Market Snapshot / 2018 Q2
We have some very exciting news to share about The Kelly Realty Group.
Our Team Leader Pete Kelly (center of photo below) was voted Realtor of the Year by the local residents of the Morrisville-Stowe-
Once a month The Kelly Realty Group updates local Market Statistics on our website StoweRealEstateForSale
Here is a copy of our latest Market Snapshot Report with all the data that we provide on our website
Single Family Home Sales
This is the first time that Single Family Home have not experienced an increase in sales in all 3 counties since January. Lamoille County (16% growth) continues to experience strong sales increases in Stowe (14% growth) and Elmore (73% growth). Both Morristown (-3% growth) and Hyde Park (0% growth) are experiencing relatively flat growth. Both Washington County (0% growth) and Chittenden County (-1% growth) are also experiencing flat growth.
The driving reason for the stifled growth in most markets is "Lack of Inventory". Simply look at the Months of Inventory for all 3 counties and all 5 towns. The inventory level of Single Family Homes in each market is down between 15% to as high as 37%. It is also no mystery that the Days on Market are also consistently down since buyers are anxiously jumping on new properties as soon as they hit the market.
Let's take a closer look at the Inventory Levels of Single Family Homes in each of the 5 Towns. On a "12 month versus 12 month" basis (refer to the red columns on the right side of the graphs below) the level of inventory is down across all 5 towns. There is a little bit of optimism for buyers in these markets since on a quarterly basis since 2018 Q2 (the most recent quarter) shows a consistent increase in inventory over the previous quarter (2018 Q1). Buyer's hope to see this trend continues.
Condo Sales
The Condo Market over the last 12 months has mixed results. Lamoille County (41% growth) has experienced a significant increase in condo sales primarily because of the strong sales of condos in Stowe (37% growth). This growth maybe short lived based on the fact that the inventory level of condos in Stowe is down 53% from the previous year's level. Chittenden county was up 6% in condo sales. Chittenden county currently only has 2.8 months of inventory indicating a very strong sellers market, you will notice however the months of inventory increased 14% year over year and the units sold is only up 6% if the inventory coming on the market continues to out pace the units sold it will eventually make it a more balanced market.Washington County is significantly down (-22% growth). There is currently no inventory of condos in Waterbury.
Land Sales
Land sales in all 3 counties continue to increase as prospective home buyers search for other options due to the lack of available Single Family Homes and Condos on the market. Surprisingly Morristown (-19% growth) and Elmore (-40% growth) are out-of-step with the rest of the market.
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 Listings : $10,000 Price Reduction ($140,000)
202 Draper Farm Road Elmore, VT
Unique Property / Many Possibilities
Simply use existing warehouse space for storage or workshop with easy access to Rt 12
or
Build a nice home with a view of Elmore Mountain with easy access to Elmore State Park
or
Start your own farm with plenty of storage for your equipment and food processing
This beautiful 4.33-acre parcel sits on a quite dead end road located in the heart of Lake Elmore. The home site has wide-open views of Elmore Mountain and close proximity to Lake Elmore with a wastewater permit for a 3-bedroom house in place.
The lot includes a large storage building / workshop built by Morton Builders in 2012 with dimensions of 60' length x 42' width x 11' height. Zoning would allow for subdivision and also the potential for a home business leaving many potential uses for this lot.
Enjoy easy access to the lake and state park with sand beaches and hiking trails to Elmore's Fire Tower. This location provides easy access to the VAST Trail Network. This must see lot is only 10 miles to Morristown for all your shopping needs, 15 miles to downtown Stowe and 20 miles to Montpelier.
The Kelly Realty Group "Your Trusted Real Estate Consultants"
Voted "2017 & 2018 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.
Looking forward to hearing from you.
Sincerely,
The Kelly Realty Group
Joe Kelly
Cell: (802) 503-2488
Email: joe@kelly-realty-group.
Pete Kelly
Team Leader
Cell: (802) 922-6146
Email: pete@kelly-realty-
Julia Booth
Cell:802-461-6712
Email: julia@kelly-realty-
Caitlin Kelly
Email: caitlin@kelly-realty-