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.
Welcome to the Coldwell Banker Carlson Real Estate Market Report. Our 2016 Year-End market analysis of Stowe area real estate uses market-wide data, based on transactions that closed in 2016 in the Multiple Listing Service, and compares them to sales that took place during 2015.
In 2016, the Stowe area market generally mirrors the broader market throughout Vermont, and much of the nation. The housing market remains one of the strongest underpinnings of the overall economic health. One area where buyers and sellers have had questions is about the slight rise in interest rates. The Fed increased interest rates in December, for only the second time since 2006. Some economic experts forecast that sales could potentially drop off, due to higher interest rates, but so far we’ve seen that buyers remain optimistic and engaged in our market. For the most part, low mortgage rates, low inventory, and high demand, especially among first time homebuyers, fueled much of the 2016 national housing market.
Residential sales were back on the rise, and by the end of Q4, they were up by as much as 28%. The total was 91 residential sales, as compared to 71 by the end of 2015. This is the largest number of residential sales seen since 2004, with the sub $500K price range leading the way with 56% of the market share. The luxury market divided in performance with the sub $2M market under performing, and above $2M seeing strong activity. The median sales price dipped slightly, by 3%, and the average price was up 24%, which had much to do with the highest priced home sale in the history of Stowe. The overall inventory for Stowe residences dipped again, this time by 23%, which equates to an 8 months’ supply. The lack of inventory varies in different price ranges, which will be addressed in more detail further into this report. Read more...
2016 CBCRE Market Reports
- 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