2018 MID-YEAR STOWE AREA MARKET REPORT

C O L D W E L L B A N K E R C A R L S O N R E A L E S T A T E

INFO@STOWEVERMONTREALESTATE.COM WWW.STOWEVERMONTREALESTATE.COM (802) 253-7358

As we close out the first 6 months of 2018 we continue to see the same recurrent themes shape the real estate story in our market area. The story is one you are familiar with - strong buyer demand, and few choices available, as a result of low inventory. This combination of factors has led to multiple offer situations, causing prices to rise in many cases.

As a result, the median price rose in all categories, in every town, except for land sales in Waterbury, which was down very slightly.  Although the number of home sales in Stowe and the rest of Lamoille County was up again over the course of the 1st 6 months of the year, the number did not rise as much as we saw in Q1.  This may be a result of the scarcity of homes that are available to buyers since the total inventory of homes was down.

By the end of Q2, there were only 52 homes on the market in Stowe, which is 20 fewer than there were during the same timeframe in 2016. A little over 1/3 of that inventory is priced over $1,000,000.

In the rest of Lamoille County, which covers 9 towns, a total of 152 homes were available; and in Waterbury, there were 27. These are similar trends seen in much of Vermont, as well as nationally. Despite mortgage interest rates creeping up a bit over the past year, so far this has not had a measurable effect on buyer demand. 

Lack of Inventory Continues to Drive All Markets

CBCRE 2018 MID-YEAR STOWE AREA MARKET REPORT

    24% in Stowe    23% in Lamoille North of Stowe    29% in Waterbury

Single-Family Home Inventory Trended Down in All Towns

STOWE, VTCBCRE 2018 Mid-Year Market ReportPictured: 647 Putnam Forest Road, Stowe VT | Asking: $1.2M | Click for details

Median Price: $596,000, up  25% from $475,500 in 2017

Average Price: $696,696, up 15% from $606,703 in 2017

Units Sold: 33, up 6% from 31 in 2017

Currently on Market: 52, Down 24% from 68 in 2017

Months Supply: 10, Down 23% from 13 in 2017

Stowe VT Residential Home Sales Jan-Jun 2018

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017

Pictured: 1097 Taber Ridge Road, Stowe VT | Asking: $2.75M | Click for details

The majority of homes sold in the first half of 2018 traded over $500K. A marked 52% of home sales ranged in price between $500K and $1M. Q1 was the first in recent history where this was the case.

Of the 52% that sold in that price range, it is interesting to note that the majority sold between $700K and $1M; an area of the market that has typically been more challenging to sell in recent years.

There were only 3 sales between $1M and $1.5M and only 1 sale over $1.5M, which was located at Spruce Peak and sold for $2,850,000.  

As we saw in Q1, the ratio of sales price compared to assessed value, rose again in every price range. This year is the first time we have seen this trend in 7 years. On average, in Q2, they were higher than seen in Q1.

Homes are trading closer to the list price in 2018 than 2017 during the same time period. We saw the majority of homes under $500K trade at list price. The majority sold between $500K-$1M sold over asking. We can assume these went into multiple offer situations. 

DAYS ON MARKET DECREASED BY 32% IN 2018, AS COMPARED TO THE SAME TIMEFRAME IN 2017.

2018 MID-YEAR STOWE, VT RESIDENTIAL HOME SALES

Pictured: 103 Pinnacle Meadow, Stowe VT | Asking: $1.2M | Click for details

2018 MID-YEAR STOWE, VT RESIDENTIAL HOME SALES

STOWE SINGLE FAMILY HOMES SOLD IN JAN-JUN 2018 VS . 2017

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

2018 MID-YEAR STOWE, VT RESIDENTIAL HOME SALES

STOWE SINGLE FAMILY HOMES SALE TO LIST PRICE IN 2018 VS . 2017

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

2018 MID-YEAR STOWE, VT RESIDENTIAL HOME SALES

STOWE SINGLE-FAMILY HOME SALES PRICES TO ASSESSED VALUE JAN-JUN 2018

COLDWELL BANKER CARLSON REAL ESTATE CONTINUES TO HAVE THE LARGEST SINGLE OFFICE SHARE OF SALES IN STOWE FOR 2018.

CBCRE 2018 MID-YEAR STOWE AREA MARKET REPORT

Pictured: 180 Hidden Valley Road, Stowe VT | Asking: $1.150M | Click for details

Median Price: $311,250, up 32% from $236,000 in 2017

Average Price: $378,506, No Change From $376,857 in 2017

Units Sold: 36, up 20% from 30 in 2017

Currently on Market: 28, down 28% from 39 in 2017

Months Supply: 5, down 58% from 12 in 2017

Stowe VT Condominium Sales Jan-Jun 2018

Pictured: 122 Nosedive, Unit 16, Stowe VT | Asking: $2.450M | Click for details

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017

MONTHS SUPPLY FOR AVAILABLE CONDOS WAS DOWN 58% AT THE END OF Q2 IN 2018.

