2019 was an exciting year in our local real estate market. The real estate market report shows that lack of inventory created a significant dynamic across all property types, especially in the Stowe market – where the number of sales are down in all categories: condos, single-family residential, and land, due to lack of choices. We saw our fair share of multiple offers on properties and properties going under contract within days of coming to market – especially in the $600,000 and below price range.
The Waterbury market experienced quite the opposite… the numbers are up, due in part to the buyer profile being a more even mix of primary and second-home buyers. The discretionary purchase of a second home is less likely to happen if the buyer does not find exactly what they are looking for, whereas the primary home buyer is buying for a reason – whether it be relocation, up-sizing, etc. and is therefore more willing to accept something that they know they can change.
Interest rates remain favorable and are expected to remain stable through the 1st and 2nd quarters of 2020. National economic indicators are mixed, and the geo-political climate is a factor with its potential to affect our national economy and the volatility of the stock market.
In summary, there continues to be value appreciation year-over-year, more so at the lower price points, both nationally and locally. Nationally, new construction numbers are staggering, which is also apparent in our region – anything ‘new’ is garnering good interest from the market. Showing activity is consistent – but the next true measure of our market’s status will be the numbers at the end of the 2nd quarter; this is where we will see if the activity actually converted to sales.
If you are interested in buying or selling a home in Central Vermont, or would like to discuss your options for listing or purchasing a home, please feel free to contact us.