Inventory Down, Navigating Today's Market. As we saw in Q1 low inventory remains the most influential factor affecting sales. When it comes to residential homes in the area, buyers have fewer choices, ultimately resulting in a decreased number of sales.
What has increased, in many cases, is the number of offers on a home. Which has led to increased sale prices in some instances. In fact, the sale price to town assessment ratio for all price ranges, went up for the first time in 7 years. We also saw an increase in the median and average sale prices of residential homes in Stowe for the first 6 months of 2017.
Buyer demand remains high, some of which is presumably tied to the Vail purchase of Stowe Mountain Resort. We’ve had buyers express this as their reasons for choosing to invest in Stowe real estate.
Interest rates are still low and remain steady, although we’ve seen an increase in cash offers since the Q1. The overall health and outlook for the market is good and stable.
Our experience and expertise in this competitive market, has enabled us to help advise our buyers and sellers to reach their goals and achieve the best outcome.
Snow, Vail and Low Inventory. The winter season delivered with lots of snow and news of Vail Resorts acquiring Stowe Mountain Resort. However, the lead story in real estate continues to be low inventory; the lowest we’ve seen in many years. Ultimately, this has had the greatest impact on market conditions. Home sales in Stowe, and the rest of Lamoille County, were down for the first quarter as compared to Q1 of 2016. On the other hand, Stowe condominium sales were up significantly, many of which are located near the mountain. The obvious assumption is that this segment of the market was influenced by the Vail Resorts acquisition.
National reports show consumer confidence is extremely high, with many feeling this is a good time to purchase real estate. Locally, average and median prices were both up, 10% and 11% respectively over last year. However, for sales to increase inventory will need to be added to the market.
As always the Smith Macdonald Group is here to help you navigate our market. As you will see in the following report, we’re headed into a sellers market. It may be worth listing your home at this time. The Stowe market below $500,000 is moving fast.
2016 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