Stowe condominium sales increased by 20%, even more than single-family homes. Unlike home sales in Stowe, the majority of sales were under $500,000, a total of 26 sales.

The only condominium to sell over $1,000,000 was a Mountain Cabin located at Spruce Peak which sold for $2,100,000. By the end of Q2, there were 9 pending sales ranging from $198,000 to $749,000, which is down by 5 as compared to last year at this time.

Interestingly, the days on market fluctuated wildly between 3 and 860, but the median was 62 days. The overall average decreases significantly by 36% as compared to last year. A marker of how the overall condo market is moving.  

2018 MID-YEAR STOWE, VT CONDOMINIUM SALES

Pictured: 51 McLane, #29 Covered Bridge, Stowe VT | Asking: $1.225M Click for details | In contract

2018 MID-YEAR STOWE, VT CONDOMINIUM SALES

STOWE CONDOMINIUM  SOLD IN JAN-JUN 2018 VS . 2017

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

Median Price: $243,750, up 122% from $110,000 in 2017

Average Price: $402,250, up 220% from $125,600 in 2017

Units Sold: 6, up 20% from 5 in 2017

Currently on Market: 30, down 40% from 50 in 2017

Months Supply: 30, down 50% from 60 in 2017

Stowe VT Land Sales Jan-Jun 2018

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017

Pictured: 122 Thomas Pasture Road, Stowe VT | Asking: $395K | Click for details

Although the number of land sales is small, at 6 for the first 6 months of the year, we are seeing more land trade in the past 2 years than those prior. This is largely due to the lack of single-family home inventory. The months' supply of land has reduced from 60 months at this time last year to 30 months, a 50% decrease.

The sales ranged from $141,000 to $435,000 with the exception of a parcel which sold for $1.2 million, which was a 10.6-acre parcel permitted for 19 housing units. This caused the average price to rise significantly. 

LAND SUPPLY IS DOWN BY 50% AS COMPARED TO THIS TIME LAST YEAR.

2018 MID-YEAR STOWE, VT LAND SALES

Pictured: 0 Whitney Lane, Stowe VT | Asking: $565k | Click for details

2018 MID-YEAR STOWE, VT LAND SALES

STOWE LAND SALES SOLD IN JAN-JUN 2018 VS . 2017

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

LAMOILLE COUNTY*CBCRE 2018 Mid-Year Market Report *lamoille county, excluding stowe, vt

Pictured: 311 North Shore Road, Greensboro, VT | Asking: $599k | Click for details

Median Price: $205,500, up 3% from $201,900 in 2017Average Price: $252,641, up 1% from $250,970 in 2017Units Sold: 97, up 3% from 94 in 2017Currently on Market: 152, Down 23% from 197 in 2017 Months Supply: 10, Down 23% from 13 in 2017

Lamoille County Residential Home Sales Jan-Jun 2018

Pictured: 67 Overlook Hill Road, Wolcott,  VT | Asking: $380k | Click for details

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017. Numbers Exclude Stowe.

Home sales in Lamoille County, excluding Stowe, increased slightly over the past 6 months by 3%. The median and average sales prices were pretty stable, continuing to provide many more affordable home buying opportunities than is otherwise seen in Stowe, and some of Waterbury. The median home price in the rest of Lamoille County was $207,500 versus $596,000 in Stowe.

Most of the sales in this area took place in Morristown, Hyde Park, and Cambridge. Cambridge benefits from the influence of the Burlington market, where the inventory shortage is one of the most pronounced.

For the first 6 months of 2018 the majority of sales in Lamoille County north are under $300K. Sales over $300K drop off significantly with only 15 total sales as opposed to 82 total sales under $300k.

Morristown had a record high sale of a farm estate on Stagecoach Road, that sold for $1,050,000. It sold for $200K less than asking. Following a similar purchase price trend to that section of the Stowe market.

SUPPLY OF SINGLE-FAMILY HOMES IN LAMOILLE IS DOWN 23% AT THE END OF Q2 IN 2018.

2018 MID-YEAR LAMOILLE COUNTY* RESIDENTIAL HOME SALES *EXCLUDING STOWE, VT

Pictured: 342 Goeltz Road, Morristown,  VT | Asking: $324K

Click for Details

2018 MID-YEAR LAMOILLE COUNTY* RESIDENTIAL HOME SALES *EXCLUDING STOWE, VT

LAMOILLE COUNTY* SINGLE FAMILY HOMES SOLD IN JAN-JUN 2018

*EXCLUDING STOWE, VT

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

Median Price: $82,500, up 33% from $62,000 in 2017

Average Price: $118,614 up 66% from $71,341 in 2017

Units Sold: 20, Down 24% from 29 in 2017

Currently on Market: 144, down 14% from 167 in Q1 2017

Months Supply: 40, down 14% from 35 in Q1 2017

Lamoille County Land Sales Jan-Jun 2018

Pictured: Tinker Farm, Elizabeth Rd, Morristown,  VT | New Builds | Starting at:  $389k | Click for details

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017. Numbers Exclude Stowe.

