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
The Unit Sales of Single Family Homes are experiencing a flat (0%) to moderate (+5%) growth rate in all 3 counties. The Unit Sales results in the individual towns vary widely from Stowe with +22% growth and to a -47% decline in Elmore.
Inventory Levels are also down across the board in all 3 counties. In the towns where there is significant growth (Stowe @ +22% and Morristown @ +9% in Units Sold) their respective Inventory Levels are significantly down (Stowe @ -22% and Morristown @ -25%). The towns with declining Unit Sales are seeing a rise in Inventory Levels. Typically in towns where there is less inventory you will likely see a decrease in the Days on Market as buyer jump quickly to purchase new listings as they first hit the market.
The one thing that has been consistent across of counties and all towns is the significant increase in the Median Sales Price, ranging from +2% increase in Hyde Park to as high as +24% in Waterbury.
Let's take a closer look at the result on Unit Sales in Waterbury and how it is impacted by the significant increase in the Median Sales Price (+$80,000 increase per Single Family Homes over the last 12 months).
In the last 12 months you can see a significant drop off of Unit Sales in the $0 to $699,999 price range (54 units sold in previous 12 months ending in June 2018 vs only 33 units sold in the last 12 months ending in June 2019). However when you look at the Unit Sales in the $700,000+ price range (1 unit sold in previous 12 months ending in June 2018 vs 7 units sold in the last 12 months ending in June 2019) you can start to realize how the Median Sales Price in Waterbury has risen so much in such a short period of time (+$80,000). The significant decrease in Unit Sales of properties under $699,999 combined with a significant increase in Unit Sales of properties over $700,000 caused the Median Sales Price to rise significantly. The Median Sales Price is directly impacted by the Price Distribution of the Unit Sales.
The Unit Sales in Waterbury hit a peak in 2015, 2016 & 2017 and has experienced a significant drop in Unit Sales both in 2018 and Year-to-Date 2019.
Waterbury Unit Sales have been greatly impacted by the significant sifts in Median Sale Price within each 12 month period. The $72,000 increase in Median Sales Price contributed to the -2% decline in Unit Sales and the $80,000 increase in Median Sales Price contributed to the -27% decline in Unit Sales. The cumulative Median Sales Price increase of $119,000 in a 3 year period has certainly impacted Unit Sales so far in 2019.
It is interesting to compare the Unit Sales of Stowe Single Family Homes to those in Waterbury. Both towns experienced a significant increase in the Median Sales Price (Stowe +59,500 and Waterbury +$80,000) however Stowe Units Sales grew +22% while Waterbury declined -27%.
The Unit Sales of Stowe Single Family Homes based on Price Distribution in the $600,000+Price Range (40 unit sold in previous 12 months ending in June 2018 vs 56 units sold in the last 12 months ending in June 2019). The trend differs greatly in Stowe in the $0 to $599,999 price range (49 units sold in previous 12 months ending in June 2018 vs 50 units sold in the last 12 months ending in June 2019) resulting in relatively flat growth. In Stowe the flat growth rate in Unit Sales of properties under $599,999 combined with a significant increase in Unit Sales of properties over $600,000 caused the Median Sales Price to rise significantly.
Condo Sales
The Unit Sales of Condos over the last 12 months has been primarily down while the Median Sales Price has continued to climb. Washington County (+12%) is the only county or town that has experienced an increase in Units Sold. Stowe Condo (-15%) Unit Sales are down significantly contributing to the increase in the Inventory Level (+62%) but surprisingly the Median Sales Price continued to increase by $30,000.
We will not be seeing any dramatic improvement in Condo Unit Sales in either Waterbury of Morristown where there are currently no condos available for sale.
One of the driving factors why the Median Sales Price increased for Stowe Condos was due to the specific Price Distribution of the Unit Sales. The Unit Sales in Stowe Condos based on Price Distribution is similar to Stowe Single Family Homes in the $400,000+ Price Range with a significant increase in Unit Sales (18 unit sold in previous 12 months ending in June 2018 vs 25 units sold in the last 12 months ending in June 2019). The Unit Sales for Stowe Condos differs greatly in the $0 to $399,999 price range with a significant decrease in Unit Sales (67 units sold in previous 12 months ending in June 2018 vs only 48 units sold in the last 12 months ending in June 2019). The combination of both price ranges in Stowe Condos increased the Median Sales Price by $30,000.
The Unit Sales for Stowe Condos hit a peak in 2017 & 2018 and has experienced a slight drop in Unit Sales Year-to-Date 2019.
The Inventory Levels for Stowe Condos have decreased significantly from 2016 to 2019. The significant rise in Median Sales Price (+$30,000) combined with lower numbers of available properties resulted in weaker Unit Sales in Stowe Condos (-15%) in the last 12 months.
Land Sales
Unit Sales for Land are down in both Lamoille (-17%) and Washington (-12%) counties. Only Chittenden (+3%) county is experiencing moderate sales growth. Stowe (+4%) is the only town experiencing growth in Unit Sales of land. Elmore (0%) is flat and Waterbury (-5%), Morristown (-38%) and Hyde Park (-58%) are all experiencing weaker Unit Sales over the last 12 months.
Rising Building Costs have led to weaker Unit Sales and increasing Inventory Levels resulting in longer Days on Market in most areas.
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 #1
$215,000 Turn-Key Morristown Property
201 Sunset Drive, Morristown VT 05661
Charming 4 bed, 1.5-bath home located in a quiet neighborhood on a dead-end street just 10 miles from downtown Stowe and a short walk to many shops in Morrisville.
Pull into your oversized 2-car garage with plenty of space for all of your outdoor gear.
You will appreciate walking right into the mudroom with attached half bath before entering the newly renovated family room to warm up by the beautiful wood stove during the winter months.
Continue upstairs to the large kitchen & dining area with glass doors leading to a covered porch perfect for hosting summer BBQ’s.
The kitchen has large pocket doors that open up to the spacious and bright living room featuring a beautiful white brick fireplace and lots of windows to enjoy views of Mt. Elmore.
Down the hall are 4 bedrooms and a full bath giving you plenty of room for family or a home office.
All this situated on a large flat yard perfect for playing ball games and with lovely gardens and mountain views. This home is a must see!
This Quarter's Featured Listings #2
$275,000 Stowe Primary Residence, Vacation Home or Investment Rental Property
1936 Pucker Street, Stowe VT 05672
Conveniently located 2 miles from downtown Stowe this home is an amazing opportunity to purchase an affordable Stowe primary residence, vacation or rental property.
One level living with 3 bedrooms and 1 full bath. Entering the home, you will be impressed with the large central stone fireplace, beautiful wood flooring, cathedral ceilings with exposed wood beams and natural light from large glass windows. The wood-burning stove insert keeps the home toasty in the winter months.
The private deck off recently renovated kitchen is perfect for summer BBQs with your guests.
Large dry basement gives plenty of storage with bulkhead for easy access.
All this Located on a .33 acre lot that is easy to maintain with established perennial gardens a fire pit and views of Mount Mansfield. This property is a great value that won’t last long so schedule a showing today!
The Kelly Realty Group "Your Trusted Real Estate Consultants"
Voted "2017, 2018 & 2019 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
