Blog :: 2014

Stowe Area 2014 1st Quarter Market Report

Vermont is finally showing signs of spring beginning to emerge after a very cold and snowy winter. While thoughts transition from winter activities, to dusting off the bikes and gardening tools, some are still skiing in the back country and on the slopes. Buds will soon begin to blossom, as we expect the real estate market to do as well. We've had an extremely busy winter with sales; and projections indicate continued growth. Vibrancy continues in the village of Stowe as well, with the new restaurant Plate, and what is reported to be a new store keeper at Lackey's.

The 1st quarter of 2014 can be characterized as one showing another marked increase in residential sales especially compared to the 1st quarter of 2013. The number of home sales was up 60%. That is the most significant increase we've seen since 2010, which at that time was around 27%. A continuation of consumer confidence, buyer demand, low interest rates, and decline in inventory, are among the contributing factors. Residential inventory continues to decrease - down 11% - which represents a 10 month supply which is 44% lower than the 1st quarter of last year. The median and average residential sales prices soared 71% and 41%, respectively.

Click to Enlarge

Condominium sales show continued strength as well - up 20% in the 1st quarter. The amount of inventory of this category decreased as well, down 32%, leaving a 17 months' supply. There was little change in the median and average sales prices.

As for the land category, despite the inventory dropping 16%, there was no increase in the number of sales. We believe we may have a bit more interest in land this spring and summer though, since land prices and residential inventory have both dropped.

Stowe 1st Qtr 2014 - Main ChartsClick to EnlargeBelow you will see an interesting change in the selling price segments of the market. The shift has been trending more toward home sales in the $500,000 - $1,000,000, rather than under $500,000. The former price category has been increasing since the beginning of last year. At this time last year 73% of the home sales were under $500,000; and 20% were between $500,000 - $1,000,000 . The $1,000,000 - $1,500,000 dropped a little to 4%, from 7% last year at this time; as well as the last quarter of 2013.

Stowe 1st Qtr 2014 - Pie ChartOutside of Stowe, the rest of Lamoille County saw an increase in residential sales in the 1st quarter as well - up 38%. This mirrors the increase seen when comparing the last quarter of 2013 to that of the year before. The median sales price increased 8%, and the average 32%. The Inventory dropped even more significantly than Stowe - 27%. The number of Land sales was just 1 less, and the amount of inventory there remained almost unchanged. The majority of the home sales, 53%, were under $200,000.

Lamoille 1st qtr 2014 - Main ChartsFurther evidence of the Waterbury residential market continuing to be a tight one was highlighted by the consistent amount of low inventory seen there. Residential sales increased a small amount. Although the median price increased 23%, the average slipped 28%. Land sales in Waterbury increased slightly as well; and as seen in all other categories, inventory dropped there too - 21%. A decrease in inventory is a trend we are watching which could eventually lead to an uptick in pricing, as has been seen in other parts of the country. Our market, in general, usually trends behind other markets, particularly areas with larger populations and demographics.

Waterbury 1st Qtr 2014 - Main ChartsIn other news, I am proud to share, that our office was recently awarded the #1 Coldwell Banker office in sales, of its size, in the northern region comprised of 19 states. Additionally, we were awarded the #4 ranking, nationally. Budge Huskey, President and CEO of Coldwell Banker said of our office: "Like Stowe itself, Coldwell Banker Carlson Real Estate is unique and grounded in the concept of quality first". usamapcolor

I look forward to another busy year of assisting buyers and sellers with marketing, purchasing and sales; and based on the activity we have already seen this first quarter, I am confident that the market will continue to improve.

If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.

Sources: NNEREN.com

 

Town Approves $20,000 for Cady Hill Forest trails Improvement

Cady Hill Forest TrailsThe good citizens of Stowe stepped up once again at town meeting this past March and for the second year in a row approved a capital budget line item of $20,000 for the continued improvement of trails at the recently acquired Cady Hill Forest.

In 2012 Stowe taxpayers approved $288,000 to go toward the purchase and improvement of the Cady Hill Forest. Those monies coupled with grants of $350,000 and $100,000 from the Vermont Housing and Conservation Board and the Open Space Institute respectively and an additional $800,000 raised by the Stowe Land trust through private donations allowed for the purchase of the Cady Hill Forest.

The Cady Hill Forest, which consists of 320 acres and 11 miles of trails of town owned land, is located right in the center of town and provides mountain biking, hiking, x-country skiing and snow shoeing opportunities for locals and visitors alike.

This year's budget of $50,000 for new trail construction and trail maintenance consists of $20,000 from the town, $20,000 from a Recreational Trails Grant and $10,000 donated by the Stowe Mountain Bike Club (SMBC).

