Sellers Information

Stowe Inventory Remains Low - Market Update

As we approach the end of the 2nd quarter of the year, we thought we’d give a quick update on the market. A recurring theme continues - that of Buyer demand continuing to be strong, and inventory low. So far, the buying and selling season has already been a busy one. As we enter the most active period of the real estate sales market, this is a very good time to sell. Buyers are ready, and with the lack of inventory, they are looking for more choices. For Buyers, it’s still a good time since interest rates have remained at one of the lowest levels ever, and if prices rise, the sooner the better to buy.  

As you may be aware, the Vail purchase of Stowe Mountain Resort operations was recently completed. Many ask if that has had an impact on real estate sales. It’s still a little early to be quantitatively definitive about that, but many are talking about it, and feeling that overall, it is of economic benefit to the region. In addition, we have been seeing a pretty clear positive impact in some segments of the market. When the news first broke about the impending sale, there was an uptick in sales of condominiums located near the Mountain.

Since the start of the second quarter, there have been a total of 25 residential closings, which includes 16 condominiums. The price range is from $106,000 – $3.3 million, which is a Mountain Cabin, at Spruce Peak.  Currently there are 24 residential properties under contract, ranging in price from $199,000 - $1.495 million; 2 of the pending sales are over $1 million, 7 of them are condominiums.  

This is just a overview, but if you are thinking of selling, it is a great time to list your property. If you are thinking of buying, new inventory remains tight and have educated representation in this market, will work to your advantage. Let us know if you have any questions, and how we might help you reach your real estate goals, and assist you through the process.

Stowe Restaurants -- Some of our Favorites Revisited!

 

Many ski towns offer a variety of food, but not a variety with quality.  The Stowe area is known for having both; here are a few of our local favorites:

Markets & Quick Eats:

Cork located in downtown Waterbury, VT at the corner of Stowe Street. This wine bar and market is operated by a long time friend Danielle Moffat. She offers a wide variety of beautiful tasting wines along with a cozy atmosphere. Stop by on your way to Stowe for a drink and pick up a bottle on your way out the door. 

Commodities Natural Market, newly opened in Stowe, this is the second location for Commodities the other being the East Village in NYC.  Run by Michael and Audra Hughes Commodities offers a full array of natural and orgainc products from prepared foods to bulk items.  Commodities has a ton of local products ranging from cheese, veggies, bread to beer and wine. 

Casual Dining:

Harrison's, ask for Andrew and Kathy Kneale, the mother and son duo that has been pleasing locals with their food for decades. Casual dining located in the Stowe village. Known for their mussels, but everything that comes out of the kitchen is great. 

The Bench locatied on the Mt. Road (Rt. 108) just after the movie theater, this new addition to the Stowe restuarant scene has been welcomed by locals and visitors.  Offering wood fired food and tons of beer on tap it makes for a great combo after spending the day on the slopes.  The wings rock and my kids love the mac'n'cheese and pizza. 

Piecasso Pizzeria, NYC slices in Stowe also rated Top 11 slices in America by Travel and Leisure Magazine. They have a great family set up and also a cool bar and game room, plus the pizza is great. 

Phoenix Bar & Table, owned and operated by long time local resturant operator and chef Jack Pickett, Phoenix offers a varitey of seafood and unique eats that span the world.  The kale and wedge salads are terrific as well as the po-boy sandwiches.  A great option for lunch and dinner.  

Plate, located on Main Street, next to Coldwell Banker Carlson Real Estate, offers locally sourced Vermont food made in a healthly Califorina style.  They offer everything from vegan and gluten free to a full gamut of meat options.  

Gracie's, another Stowe Classic, run by Archie, you'll never leave there hungry. Known for their burgers, Gracie's take it to the next level. I love the boxer and their famous chicken sandwich. 

Cactus Cafe is Stowe's Tex-Mex favorite. Offering their famous jalapeño chips at the table, beware they bring the heat. Also on the menu are slow smoked pulled pork tacos, a southern twist to a Mexican standby. Wash it all down with their Mansfield marg! 

McCarthy's is the only stop for breakfast in Stowe. They've been serving it up for over 30 years and know how breakfast should be done. Ask for Diane, she'll probably be at the door waiting for you with a smile. Their homemade corn beef hash is made from scratch, just like the maple nut bread. 

