Winter Visitors Increase, as do Home and Condominium Sales. The winter season delivered lots of powder; and many new skiers and riders found their way to Stowe, after taking advantage of Stowe Mountain Resort’s new offering - The Epic Pass - which is Vail Resorts’ signature multi-mountain season pass.
As the snow melts, and we transition to spring, the market conditions begin to be revealed. The general storyline in real estate, both locally and nationally, continues to be that of low inventory; which has actually reached its lowest point in recent memory. There are only 44 single family homes currently on the market in Stowe. This continues to restrict overall market activity, most notably, lessening options for buyers who are ready to purchase.
Despite home sales being up slightly in Q1 2018, as compared to last year, we are still far below the number of sales we saw from 2014 to 2016. Inventory at that time was about 40% higher than it is today.
Strong buyer demand, coupled with the extreme lack of inventory, and multiple offer situations, have caused selling prices to trend higher. The median prices for homes and condominiums in Stowe were both up by 22% and 28%, respectively. This increase is more than double from the year before. As we approach the spring and summer market, all eyes are on whether inventory can begin to keep pace with buyer demand.
When we look at the current market there are two traits that come to mind, activity and energy. Since the start of 2017, and through today, we have seen an overall increase in market activity. We are seeing more engaged buyers, who are prepared to act quickly. There is a real sense of urgency, something we haven’t seen in recent years. In addition to the increased activity there has been a trend this past year, and currently, towards a positive outlook on our market as a whole. While the lower end of the market will always move, it is the middle of the market that has benefitted from this positive energy. Buyers see the long term viability of the Stowe market, in particular, and that translates into them projecting excitement and upbeat attitude to their friends and family who in turn will start to consider owning in the Stowe area.
For sellers a lot depends on where you have your property positioned from a price standpoint. That being said, on a whole there is more activity in the market than in years past, it often takes less time to sell your house than it has over the past 7 to 10 years. We believe this is largely do to the energy buyers are bringing to the market. Even the luxury market which hasn’t see as much activity in recent years, still had stable sales in 2017 compared to the past 7 years. Sellers who have embraced the current market are feeling more positive about selling their home. That positive energy comes from a realization that the amount of time it will take to sell has come down, and we are seeing homes sell closer to list price and often well above town assessment.
As with any market price, positioning, and marketing matter. Capitalizing on all three is paramount in taking advantage of the increase in activity and energy.
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