2016 3rd Quarter Stowe & Lamoille County Real Estate Report

2016 3rd Quarter Stowe & Lamoille County Real Estate Report

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The Stowe & Lamoille County Real Estate Market Third Quarter Summary

 

Single Family Homes

Single family home sales are up throughout Lamoille County, and Stowe homes sales have seen a significant boost both in units sold and sales dollars in the 3rd Quarter of 2016. Throughout Lamoille County gross sales dollars are outpacing units sold, these trends indicate value growth in single family homes.  Another benefit of this increased activity is that it is driving up surrounding markets as well.  Many buyers, not finding anything compelling in Stowe, are shifting their search to Waterbury, Morristown, and the surrounding areas.  Just this spring, one of our Buyer clients experienced multiple offer scenarios on three different properties they identified in Waterbury, normal perhaps in Manhattan but a truly telling statement in our Vermont market.

lamoille-inventory

Condominiums

Despite a robust single family home and land market, Stowe condominium sales are down for 2016, which we attribute to a lack of quality inventory and increased consumer expectations. A lack of quality non-resort condominium inventory has led many consumers to look up at Spruce Peak as buyers seem to be placing increased value on the “new build” feeling and amenities offered at the resort. Current condominium inventory throughout Stowe, under $300,000 with lower fee structure has a feeling of being picked over which may be pushing some consumers toward single family home purchases or to wait for something else altogether.
stowe-condo-inventory

Land

Land sales are up, specifically the median sale price for a piece of land in Stowe (YTD) is $322,500. This trend indicates that buyers looking at the higher end of the market are generally not finding the type of home that suits their needs and are choosing to build instead. Part of the experience can be “building your dream” which, unless compelled by an existing home, can be difficult to compete with however a lack of non-resort inventory is part of the driving force for this growth as some non-resort centric consumers begin looking at the building process.


lamoille-land-dollas

 

Lamoille County Real Estate Market at a Glance 

Residences 

  • Units sold are up 111%
  • Gross Sales Dollars in Lamoille County are up 136%

Condos

  • Unit sales are down 91%
  • Gross sales dollars are down 83%

Land

  • Units sold are up 141%
  • Gross sales dollars are up 235%

Stowe Real Estate Market at a Glance

Residences

  • Units sold are up 138%
  • Gross sales dollars are up 165%

Condos

  • Units sold are down 77%
  • Sales dollars are down 76%

Land

  • Units sold are up 400%
  • Sales dollars are up 919%

In Conclusion…

 

2016 seems to be the year of redemption, as the market continues to improve upon the market conditions we saw in 2014 and far outpace 2015. Good market conditions combined with attractive interest rates have encouraged consumers to move forward with their investments.


5
Beds
4 | 1
Baths
4,500
SqFt
 
 
#4617190
 
4
Beds
2 | 4
Baths
5,804
SqFt
 
 
#4638027
 
4
Beds
2 | 1
Baths
3,945
SqFt
 
 
#4641668
 
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The data relating to real estate for sale on this web site comes in part from the IDX Program of NEREN and is updated approximately every two hours.
Address & Phone
The Bateman Group
Pall Spera Company Realtors LLC - Village Office
P.O. Box 1108
Stowe,, VT 05672
(802) 253-1806
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