sub $500K price point continues to drive the market with a 67% market share, this results in bring down the median and average  price, but when comparing Q2 to Q3 we see an increase in both of these categories.  The reason for this increase is the luxury market, which saw two sales above $1 million during Q3.  Finally there continues to be a decrease in inventory market wide with a 25% drop year to date compared to the same time last year and a 7% decrease between Q2 and Q3.

Lamoille County kept pace seeing a 5% increase in units sold year to date compared to 2011 year to date. The market slowed the decrease in median and average prices, dropping 2% and 5% respectively, compared to 6% and 12% through Q2 2012.  Inventory in Lamoille County is still growing with an increase of 21%.  Of note, land in Lamoille County saw a drastic uptick by 143% compared to the same time a year ago.  Waterbury rebounded from a slow start to the year, with a 9% increase in units sold compared to this time a year ago.  This resulted in increases in both, median and average prices, 21% and 27% respectively compared to the first nine months of 2011.  The high-end, above $300K in Waterbury helped to fuel most of these gains.

The 3rd Quarter 2012 behaved more like a traditional market of years past, we will continue to analyze the market to see if this trend will hold for the future.  Regardless of the market one factor will always remain; we are ready to provide you with unmatched technology, expertise and advice.

Access our current Smith Macdonald Report and past Reports.

Sincerely,

Peggy Smith                                                          McKee Macdonald

President/Broker                                                Broker

802.793.3566                                                      802.375.5009

 

 

The "Values" Of A Home | Stowe Blog | Smith Macdonald Group

On Real Estate with McKee Macdonald

The "Values" of a Home

When it comes to real estate there is a lot of information to digest, whether you are a buyer or a seller it can be overwhelming.  Determining value is one section of the market where there is extensive information and it isn't always clear.  When we deal with value we look at many different factors to come up with a home's value, the majority of this is based on current market transactions.

There is another factor that helps to make up value, but it can't be gauged by numbers or comparables.  That is the emotional value of what makes your house a home.  How does this translate into useable information for you as a seller and is it something that a buyer will view as valuable to them?

According to the National Association of Realtors, "Homeownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates and lessens welfare dependency."  These are all aspects of what makes a home important beyond the physical walls and the quantitative value.

Obviously the good times you've had with family and friends, the milestones you've celebrated in your home mean something to you, but does anyone else care about those experiences?  Is there something else beyond personal experiences that creates added value in your home?  What happens to you when you come home, how does it change or enhance who you are.  This is the qualitative degree of importance that isn't always easy to convey.

I've reached out to some homeowners in the area to get their thoughts on what makes their house a home.  Second home owner Don Hollis reflects "Our Stowe Hollow home has beautiful views in all directions, upon arrival, we 'become one with nature' - given the comprehensive mix of wildlife which complements the pond, trees, shrubs, and flowers plus the beautiful work done by Vermont carpenters and masons."  In Don's case the ability to "become one with nature" has significant importance to them and is one aspect of their home that presents added value to not only them, but others who wish to experience the same connection.

Andrew Volansky grew up in Stowe, and is now a full time resident in Morrisville with his wife Jen and two sons, Tucker and Jaxon.  He offers two unique perspectives as not only a local but also as an architect for the Cushman Design Group based in Stowe.  For his personal home Andrew says "One of the more intangible aspects of our home is its location within our neighborhood, we see little to no traffic and the privacy that that affords us is hard to realize until you spend a fair amount of time at our home.  Our young boys have grown up riding their bikes and scooters on the road with little fear or danger of a car passing by, the few that do are usually our neighbors.  We also find that due to the fact that our road is a loop, we get to interact with our neighbors as they walk or bike for exercise."

Andrew also offered up the view point of working with people who are designing and building new homes in the area, often times these people are new to the area and this is their entrance into the community.  According to Andrew "One of the more rewarding aspects of designing custom homes for my clients is the frequent site meetings that occur during construction.  Most of our clients enjoy seeing incremental progress that occurs throughout construction.  The clients often develop lasting relationships with the crews."  He goes on to say, "For the clients, they get to know the people that create their homes and it makes the experience that much more personal to them."

Finally I was able to speak with long time Hyde Park residents Ed Connors and Carolyn Roberts, who have lived and worked in the area for many years.  For them their home and community bring different sets of emotions & value to the surface.  "We built here over 20 years ago and have found that living in Hyde Park is vastly underrated!  We are able to live in a very rural setting with total privacy and magnificent views and still be minutes from an excellent hospital, easily accessible schools and wonderful community of arts and culture."  Additionally they mention, "The close proximity to Stowe, Smuggler's Notch and Jay Peak offer many choices in winter and summer activities."

As our locals have described, there is always added value within a home beyond the number.  Finding ways to convey the emotional value is always a hard task, but it's an important aspect to what makes your house a home.  Using this value along with market realities can create the right mix of quantitative and qualitative values.

To see this article as it was featured in the Stowe Reporter, click here.

 

 

Thirty-year mortgage rate drops to another record low - USATODAY.com

Mortgage rates drop, money is cheap, if you are thinking about buying a home, now is the time.  Stowe is affordable again and you can purchase a lot more house with today's rates than you could even 5 months ago.  Don't let this opportunity pass you by, contact us today about your home buying options.

Thirty-year mortgage rate drops to another record low - USATODAY.com.