All new trail construction and maintenance at Cady Hill Forest is the responsibility of SMBC through an agreement with the town. SMBC accomplishes this important work with the help of paid private contractors and volunteers.

Community members and visitors who enjoy using the Cady Hill Forest trails can help by becoming a SMBC member by signing up at a local bike LogoSMBC_web (3)shop or by going online to www.stowemtnbike.com

 

Stowe Area Real Estate Sales Continue To Improve

As we reflect upon 2013, we look back on a year of memorable events in the Stowe area.  Highlights include the completion of Stowe's brand new ice arena, Stowe and Waterbury celebrating their 250th birthdays, and Morristown breaking ground on the new Rt. 100 by-pass.

The steady real estate market of 2013 in our area was highlighted by consumer confidence, leading to an increase in the number of sales.  Buyer demand continued to help strengthen overall sales despite interest rates edging a bit higher throughout the course of the year, due to the improving economy.  The mortgage rates are still extremely favorable, currently hovering around 4.5% for a 30 year with 0 points. A decrease in inventory is a trend we are watching which could ultimately cause an uptick in pricing, particularly if buyer demand continues.  The general real estate recovery was also bolstered by the positive returns of U.S. stocks for the fifth straight calendar year, which for the S&P 500 Index was 32.39%.

Year over year we continue to see markings of a continued gradual recovery building on that of 2012.  Below you will see the steady increase of real estate sales in Stowe.  Among residential, condominium and land sales, residential increased the most, which was 11% higher from the previous year.  The number of residential sales for 2013 is virtually a 75% increase from the low of 2009.  Condominium sales rose 33%; and land sales 5%.

Stowe 2013 Sales Line Charts

The decrease in inventory was seen mostly in the condominium listing category which saw a drop of 23%.   The amount of inventory for home and land listings decreased by 12% and 15% respectively. The median sales price for Stowe homes dropped 4%, whereas the average increased 3%.  For condominiums, the median and average increased 5% and 10% respectively.  Land sales showed the most significant decreases whereby the median dropped 48%, and the average, 58%, keeping in mind that this is out of a total of 20 sales.  The national median existing-home price for all housing types was $196,300 in November, up 9.4 percent from November 2012.

Stowe 2013 Main Chart

Most of the home sales in Stowe, 57%, were under $500,000.  The second leading category was $500,000 to $1,000,000 making up 33%; and the balance of sold properties was $1,000,000 and above.  The highest priced home sale for 2013 was the resale of the HGTV "Dream Home" up at Spruce Peak, which sold for 2.7 million, back in April.

Stowe 2013 Pie Chart

When comparing the 4th quarter alone to that of the 3rd quarter, the overall data shows the volume of sales actually slipped in all three categories.  This mirrored many of the national reports.

Stowe 4th to 3rd Qtr 2013

Outside of Stowe, the rest of Lamoille County saw a large increase of residential sales in 2013 as well - up 36%.  The total number of homes sold in the County (excepting Stowe) was 160, compared to a total of 118 the year before. The median sales price increased 2%, and the average, 5%.  The number of Land sales was the same as the previous year, and the amount of inventory remained almost unchanged.  The majority of the home sales, 53%, were under $200,000.  36% were in the $200,000 to $300,000 range, and the remainder, $300,000 and up.

Lamoille 2013 Main Chart

Looking at the sales data for all of the other towns in Lamoille County, excluding Stowe, the remaining 43% of the sales encompass 8 other towns in the County.  The majority of those sales (11%) took place in Morristown, with the second highest in Cambridge, which is closer to Burlington than any of the other towns.  The amount of inventory was actually up 1%, as compared to the 12% drop in Stowe.

Lamoille 2013 Countywide Pie Chart

Waterbury residential sales also increased nicely, at a rate of 9% from the previous year.  But the median price slipped 16%, and the average, 13%.  Although Waterbury has the least amount of Inventory than Stowe and the other towns in Lamoille County, supply increased 6%, from 32 residential listings to 34.  There was no change in the number of month's supply.

As for land sales there, the number of closings fell 29%, but that was for only a total of 5 sales.  The inventory for land listings increased by15%.  The median sales price dropped 32%, while the average went up 62%.

Waterbury 2013 Main Charts

On a statewide level, the Coldwell Banker brand is again, the leader in sales in the state.  We are proud to recognize our neighboring affiliates as we work together to achieve the highest standards of practice and professionalism that we have been awarded year after year.

Statewide 2013 Sales by Brand

I look forward to another busy year of assisting my buyers and sellers with marketing, purchasing and sales; and based on the activity we are already seeing this January, I am confident that the market will continue to show signs of improvement, strength, and an overall increase in sales.

If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.

Sources: NNEREN.com, NAR.org, Vanguard.com