Market Snapshot / 2017 Q3
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.
Last Quarter we discussed the exciting news about Vail's recent purchase of The Stowe Mountain Resort and how that might impact the local real estate market. The purchase was finalized in June. 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.
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 (-12%) driven primarily by lower sales in both Stowe (-22%) and Morristown (-8%). On the other hand you will notice that there has been a significant increase in Median Price in the towns of Stowe (+ $129,500) and in Elmore (+35,500). There has been just a moderate change in units sold in both Washington (+6%) & Chittenden (+1%) 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. Notice that inventory levels are down across the board except in the town of Stowe (+36).
As we discussed in last Quarter's Newsletter, the available inventory for single family homes "Below $500,000" are down (-6 units). On the other hand the available inventory of "Above $500,000" single family homes are up (+6 units). 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 purchasing Stowe Condos or towards Single Family Homes in surrounding towns.
Condo Sales
The sale of Condos is significantly up in Washington County (+43%) driven primarily by a strong increase in sales in the town of Waterbury (+83%). The sale of Condos is also significantly up in Lamoille County (+18%) driven primarily by a strong increase in sales in the town of Stowe (+27%). Chittenden County's sale of Condos is down -6% primarily driven by extremely low inventory levels (3 months). Notice again that the Median Prices are up slightly in both Washington and Chittenden Counties which may be influenced by the lower available inventory. With the supply of available units being lower the asking prices continue to rise.
This graph clearly depicts how the level of Stowe Condo inventory has dropped each Quarter for the last 4 Quarters.
If we take a closer look at the Stowe Condo Market where the unit sales are up 27% and the Median Price is down $20,000 per unit we can start to identify some new sales trends. The news of Vail's recent purchase of Stowe Mountain Resort's Ski Operations has generated a lot of interest in purchasing property in Stowe. New buyers that are looking to take advantage of Vail's Epic Pass in other Vail resort locations are interested in purchasing property that are easy to maintain and/or rent and allow these owners to travel to other Vail resorts while still calling Stowe their home ski resort. The challenge is that there is very little inventory of single family homes for under $500,000 so prospective buyers are considering lower cost solutions like Year-Round Condos (Representing 88% of All Stowe Condo Sales) or Fractional Timeshare Condos (Representing 12% of All Stowe Condo Sales). The increase in Stowe Condos "Below $500,000" (+17 units) combined with no increase in Stowe Condos "Above $500,000" (+ 0 units) helps to explain how the Median Price has dropped for Stowe Condos during the last 12 months while unit sales of Stowe Condos have increased.
Land Sales
The sale of land properties is significantly up in Lamoille County (20%) while Washington (0%) and Chittenden (-2%) are experiencing only moderate changes in sales. Most of the towns in Lamoille Country are also experiencing significant increase in land sale except Stowe (-17%). The Median Price for land continues to increase modestly in all three counties.
Inventory Levels are down in Lamoille (-30%) and in Washington (-16%) while Chittenden (+9%) inventory levels have increased moderately. Most of the towns along the RT 100 Corridor from Waterbury to Hyde Park have experienced significant reduction in inventory levels except Stowe (+2%). 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. The number of inquires for individuals interested in purchasing land in Stowe and surrounding towns has increased significantly in the last 6 months.
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.
This Quarter's Featured Listing :
46 Barrows Loop Road, Lake Eden VT
Enjoy Lake Eden year round in this 1,845-square foot lakefront home situated on a 0.54-acre lot with 177 feet of private lakefront.
The home has an open floor plan with a large dining room and attached living room both with glass doors leading to your large deck overlooking the lake, including vaulted ceilings showcasing a propane stove with a large stone chimney.
There is no shortage of room to have guests over with a spacious living room and a game room downstairs.
There is potential to add another bathroom downstairs off the large game room with central woodstove.
There are 3 bedrooms with an additional bonus room and a ¾ bathroom upstairs.
Enjoy swimming, boating and fishing right off your deep water dock.
Beautiful stone and wood stairs lead to an additional deck landing which is perfect for enjoying your morning coffee and taking in the wildlife on the quiet lake. The stairs continue down to a flat grass landing where there is a storage shed to conveniently store all of your gear for the water. There is a one-car garage that is perfect for storing your boat during the winter and plenty of additional parking for guests. Centrally located between Jay Peak, Smugglers Notch and Stowe Mountain Resorts. This lakefront home is a must see!
For more details click on the link below
http://www.kelly-realty-group.com/featured-listings/
The Kelly Realty Group "Your Trusted Real Estate Consultants"
Voted "2017 Best Real Estate Agent" by local patrons of the "Stowe Reporter", "Waterbury Record" & Lamoille County's "News & Citizen"
We are the leading experts on the local real estate market and your best source for representation when you are looking to purchase or sell real estate. We strongly recommend that you utilize our professional real estate team to assist you with all aspects of your real estate transactions and negotiations. We are happy to provide you with a Free Seller or Buyer Consultation to discuss the benefits of working with The Kelly Realty Group.
Call us today and set up a convenient time to discuss how we can help you with your real estate goals.