Market Snapshot / 2017 Q1
Once a month The Kelly Realty Group updates local Market Statistics on our website StoweRealEstateForSale.com with relevant information for buyers and sellers in the 3 county area including Lamoille, Washington and Chittenden Counties with a special focus on the Rt. 100 Corridor and the following towns of Stowe, Waterbury, Morristown, Hyde Park and Elmore. We provide a Quarterly Newsletter with insights concerning the real estate market trends to inform our followers and assist our clients with their purchasing and selling decisions. Our clients benefit from having professional agents armed with the most accurate and up-to-date market statistics to help them navigate the housing market and negotiate the best price and terms for their real estate transactions.
Here is a copy of our latest Market Snapshot Report with all the data that we provide on our website
Residential Sales
The sale of Single Family Homes have been down across all three counties over the last 12 months. Notice that the Median Sale Price continued to rise in all three counties, in line or above the national appreciation rate of 5.7% annually. The Town of Waterbury is the only town to show positive sales growth during this same time period. Stowe sales have remained flat.
Condo Sales
The sale of Condos is significantly up in Washington County. Both Lamoille and Chittenden Counties are down slightly. Notice again that the Median Prices are up across the board which may be influenced by the lower available inventory.
Land Sales
The sale of properties is up in all three counties and most towns except Waterbury. Even Elmore had 2 land listing sell last month, the first land listings sold in Elmore in the last 25 months.
Inventory Levels are also down in all three counties. Waterbury and Stowe inventories have increased while the towns of Morristown & Hyde Park have decreased.
For more in-depth information on our featured towns please visit our website:
Note : Be sure to click on the additional links for a deeper dive into each county and town.
This Quarter's Featured Real Estate Story :
"Vail Brings The Epic Pass East, Buying Stowe Resort In Vermont"
"The $50 million acquisition is tiny compared to Vail's $1.1 billion purchase of Whistler Blackcomb in Canada, the most popular ski resort in North America, last year. But it gives Vail a foothold in the huge East Coast market, where skiers will likely snap up the opportunity to buy an Epic Pass, giving access to all of Vail's resorts plus a handful of high-profile destinations in Europe for less than $1,000. A season pass to Stowe alone this year cost $1,860."
(Forbes Posted by Daniel Fisher Feb 21,2017 https://www.forbes.com/sites/danielfisher/2017/02/21/vail-moves-the-epioc-pass-east-buying-stowe-resort-in-vermont/#4f2436746b86)
Vail is the largest ski resort company in North America. It owns more than 10 resorts, including Vail and Beaver Creek in Colorado, Whistler Blackcomb in Western Canada, Park City in Utah, and Kirkwood in the Lake Tahoe. Vail also owns three small Midwestern ski areas in Michigan and Wisconsin.
What does this mean to Stowe and the surrounding real estate market?
One might have expected Vail’s announcement to purchase Stowe and make the Epic Pass available for next season to have greatly increased real estate sales in Single Family Homes along with Condos & Townhomes in the first quarter of 2017, however that is not exactly what we are experiencing. The charts below will shed some light on the situation.
Stowe Residential Units Sold are down 52.2% from Q1 2016 (23 units) vs Q1 2017 (11 units)
Stowe Condo Units Sold did see a significant increase from Q1 2016 (10 units) vs Q1 2017 (16 units) up 60%
In the two charts above you can see there is currently 8 months of inventory for Residential properties compared to the 18 months of inventory for Condos & Townhomes giving buyers clearly more options for Condos and Townhomes over Single Family Homes.
The Stowe Active Listing Price Distribution chart above shows the obvious lack of inventory under $600,000 for Single Family Homes as compared to Condos & Townhomes which again helps to explain the lack of Single Family Homes sold. For example there are currently 52 available Condos & Townhomes under $500,000 price range as compared to only 4 Single-Family Homes.
Over the past several years Stowe has been cycling back and forth between strong sales for Residential Single-Family Homes one year followed by strong sales for Condos the following year. A lot of this has to do with available inventory. See sales history in chart above. So far this year there has been an even higher spike in Condo sales than have been typically experienced in previous boom years. Condos, especially those that offer Timeshares or Fractional Ownership, may be the primary choice for individuals looking for a vacation property who are still interested in taking advantage of the travel options available through Vail's Epic Pass.
In conclusion it is too early to say just how much of an impact Vail's purchase will have on the real estate market in Stowe and surrounding towns but based on the dramatic increase in buyer leads since the announcement in early February we would anticipate a positive impact in the near future. The lack of desirable inventory has buyers pent-up waiting for more residential inventory to come on the market in Stowe. This will be to the sellers' benefit since the supply of Single Family Homes under $500,000 is low while demand is currently very high.
We expect the news of Vail's purchase of Stowe to also have a positive impact on Stowe and the surrounding towns. Towns like Waterbury, Morristown and Elmore are often associated as extensions of the town of Stowe. These towns offer some high-end real estate but at a fraction of the cost of similar homes located in Stowe. The listing highlighted below is a very good example of this.
This Quarter's Featured Listing :
299 Greaves Hill Road, Elmore VT 05657
The Best of Both Worlds … Modern living with extraordinary views in a classic small town Vermont setting, full of charm. This custom designed home has a wall of
windows showcasing the expansive 180-degree views of Lake Elmore, the valley and surrounding mountain ranges. Located in the heart of Elmore, known as the “The
Beauty Spot of Vermont”, lays this 3,782-square foot 4 bed 3 bath home on a private 6.08-acre lot. The home has a formal front entry and separate mudroom off the
oversized 2 car garage.
The Living Room features cathedral ceilings, a large stone fireplace and custom woodwork showcasing two glass doors leading out to a large deck perfect for enjoying sunset dinners.
The Cook’s Kitchen is outfitted with stainless steel appliances, infinite quartz countertops and a breakfast bar. The large open Dining Room is perfect for hosting dinner parties and entertaining guests.
The Master Suite is located on the main floor and has a private deck off the side of the house providing a tranquil spot to relax. The master bath has a beautiful custom tiled shower and walk in closet. Downstairs has 3 additional bedrooms, an office, full bath and family room that opens to the scenic backyard.
Walk to the Elmore General Store and Elmore State Park. The park provides access to a sand beach, swimming, boating, fishing, hunting, and hiking trails to a fire tower with 360 degree views. Direct access to VAST and Catamount trails. This home is a must see with many high-end details!
For more details click on the link below
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