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.
Peggy Smith McKee Macdonald