The Bateman Group Realtors 2016 Year End Report
The Bateman Group Realtors 2016 Year End
Real Estate Report
2016 proved to be the year of continued improvement, as our regional market demonstrates growth in most sectors, confirmed by higher average sale prices, decreased inventory, and fewer ‘days-on-market’. Favorable market conditions combined with a buoyant stock market and continued attractive interest rates encouraged consumers to move forward throughout the year, regardless of the unpredictable political climate.
Home sales are up throughout the region, with Stowe’s volume dollars outpacing units sold, indicating some long-awaited value growth. Also of note, our team saw several multiple offer scenarios in the surrounding markets such as Waterbury and Morristown.
Land sales are up in Lamoille County, with over a 300% increase in the average sale price in Stowe; due in part to Buyers perhaps not finding the type of home that suits their needs and therefore choosing to build, but also due to a couple of seven-figure house-site sales at Spruce Peak. Waterbury’s land market went the opposite way, perhaps attributable to the number of affordable new housing developments in process—a definite plus for Waterbury, as their popularity grows for young families commuting to Burlington and Montpelier.
Despite robust single-family home and land market, condominium sales are down for 2016, likely due to a lack of quality inventory and increased consumer expectations. A diminished number of newer ‘off-mountain’ condominiums has led some consumers to focus on ownership at Spruce Peak or other ‘newer’ condominium complexes, where they seem to value the “new build” feeling, and perhaps the additional amenities.
Single Family Homes Analysis
- Morristown is one of the fastest growing communities in Vermont…robust commercial growth should drive residential gain in 2017.
- The average sale price in Stowe returned to 2014 levels after a slight dip in 2015.
- Home values, as represented by the average sale price, increased across most of markets we service.
- We saw modest gains in the Morristown and Waterbury condominium markets, though Stowe saw a decrease in both volume and average sale price.
- The Stowe condominium market losses were driven by a lack of quality inventory. There is some development taking place and we look forward to seeing its effect on our market over the next 12 to 18 years.
Land Market Analysis
- As quality homes at a reasonable price become harder to locate in our markets, we are bullish on Lamoille County land as we see Buyer’s are beginning to look at land as a viable alternative to existing homes as opposed to something that simply represents an alternative investment opportunity.
- Land values in Stowe are spiking…difficult to predict the longevity of this, as there is a finite amount left!
In Other Real Estate News…
Have you heard the latest buzz? Yes, The Bateman Group has adopted aerial photography/videography into their listing services. Team member Grant attained his sUAS License in September, once the new sUAS (Small Unmanned Aircraft System) law went into effect, enabling us to fly remote operated aircraft within the FAA guidelines. Now, there has been a lot of debate about privacy and safety concerns regarding the use of drones to capture aerial photo’s and video, and we are proud to say that we comply with the highest standards of drone operation and care to ensure we are providing our clients with the best presentation of their property in a safe, unobtrusive way.
Local Flavor: Tap 25
Just in the nick of time for the summer season, a new business opened on Main street in Stowe Village. Offering (as the name would suggest) 25 American craft beers on draft, Tap 25 opened its doors to tourists, travelers and locals alike.
A new stop in the historic Stowe village, Tap 25 features local beers such as Von Trapp Brewing, Alchemist, Fiddlehead and Lost Nation, along with a wide array of California craft beers. The multi-state selection makes sense, as the owners Tim and Carrie Bryan own another Tap 25 in the San Francisco Bay Area.
So on your next visit be sure to grab a bite (from renowned chef Zoe Biron),a beer in enjoy some live music in Stowe Village at Tap 25!
Introducing the Top Producing Real Estate Team in Lamoille County!
We couldn’t have done it without you! The Bateman Group has transcended previous company records to officially lock in the title for Top Producing Sales Team in 2016 and would like to thank you, our family, friends, clients and customers. We rely on your recommendations, referrals and continued business to constantly improve and evolve our service. Thank you, and we look forward to another record year in 2017!