As we reported last month, the real estate market has been strong and consistent for years in our market area and beyond. These past months have been anything but normal, and brought unexpected challenges as a result of a pandemic sweeping across our nation and the world. For a time, there was a great deal of uncertainty; and now, more than ever, people want to know what the state of the real estate market is. We are happy to report, that over just the last few weeks, we have seen life turning back to more normalcy, and real estate is in some ways coming back as strong as ever. We continue to see an increase in overall sales activity, some of which has to do with more buyers being able to come to Vermont to view properties, now that additional state restrictions for travel have been lifted. There has also been a collective effort and means to adapt to the current buying and selling conditions, which all parties have managed to navigate very well.
Each day we monitor the market very closely to keep everyone best informed and up to date. What we are finding is that the market conditions and activity for our market area in general are very much comparable to last year at this time despite some of the operating challenges that still remain.
The sales data has revealed a very strong market over the last month, and in particular the last 7 days. We've been seeing steady increases each week, but last week was the most significant so far since February/March. The increases were across the board last week, including closed and pending sales. The number of overall closed sales was up in every area, and pending sales were up in Stowe and Waterbury. There was only 1 pending land sale in Lamoille North.
The number of days on market for the pending sales in Stowe was very low - between 4 and 22 for homes - the exception being the Mt Cabin condominium at Spruce Peak which was on the market for 165 days. One of the homes had multiple offers, which has not been uncommon. Buyer demand is very high. The current number of pending sales overall in Stowe is 26 ranging in price from $155,000 for a condo to $3,700,000. This is almost the same amount as last year during the same time period. 24 of those are residential, and 2 are land. The median days on market for all is only 48, and the median price is $499,500.
Although there was only 1 pending sale in Lamoille North, there are currently a total of 34 pending sales, most of which are residential, 11 of those are land. The median price is $242,000, with a high of $695,000.
In Waterbury, the 5 pending sales is the highest amount seen there in months. The number of closed sales was consistent with past weeks. There is a total of 28 pending sales in Waterbury, mostly homes, with a median days on market of 71. The median price is $372,500.
New inventory added was the highest in Stowe compared to past weeks and months, but this is typical for this time of year. It remained about the same for Lamoille North and Waterbury. There was no new commercial data to report in Stowe.
These statistics show a strong market overall, and buyer demand should continue. If you haven't had a chance, you can review our 1st Quarter Market Report on our website. We will be preparing the 2nd quarter report at the end of June.