Blog :: 2020

Market Update Summer 2020

Bull Moose Ridge Road, Stowe

 

It has been a very busy summer in Stowe with both visitors, and real estate activity.  Looking back, we’re not sure anyone could have predicted that sales activity would have increased to the extent that it has over the last few months.  Since the spring when people were able to begin to travel to Vermont again, buyer demand began to increase, and has continued to do so.  That coupled with low inventory, it has largely been a seller’s market, and not uncommon for there to be multiple offers; and some properties selling for list price or over.  Increased demand has also led to fewer days on the market for residential listings.  Some properties are going under contract in as little as 1 - 3 days. There are currently 77 properties (homes, condos and land) that are under contract – which is the most ever seen - ranging up to $6.750 million; and only 82 active properties for sale. Most of the sales have been single family homes and condominiums, but land sales have recently increased as a result of there being fewer homes for buyers to choose from.  Buyers are also considering neighboring towns, which opens additional opportunities for purchase. 

There are only 15 active residential home listings between $500,000 and $1M; and 15 listings over $1M ranging up to $10.950M. There have been 7 home sales between $565,000 and $1M; and 8 sales between $1M and $3.450M over the last month.  All of those sales were under $1.535M except for one.  There are 36 homes and 29 condominiums that are under contract.  The number of days on market for pending properties has continued to decrease over the past few months.

Land sales in Stowe were fewer, with only 8 total over the last month, starting at a price of $85,000, and the highest was $650,000.  Unlike single family homes, the number of land listings has increased, ranging in price up to $2.395M.  There are 12 land parcels under contract with pricing from $119,000 to $400,000.

The strong market conditions will likely remain through the fall, which is typical; and then perhaps slow down a little bit this winter which it usually does.  We will begin working on the Q3 market report at the end of this month.  The sales landscape has changed significantly since our mid-year Market Report which is available to view here.

 

 

 

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Luxury Listings in Stowe, Vermont

    

 
 

Discover the ultimate in country elegance and luxurious living, in the heart of Stowe village.  This uncompromising home is distinguished by exceptional features throughout, and a multitude of custom designed and unique living spaces to experience comfort and relaxation. Separate and spacious casually elegant barn apartment.  Beautiful yard and gardens for outdoor living; screened-in porch with fireplace. Stroll, shop and dine in Stowe's historic village, just steps away.  For more details, photographs and tour you can go here.  $2,450,000

 

     

 

Escape to the country in this spacious Stowe home on ten private acres with beautiful mountain views. You'll feel safe and secluded on its peaceful private road location with plenty of room for your family and friends to spread out and enjoy. This fine Vermont country home boasts five en-suite bedrooms, multiple recreation rooms, and seven fireplaces to keep you cozy in all seasons. The rolling lawns and large pond with boat shed invite you to paddle, picnic and play. Within close proximity to over 1,500 acres of conserved land and Stowe's year-round recreation opportunities. For more details, photographs and tour, you can go here.  $1,125,000

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New Listings in Stowe, Vermont

    

 
 

This beautiful and immaculate home with exceptional landscaping and grounds will satisfy all your summer and year-round desires. From the moment you arrive, you will see how well this property has been loved and cared for. Surrounded by windows and sunlight, the interior is as welcoming as it is finely designed. The main living area, kitchen and dining rooms and master bedroom suite all look out on to the deck, vibrant open yard and landscape. The lower walk-out level has everything for entertainment, indoor recreation, and additional space for guests.  For more information and photos, you can go here.  $899,999

 

 

     

Mountain chic with stunning views of Mt. Mansfield.  This exceptionally charming home with a professional decorator’s flair, is one you may not want to leave.  Every room is so comfortable and cozy, you’ll be the envy of your friends and guests. The deck is as inspiring for outdoor living where you will take in all the surrounding beauty including wide open lawn, breathtaking Mansfield views and vibrant sunsets. Very conveniently located, this year-round mountain home is ready for you to move into and enjoy.  For more information and photos you can go here.  $585,000.

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Spectacular 74 Acre Land Parcel in Stowe, VT

74 acres on West Hill, Stowe, Vermont

    

Escape to your own private sanctuary in Stowe.  Enjoy all the benefits of this spectacular 74 acre property, all year long.  Located in an exceptional part of town, this gorgeous property features a lovely mixture of open meadow, mountain views, woodland areas and pond. Highlighted by southern exposure and views of Camel`s Hump and the Worcester Mountain Range, there are multiple opportunities for either a gorgeous estate property, a family compound, or multiple home sites, currently approved for 3 separate lots. Additional attributes include easy access to trails, recreational opportunities, and ability to enjoy myriad Stowe amenities.  For more information on this one of a kind property, click through here.

Real Estate Market Update

 

There have been many questions surrounding the reality of Covid-19 affecting our communities and businesses, including real estate.  One of the most commonly asked questions is “how is the real estate market”.  Since our Q1 Market Report, everyone has wondered about any potential effects. 

Market activity has increased since some of our operating restrictions were lifted by the state on April 20, which now allows us to show properties, albeit with required procedures.  Despite that, buyer demand has been very strong, and inventory is still very low.  This presents buyers with a potential new challenge which includes the ability to come to the Stowe area to view houses, since anyone traveling from out of state has to quarantine for 14 days before interacting with anyone.  For some, FaceTime and virtual tours have enabled some buyers to make decisions about purchasing a property, which we’ve seen take place since April 20.

