Signs of spring in Vermont are finally beginning to emerge after a very cold and snowy winter. With the transition from from winter to Spring getting a late start this year, some are still skiing the back country, while die hard mountain- and road-bikers have already begun prepping their bikes for a late spring start in the woods and on local roads and byways. Trees and flowers will soon begin to blossom, just as the real-estate market will. Sales have been robust this winter, and projections indicate continued growth. Vibrancy continues in Stowe village as well, with Plate, our newest restaurant having recently opened to rave reviews.
Q1 2014 has shown another marked increase in residential sales compared to Q1 2013, with home sales up 60%. That is the most significant increase we’ve seen since 2010, when it was approximately 27%.
Consumer confidence continues to strengthen, buyer demand is strong, interest rates are still low and stable, and an area-wide decline in inventory have all combined to create a vigorous market and strong start to the new year. Residential inventory is down 11%, which is a 10-month supply and is 44% lower than Q1 2013. In contrast, the Q1 2014 median and average residential sales prices soared 71% and 41%, respectively.
STOWE TOWNHOMES AND CONDOMINIUMS
Inventory is down, closing prices are up slightly, at 1.1%, and median prices are down both for March and YTD. The percent of original price received is up 9% in March and 9.6% YTD. If you've been wanting to buy, the time is still right!
STOWE SINGLE-FAMILY HOMES
New listings and closed sales are growing, and closing prices are up, indicating a shift towards more expensive homes. Median and Average sales prices are both up significantly; and, homes are selling more quickly (by 25%) than they did a year ago. But inventory, overall, is decreasing, with months supply down to 11.2, down from 19.3 at the end of March 2013. The net? There's a bit of buying frenzy going on. If you're planning to buy a single-family home in Stowe, you should think about starting your search soon.
Read the complete report, with stats for Stowe and Lamoille County.