2020 Q1 CBCRE Market Report_SMG by Coldwell Banker Carlson Real Estate
Q1 Reveals Familiar Market Conditions. So much of the past weeks have been consumed with these unsettled times surrounding the global pandemic, and our focus has primarily had to do with the safety and health of everyone. This has been a challenging time, and we are so grateful to all of those in our communities and beyond, who have been on the frontlines, aiding those who are vulnerable and in need. Everyone has had to make significant alterations and sacrifices with their daily lives, yet we are hopeful and inspired by signs of spring, and developing norms that are emerging.
Our market overview of Q1 reflects a general consistency in real estate transactions across our market area. Although we won’t know the specific impact COVID-19 may be having on the current market for some time, real estate is still transacting. Not necessarily as much as it was for the majority of the 1st quarter of this year, but sales, pending sales, and new inventory, are reported each week. Keeping in mind that we are in our spring ‘off-season’, this is typically one of our quietest seasons in real estate anyway. While it’s hardly been business as usual lately, we’ve been able to easily adapt to the ‘stay-at-home/stay safe’ directive from the state of Vermont, since so much of our business is done online normally. For our part, we continue to constantly monitor the market in order to serve the needs of our clients and customers. We are grateful to our incredible team and network of partners that allow us to safely keep our commitments, including working with enhanced technologies to provide consumers with improved capabilities to view homes from their living rooms which is what they are already used to doing. Our robust and enhanced online and virtual marketing features from our office, agent, and Coldwell Banker websites remain the best way to showcase properties for sale.
In the meantime, we remain vigilant; and inspired by and grateful to all those around us who are helping to ensure we all stay safe and sound, and healthy.
Low Inventory Continues to Drive Local Markets. As 2019 came to a close, so did a decade. As we have witnessed consistent growth in real estate sales in northern Vermont over the past 10 years, we specifically take a closer look at the trends affecting the market overall, over the past year. Our market area continues to be one of considerable desirability and demand for many reasons, most of which have to do the beneficial lifestyle offered here. Whether people are looking to buy their first home or to make an investment in a vacation or rental property, there are many good reasons to invest in our region. Regardless of price range, interest rates have consistently remained low, continuing to offer consumers the ease and ability to obtain a mortgage for their new property, at very favorable rates.
Low inventory remained a challenge for buyers; and as a result, sellers retained the enviable position of having their properties meet with a high level of interest and demand. It was not uncommon for sellers to benefit from multiple offers in some cases, last year and the year before. Not all price ranges were in demand though, as luxury home sales were again the exception, rather than the rule. Sales in this category in Stowe, for instance, represented only 16% of all sales in 2019, yet, the current luxury home inventory available at year-end was almost half of the total available properties, with the highest-priced property listing at $12M.
In other price ranges, home sales have been on the rise for the most part since 2009, although by the end of the year they had actually decreased just slightly in Stowe and Lamoille County North. This likely had to do with the persistent trend of lack of inventory for buyers to choose from, the percentages of which were all lower.
2019 CBCRE Market Reports
- 2019 Q3 Stowe Area Real Estate Market Report, Download Here
- 2019 Mid-Year Stowe Area Real Estate Market Report, Download Here
- 2019 Q1 Stowe Area Real Estate Market Report, Download Here
2018 CBCRE Market Reports
- 2018 Year-End Stowe Area Real Estate Market Report, Download Here
- 2018 Q3 Stowe Area Real Estate Market Report, Download Here
- 2018 Mid-Year Stowe Area Real Estate Market Report, Download Here
- 2018 Q1 Stowe Area Real Estate Market Report, Download Here
2017 CBCRE Market Reports
- 2017 Year-End Stowe Area Real Estate Market Report, Download Here
- 2017 Q3 Stowe Area Real Estate Market Report, Download Here
- 2017 Mid-Year Stowe Area Real Estate Market Report, Download Here
- 2017 Q1 Stowe Area Market Report, Download Here
Archived CBCRE Market Reports
- 2016 Year-End Stowe Area Market Report
- 2016 3rd Quarter Stowe CBCRE Market Report
- 2016 3rd Quarter CBCRE Waterbury Market Report
- 2016 3rd Quarter CBCRE Lamoille Market Report
- 2016 Mid-Year CBCRE Stowe Market Report
- 2016 Mid-Year CBCRE Lamoille County Market Report
- 2016 Mid-Year CBCRE Waterbury Market Report
- 2015 Year-End CBCRE Report
- 2014 Year-End Smith Macdonald Report
- 2013 Year-End Smith Macdonald Report
- 2012 Year-End Smith Macdonald Report
- 2011 Year-End Smith Macdonald Report
- 2010 Year-End Smith Macdonald Report