CURRENT MORTGAGE RATES:

Conventional Loan: 30 Years Fixed: 4.75%** 15 Years Fixed: 4.25%**

Jumbo Loan: 30 Years Fixed: 4.875%** 15 Years Fixed: 4.75%**

*Rates subject to change **Conventional & Jumbo Rates assume 20% down

CBCRE 2018 MID-YEAR STOWE AREA MARKET REPORT

Pictured: 2036 Bunker Hill RD, Hardwick  VT | Asking: $289K | Click for Details

COLDWELL BANKER

CARLSON REAL ESTATE

RANKED #1 FOR 2018

IN SINGLE OFFICE

SALES IN LAMOILLE

COUNTY.

Land sales in Lamoille County north were down slightly over the past 6 months, which is the reverse of what we saw happen in Stowe. With more demand for land, which is very affordable in this area, and lower single-family home inventory,  we did, however, see the median and average prices both trend upwards.

Land sales did go down by 24% in the first 6 months of 2018, as compared to 2017, but the average price increased by 66%.

AVERAGE LAND SALES PRICE INCREASED BY 66% IN 2018, AS COMPARED TO THE SAME TIME PERIOD IN 2017.

2018 MID-YEAR LAMOILLE COUNTY* LAND SALES *EXCLUDING STOWE, VT

Pictured: 3029 Elmore Mtn Rd, Elmore,  VT | Asking: $245k | Click for details

2018 MID-YEAR LAMOILLE COUNTY* LAND SALES *EXCLUDING STOWE, VT

LAMOILLE COUNTY* LAND SOLD IN JAN-JUN 2018*EXCLUDING STOWE, VT

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

WATERBURY, VTCBCRE 2018 Mid-Year Market Report Pictured: 195 Loomis Highlands, Waterbury VT | Sold: $555k

Median Price: $338,000, up 18% from $286,500 in 2017 

Average Price: $371,949, up 5% from $355,842 in 2017

Units Sold: 21, Down 13% from 24 in 2017

Currently on Market: 27, down 29% from 38 in 2017

Months Supply: 8, down 20% from 10 in 2017

Waterbury VT Residential Sales Jan-Jun 2018

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017.

Pictured: 45 High Birches Rd, Waterbury VT | Sold

MONTHS SUPPLY IS DOWN 20% FOR 2018 AS COMPARED TO 2017.The market conditions in the Waterbury area remained consistent, although homes sales declined 13% overall for Q2. This has much to do with an, even more, accentuated lack of inventory, there were only 27 homes to choose from at the end of the Q2. This, as is the case with the surrounding areas, is the lowest amount of homes available in recent memory.

With the same factors impacting this market area, the median price rose 18% to a high of $338,000. Sales prices ranged from as low as $125,000 to $662,000.

Waterbury remains an extremely desirable location which is easily accessible to Stowe, Montpelier, and Burlington, so vying to purchase properties in this area can be very challenging. The days on market for homes sales in Waterbury ranged considerably, but the median was 88.

2018 MID-YEAR WATERBURY, VT RESIDENTIAL SALES

Pictured: 195 Loomis Highlands, Waterbury,  VT | Sold

2018 MID-YEAR WATERBURY, VT RESIDENTIAL SALES

WATERBURY, VT SINGLE FAMILY HOMES SOLD IN JAN-JUN 2018

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017

Median Price: $170,000, Down 4% from $176,500 in 2017

Avg. Price: $216,044, up 41% from $153,250 in 2017

Units Sold: 7, up 75% from 4 in 2017

Currently on Market: 26, down 24% from 34 in 2017

Months Supply: 24, down 54% from 52 in 2017

Waterbury VT Land Sales Jan-Jun 2018

*Numbers Compare 1st 6 mos of 2018 to the same time period in 2017.

Land sales in Waterbury almost doubled, from 4 to 7, in the first 6 months of 2018. That’s an increase of 75% over 2017 during the same time period.

Sales ranged from $77,000 to $460,000, which was a 30-acre parcel that could be subdivided into three 10 acre lots.  

Similar to our other market areas, land has become a viable option for home buyers, versus waiting patiently for more inventory to become available. The Inventory did drop by 24%, showing that more land parcels are getting absorbed into the market. The median price dropped slightly to $170,000. 

DEMAND FOR LAND IN WATERBURY IS UP BY 75%, AS COMPARED TO 2017.

2018 Q1 WATERBURY, VT LAND SALES

2018 Q1 WATERBURY, VT RESIDENTIAL SALES

WATERBURY, VT LAND  SOLD IN JAN-JUN 2018

*NUMBERS COMPARE JAN-JUN 2018 VS. SAME TIME PERIOD IN 2017