2013 Mid-Year 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.
Peggy Smith McKee Macdonald
Smith Macdonald Group of Coldwell Banker Carlson Real Estate
25 Main Street, PO Box 300 Stowe, VT 05672