The Roost & Flannel, located at Topnotch Resort, these are two nice options for different kinds of fun.  The Roost offers a relaxed environmnet with good bites to share along with craft beer and cocktails.  Enjoy shufflepuck or relax outside by the fire.  Flannel, is a more formal dining setting, a bistro with flare and great patio seating. 

Formal Dining:

Michael's On The Hill located in Waterbury center, just south of Stowe. This chef owned restaurant sources local foods at a very high quality. Offering tasting menus and creativity, Michael's if perfect for a romantic dinner. Try their Manhattan, made with port wine, as a bourbon lover; I give it two thumbs up. 

Hen Of The Wood located just off I-89 in Waterbury this kitchen has been cranking out high-end food for many years. The unique location and old stone mill offers a view of the river and waterfall which is only match by the quality of the food. 

Kitchen Table Bistro, a bit further away, located in Richmond, but well worth the drive. As with the other two they locally source their food and offer a stunning wine list. The menu changes with the seasons and offers a real look into handcrafted Vermont food. 

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

Waterbury, VT Real Estate Report | Stowe Blog

Waterbury, VT Real Estate Report

Welcome to the Smith Macdonald Report, our examination of the 1st six months of the  Waterbury, 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 Waterbury-Stowe area 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 area community.

Waterbury actually saw a slowdown in terms homes sold by 13%, but since it is a small market with limited options the active summer market should work to reverse this trend.

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.

Waterbury, VT Residential Sales

While the Waterbury market did decline in sales, 13%, this was only due to two fewer sales that the 1st six months of 2013. Given Waterbury's small market size, 47 active listings, and lack of inventory below $400K, well priced homes still move quickly from the market. Since the start of the summer there have been increased showings and activity within this market and a true picture of whether the market will reverse its decline will likely be determined over the next few months.

 

Waterbury 2nd Qtr 2014 Res

Waterbury, VT Land Sales

From a land standpoint there were only 4 sales this year compared to 1 last year. Even though there was an increase in sales the median and average pricing dropped by 28% and 33% respectively. Of most significant note the months' of supply declined from 180 to 22 months, this may have the largest impact on the land market.

Waterbury 2nd Qtr 2014 land

 

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

Stowe, VT Real Estate |2014 Mid-Year Smith Macdonald Report | Stowe Blog

Stowe, VT Real Estate | 2014 Mid-Year Smith Macdonald Report

Welcome to the Smith Macdonald Report, our examination of the 1st six months of the Stowe 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 Stowe area 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 community.

Stowe, VT Residential Sales

The 1st six months of 2014 continue to be very strong with growth in all areas of the market compared to the 1st six months of 2013.  Year to date the number of home sales is up 21%, this equals 11 more homes sold during this time period than the height of the market in 2006.  While at the same time inventory and months of supply continue to decrease, 11% and 22% respectively.  The lower inventory, buyer demand and strong financial markets have resulted in sales spreading out over the majority of price points, including an increase of 9% in sales between $1 million and $1.5 million.  The median and average residential sales prices increased 35% and 4%, respectively, with the median seeing a larger increase due to more higher-end homes trading.

Stowe 2nd Qtr Line Charts Res
Stowe, VT Units Sold 2014

 

 

Below you will see illustrated how the market has started to even out in sales below $1 million. 51% of market sales were below $500K, an increase of 9% from Q1 2014. 40% of the market falls between $500K and $1 million a 14% decline from Q1 2014, but still up significantly compared to just 28% a year ago. The luxury market consisted of 9% of the market a 5% increase from Q1.

Stowe 2nd Qtr Pie Chart
Stowe, VT Sales Percentages by Price

In the same categories, the chart below shows the relationship of sales price to list price.

Stowe 2nd Qtr List to Sold Stowe, VT Sales to List Price

In terms of selling prices compared to town assessment, we continue to see numbers that range from slightly below in lower price points to well above in the luxury market. The sub $500K market is averaging 7% below assessment a bit lower than this time last year. The $500K to $1 million price point is tracking roughly at town assessment. The high-end market, $1 million to $1.5 million is transacting 14% above town assessment. This is mainly due to two sales that the Smith Macdonald Group facilitated this year that sold significantly above town assessment.