Here are some sales statistics from the past week which provide an overview of current market conditions:

  • There were 4 residential home sales in Stowe last week, which is higher compared to previous weeks
    • The average sale price of these properties was only 5% less than the listed prices
  • There were 6 pending sales in Stowe over the past week, a number not seen since the beginning of March: 2 condominiums and the remainder, homes, ranging in price up to $1,975,000. 
  • There were only 2 new residential listings added: 1 house and 1 condominium
  • Commercial activity increased as well, with 1 new listing, and 1 pending sale
  • Sales activity was very similar in Lamoille North, and in Waterbury

It continues to be a good time to sell; as well as a good time to buy, with interest rates being the lowest seen in memory. We continue to monitor the market very closely, and will post updates periodically to keep everyone informed during this time.

 

 

 

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Tips for Buyers and Sellers in Today's Market

    

Although these are still somewhat uncertain times, real estate transactions are taking place; and now that some restrictions have been lifted in Vermont, they have increased.  We are monitoring the market and updates, daily, in order to best help you navigate today’s changing environment.  In the meantime, many consumers and agents are resorting to virtual tours and/or FaceTime for viewing and showings with success, as properties in our market area have recently gone under contract as a result.

The following are some tips for buying and selling in today’s market.

For Buyers:

  • Reach out to a lender to get pre-approved. Rates are at a historical low, and this is a great way to be certain you are looking in the correct price range and to be well-positioned as new properties hit the market this Spring/Summer
  • Check out the virtual tours online and contact an agent to preview a property for you or schedule a FaceTime showing
  • Ask your agent to set up auto notifications of properties coming on to the market for you.  We are still in a low inventory market, and appealing properties can go pending quickly. 

For Sellers:

If you are considering selling your home this season, there are things you can be doing now to prepare turning your home into a house for sale for spring and summer, which is our strongest market.  In a recent Blog from Coldwell Banker, these 5 small home improvements are those that we recommend most often:

  • Curb appeal
  • Freshly painted walls and clean carpets
  • Depersonalize and declutter
  • Update hardware
  • Staging

For detail on these tips, click here.

  • 9 out of 10 buyers are still looking at properties online.  We can now provide the latest and most advanced technologies in order to highlight your property, and enhance the buyer viewing experience.

If you have any questions at all, or would like more detail, please feel free to contact me anytime.  Our comprehensive Market Report is also available should you like to receive a copy.


 

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Real Estate Update

It has been a challenging time for everyone during the events of past weeks, and all are looking forward to getting back to more normal routines, warmer weather and outdoor activities.  Although we may not know what the potential impact may be on the real estate market for some time, our market analysis of the 1st quarter of this year reflects a general consistency in real estate sales across our area.  Real estate transactions continue - not necessarily at the rate of the majority of the 1st quarter of this year - but buyers and sellers are still active. 

The ability to go through the typical buying and selling process has definitely been altered by 'stay-at-home' compliance, but we've adapted in ways so we can provide required information to keep consumers informed of their current options; and work collaboratively with other real estate professionals like lenders and attorneys to help close transactions.  In the meantime, and before 'stay-at-home' orders are lifted, buyers are able to utilize online technologies to help them with their property searches; and sellers are coordinating with their agents in preparation to actively list their properties when the appropriate time comes.  Realtors are still working full-time, just remotely, for now. 

For more detail about the market and activity over the first 3 months of this year, as compared to last year during the same time period, you will find our full report here.

 

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Adapting During These Times

As Covid-19 continues to impact our daily lives, I wanted to reach out and make sure that you and your family are well and safe.  These are trying times for everyone and our communities, but we gain strength from supporting one another as we navigate our personal and professional challenges together, each day. Please know that we are actively and diligently watching the market day-to-day, so that we can help to keep you informed of the market conditions.  Currently we continue to see buyers and sellers actively transacting.  Not at the usual pace we’ve seen over the recent past, yet offers, pending sales and closed sales continue, all the same. Other bright spots amidst this outbreak include seeing our neighbors helping neighbors who have specific needs; and glimmers of warmth and signs of spring beginning to emerge – despite the inches of snow we just had. 

Your health and safety remain our top concern.  As you may already know, the state of Vermont has implemented a ‘stay home, stay safe’ directive as of yesterday, until at least April 15.  Regardless, we remain working full time on your behalf and needs; just remotely, rather than in the office.

If you are still actively looking at real estate, we are implementing additional opportunities to view properties online with visual enhancements.  If you are thinking of selling, we can arrange to connect by your preferred method.

As we know more you can expect further updates from me. In the meantime, please reach out with any questions, concerns, or just to chat. I know this is a very difficult time.

 

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New Listings in Stowe, Vermont

New Properties in Stowe, Vermont

 

 

This home is a rare find and a wonderful opportunity for someone who appreciates the convenience of village living. Relax on the front porch or entertain while grilling on the spacious deck. This home has a comfortable floor plan that works well as a primary residence or second home.  For more on this 3 bedroom, 4 bath home, click here.

 

 

Designed with specific attention to every detail, this home is as functional as it is impressive in style and decor. The main entrance is highlighted by a stunning custom stone fireplace in the living room with cathedral ceilings, and in the adjacent den which is surrounded by windows and wonderful light. Three levels of living provide plenty of space for everyone. 2 separate lots, air conditioning and furnishings included are just a few of the features of this special property.  For more photos and information, click here.

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