2014 Year-end Lamoille County Real Estate Market Data
Coldwell Banker Carlson Real Estate
As 2014 wound down, Stowe and all of northern Vermont were brimming with visitors, making this holiday season one of the busiest in recent memory. And so were real estate sales, which have been consistently increasing since 2009!
Residential (single-family homes)
At the end of 2014, the number of residential units sold had increased by 9% over 2013. The majority of those sales continued to be below $500,000. By the end of the Q3 2014 there hadn’t been any sales over $1,500,000, but that changed dramatically in Q4, when six homes sold in a range between $1,525,000 and $2,300,000.
In addition to an increase in residential sales, median and average prices increased as well — by 30% and 10% respectively. The median closing price was $485,000, and the average closing price was $598,870, both well above national figures. Inventory increased as well, by 18% over year-end 2013.
Condominiums (excluding timeshares and fractionals)
At the end of the year, Stowe condominium sales had increased by 8% over 2013. The median closing price for condominiums moved downward, ever so slightly, by 4% over 2013, while the average closing price had increased by 4%.
At the end of 2014, unit sales of Stowe land listings were down 10% compared to 2013. Median and average prices, which indicate trends, however, increased, by 7% and 49% respectively. The bulk of the land sales were between $160,000 and $276,500; and, the highest was $1,200,000, for 48 acres in Robinson Springs. The level of inventory dropped significantly, by 41% by the end of 2014..
It would appear that there were a number of overpriced homes in the $1MM to $1.5MM range.
The rest of Lamoille County (excluding Stowe) saw an increase in residential sales at the end of the year as well, which almost all occurred in the Q4. The majority of sales were under $200,000. Median and average sales prices were little changed, but inventory increased by 50%.
At year-end, the number of land sales declined by 17%, and inventory increased by 9%.
Unlike Stowe, and the rest of Lamoille County, Waterbury saw a slight decrease (-8%) in the number of residential unit sales, while inventory increased by 12%. Almost 1/3 of the sales were over $400,000, and the highest was $875,000.
For the year, median and average closing prices increased; however, the more meaningful median increased by 10%, while the average closing price increased by only 1%
Waterbury unit land sales increased by 80%! The range of land closing prices was from $51,000 to $160,000. Again, the more meaningful median price was up 54%, while the average was down 38%. Inventory decreased again, by 45%, so we may continue to see land sales increase in the new year.
Interest rates are as low as we’ve seen in a long time (3.75% for a 30-year fixed, at the time of this publication). A local mortgage broker has recently indicated that his portfolio of loans to close in the first quarter of 2015, is the largest he’s seen in the past 5-6 years.
We’re looking forward to another busy year, with more snow and winter fun — at least through April! Please let me know if I can help you with any of your real-estate needs. If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.