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.