Once a month The Kelly Realty Group updates local Market Statistics on our website StoweRealEstateForSale
Last Quarter we discussed the exciting news about Vail's proposed purchase of The Stowe Mountain Resort and how that might impact the local real estate market. The purchase was finalized in June. We have seen our inquires double since the announcement back in February. We will share how this new interest is impacting the real estate market in Stowe and the surrounding towns as we discuss each market segment below.
We have some very exciting news to share about The Kelly Realty Group.
This month our Team Leader Pete Kelly (center of photo below) was voted Realtor of the Year by the local residents of the Morrisville-Stowe-Waterbur
Other exciting news, another member of The Kelly Realty Team, Caitlin Kelly, was recently highlighted in the 2017 Summer/Fall Stowe Magazine article titled "Woman Strong : Most excellent Stowe athletes". We are very proud and excited to have the opportunity to work with such passionate and committed individuals.
We are also very proud to share that Keller Williams efforts over the last 7 years has made them the #1 Real Estate Office in the State of Vermont. Here is how they compare to the other major real estate offices in Vermont for the first half of 2017.
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 over the past 12 months have been down in Lamoille County (-14%) driven primarily by lower sales in both Stowe (-11%) and Morristown (-11%). On the other hand you will notice that there has been a significant increase in Median Price in most towns especially in Stowe (+ $120,750) and in Elmore (+80,750). There has been just a moderate change is units sold in both Washington (+2%) & Chittenden (-3%) Counties. Just like in Lamoille County the Median Price for these two counties has also experienced a significant increase. Lower inventory levels and a shift in the Price Distribution of Sales is having an impact on these results.
Lets take a closer look at the Stowe Residential Market and study trends in available inventory and sales results.
Inventory Levels for Single Family Homes in Stowe has been on a continuous slide since the 3rd Quarter 2015 through the end of 2016, well before the announcement of Vail's purchase of Stowe. There was been just a minor increase in inventory over the last two quarters as some more expensive properties have entered the market. See the chart below.
Many buyers are frustrated about the lack of affordable Single Family Homes in Stowe. They are also curious and concerned to know why the Median Price could be up $120,750 per home when the unit sales are down 14%. The chart above will help us understand the dynamics that are causing these results. The best way to uncover the trends is to look at the market in terms of Price Distribution. If you group the sales into increments of $100,000 you start to see clearer trends. To simplify the matter we grouped the sales into two categories, all Sales above $500,000 and all Sales below $500,000.
Now it becomes very clear that both the sales (- 17 units) and available inventory (-11 units) in the "Below $500,000" category are significantly down when looking at June of 2016 vs June of 2017. On the other hand both the sales (+9 units) and available inventory (+8) in the "Above $500,000" category are significantly up. The reason that it is possible to experience a significant increase in Median Price while overall sales are significantly down is because during the last 12 months the increase in the sale of "Above $500,000" properties (with much higher sold prices) were coupled with a significant reduction in the sales of "Below $500,000" properties. The inventory levels and sales of "Above $500,000" properties is likely to continue to rise as owners are starting to see these properties appreciate in value for the first time in a very long period. On the other hand the lack of Single Family Homes in the "Below $500,000" category has pointed some buyers towards Stowe Condos or towards Single Family Homes in surrounding towns.
Condo Sales
The sale of Condos is significantly up in Washington County (+60%) driven primarily by a strong increase in sales in the town of Waterbury (+150%). Both Lamoille (+6%) and Chittenden (-5%) Counties are experiencing moderate changes. Notice again that the Median Prices are up across the board which may be influenced by the lower available inventory that is consistently down in all three counties. With the supply of available units being lower the asking prices continue to rise.
If we take a closer look at the Stowe Condo Market where the unit sales are only up 3 units (+5%) and the Median Price is up $15,000 per unit we can start to anticipate some new sales trends.
Inventory Levels for Stowe Condos experienced a consistent increase from the 3rd Quarter of 2015 through the 3rd Quarter of 2016 and then has significantly dropped over the last 3 quarters. There has also been a renewed interest in Condo Sales since the announcement of Vail's purchase of Stowe that is sure to continue to drive inventory levels down and as a result drive Median Prices up. New buyers that are looking to take advantage of Vail's Epic Pass in other resort locations are interested in purchasing condos that are easy to rent or even Timeshare/Fractional Ownership Condos that allow these owners to travel to other resorts while still calling Stowe their home ski resort.
Again we will look at the sales of Condos in terms of Price Distribution. There is virtually no change in sales and in available units in the "Above $500,000" category. However there is a significant reduction in available units (down 28 units or 40% reduction) in the "Below $500,000" category. It is likely that we will continue to see the Median Price increase in the "Below $500,000" category due to the shortage of available units. This could also increase the sale of condos in the "Above $500,000" category as buyers get anxious to establish themselves in the Stowe market.
Land Sales
The sale of land properties is significantly up in Lamoille County (15%) while Washington (-4%) and Chittenden (+3%) are experiencing only moderate changes in sales. Most of the towns in Lamoille Country are also experiencing significant increase except Hyde Park (-18%). The Median Price for land continues to increase significantly in Lamoille County but have experienced significant decreases in both Washington (-10%) and Chittenden (-15%) counties.
Inventory Levels are also down in Lamoille (-18%) and in Washington (-7%) while Chittenden (+5%) inventory levels have increased moderately. Most of the towns along the RT 100 Corridor from Waterbury to Hyde Park has experienced significant reduction in available units. Reduction in inventory levels is likely to drive increases in the Median Price for land properties. It is likely that land sales will continue to increase since there is a lack of inventory in both of Single Family Homes and Condos.
If you own property in the Stowe area and are considering selling anytime in the near future contact The Kelly Realty Group immediately to set up a Free Seller Consultation to discuss how we can take advantage of the market conditions to maximize what you net in your property sale.
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.