2015 Annual Real Estate Report
2015 Annual Real Estate Report for Stowe and Surrounding Community
By and large, 2015 was a positive year with steady sales and slowly declining inventory in our local markets, and 2016 is poised for moderate growth especially in the sub $500,000 category.
It is becoming obvious that Stowe has been ‘discovered’ and buyers are becoming more comfortable with significant investments in Vermont including the luxury market. There is potential for impact from increasing interest rates and the volatile nature of the national election; the Federal Reserve will likely inch-up the short-term interest rates in 2016, and the nature of the upcoming Presidential election may well polarize the discretionary buyers who are considering luxury purchases such as vacation homes. Those buyers may well wait to see whether we elect a Republican or Democratic candidate, regardless, there will be changes that affect real estate. Lastly, we can only hope that the stock market stabilizes, as it is perhaps the most prevalent indicator of all…
Single Family Homes Market Analysis
- Despite seeing an increase in the number of units sold, the overall dollar volume has decreased which signals the market is working through its lower-end inventory
- Stowe is the only town in Lamoille County that posted a decrease in the number of units sold…Stowe desperately needs mid and low end inventory.
- Waterbury and Elmore lead Lamoille County with sharp increases in both dollar volume sold and number of units sold
Condominium Market Analysis
- Stowe saw sharp increases in the sales of condominium’s in 2015
- Both Stowe and Morristown outperformed the rest of Lamoille County in the condominium market…As opposed to Cambridge, another resort market, which saw sharp decreases in both dollar volume and units sold
- As much of the condominium inventory in Lamoille County begins to become dated, great opportunities for value appreciation exist for those willing to take on a remodeling project which is still far more cost-effective than building in Vermont.
- Although Stowe’s land market was down in 2015, the surrounding towns actually saw an increase in investment, leading to increases in dollar volume sold as well as units sold in towns such as Elmore, Johnson, Hyde Park, Cambridge and Morristown, which showed the greatest increase of all.
- While much of this growth can be attributed to a lack of inventory in Stowe and Waterbury, consumers familiar with Lamoille County, may be looking for more value.
In Other Real Estate News…
Cork Wine Bar & Market moves into the old Blue Moon Café building on School Street in Stowe Village.
The Bateman Group had the privilege of helping the previous owners of the Blue Moon Café onto their next venture by assisting with the sale of their business on School St in Stowe Village.
Offering a deluxe wine menu, complete with paired small plates. Cork offers a casual atmosphere with a cozy, firelight lounge with a modern feel. Fall in love with a certain vintage? There will be a retail space to ensure you don’t go home empty handed.
Besides offering a nice atmosphere for patrons to relax and enjoy a glass, Cork will host a plethora of themed wine tasting and pairing events throughout the year, stay tuned on their facebook page!
2015 was another banner year for the Stowe Mountain Bike Club — an ever growing (and incredibly motivated) membership resulted in some of the Club’s most successful initiatives, events and fund raising efforts to date. The most recent highlight was the 2016 Uberwintern Fat Bike Festival, with over 100 participants pre-registering online it demonstrates the growth in the winter fat biking market, and how people are traveling to Stowe in the winter to get out on 2 wheels regardless of the season, Stowe is now truly a four-season mountain bike destination!
2016 Stowe Winter Carnival
The first winter carnival, held in 1921, was the set up by Craig O. Burt, a well recognized leader of the community at that time. He wanted to help bring the people in town out of economic and winter doldrums. It featured ski jumping and
tobogganing on a hill behind the public school.
Every year during the month of January, Stowe comes alive with great winter fun featuring over exciting events throughout the town. Events include the Kids Carnival Kaos, Snowgolf & Snowvolleyball tournaments and the exciting NICA sanctioned Ice Carving Competition!
(Click to download/Print Report)