Blog :: 07-2014

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