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.