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 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.