 

Stowe 2nd Qtr Assessment
Stowe, VT Sales to Assessment

 

Stowe, VT Condo Sales

Condominium sales show significant strength as well - up 67% in the 1st six months.   The amount of inventory of this category decreased slightly as well, down 6%, but more importantly the months' of supply dropped by 43%, leaving a 23 months' supply compared to this time a year ago.  There were however decreases in the median and average sales prices, 21% and 29% respectively, mainly because no condos over $600K were sold.

Stowe 2nd Qtr Line Charts condo Stowe, VT Condo Sales

Stowe 2nd Qtr Main Charts condos
Stowe, VT Condos Sales by Price

 

In regards to how condos are selling in relation to town assessment you will see below on the sub $200K market there was a major correction between the 1st six months of 2014 compared to the 1st six months of 2013. In the $200K to $400K there was a 6% swing year over year, as a result of six more units being sold at lower prices. Above $400K there were only minor adjustments.

Stowe 2nd Qtr Condo Assessment
Stowe, VT Condos Sale Price to Assessment

 

Stowe, VT Land Sales

Land in Stowe has finally seen an increase in sales with 10 parcels sold over the 1st six months of 2014 compared to 6 in same time in 2013, resulting in a 67% increase. More importantly the inventory is still decreasing down 29% and the months' of supply is down 57% to 35 months. The median pricing dropped 17%, while the average rose 47% as a result of one land sale well above $500K.

Stowe 2nd Qtr Line Charts land
Stowe, VT Land Parcels Sold

Stowe 2nd Qtr Main Charts land
Stowe, VT Land Sales by Price

 

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

 

Q1 2014 Waterbury VT Real Estate Snapshot | Stowe Blog

Welcome to the Smith Macdonald Report, our examination of the 1st three months of the Waterbury 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.

Further evidence of the Waterbury residential market continuing to be a tight one was highlighted by the consistent amount of low inventory seen there.  Residential sales increased a small amount.  Although the median price increased 23%, the average slipped 28%.  Land sales in Waterbury increased slightly as well; and as seen in all other categories, inventory dropped there too - 21%.  A decrease in inventory is a trend we are watching which could eventually lead to an uptick in pricing, as has been seen in other parts of the country.  Our market, in general, usually trends behind other markets, particularly areas with larger populations and demographics.

Waterbury 1st Qtr 2014 - Main Charts

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                          Q1 2014 Stowe VT Real Estate Snapshot | Stowe Blog

                          Welcome to the Smith Macdonald Report, our examination of the 1st three months of the Stowe 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.

                          Vermont is finally showing signs of spring beginning to emerge after a very cold and snowy winter.  We've had an extremely busy winter with sales; and projections indicate continued growth.  Vibrancy continues in the village of Stowe as well, with the new restaurant Plate, and what is reported to be a new store keeper at Lackey's.

                          The 1st quarter of 2014 can be characterized as one showing another marked increase in residential sales especially compared to the 1st quarter of 2013.   The number of home sales was up 60%!  That is the most significant increase we've seen since 2010, which at that time was around 27%.  A continuation of consumer confidence, buyer demand, low interest rates, and decline in inventory, are among the contributing factors.  Residential inventory continues to decrease - down 11% - which represents a 10 month supply which is 44% lower than the 1st quarter of last year.  The median and average residential sales prices soared 71% and 41%, respectively.

                           

                          Stowe 1st Qtr 2014 - Residential Line Chart

                          Stowe 1st Qtr 2014 - Main Charts

                          Below you will see an interesting change in the selling price segments of the market.  The shift has been trending more toward home sales in the $500,000 - $1,000,000, rather than under $500,000.  The former price category has been increasing since the beginning of last year.  At this time last year 73% of the home sales were under $500,000; and 20% were between $500,000 - $1,000,000.  The $1,000,000 - $1,500,000 dropped a little to 4%, from 7% last year at this time; as well as the last quarter of 2013.  In the same categories, the chart below shows the relationship of sales price to list price.

                          Stowe 1st Qtr 2014 - Pie Chart

                          Stowe 1st Qtr 2014 - Sold to List

                          Condominium sales show continued strength as well - up 20% in the 1st quarter.   The amount of inventory of this category decreased as well, down 32%, leaving a 17 months' supply.  There was little change in the median and average sales prices.

                          Condo

                          As for the land category, despite the inventory dropping 16%, there was no increase in the number of sales.  We believe we may have a bit more interest in land this spring and summer though, since land prices and residential inventory have both dropped.

                          Land

                           

                           

                           

                           

                          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