After a long beautiful and busy summer, the real estate market remains strong with continued buyer demand. Low inventory remains a predominant theme, whereby the number of MLS listings hit a 3-year low. This has caused many buyers to compete with others for a scarcity of housing choices, driving prices up in some cases. The median price for home sales in Stowe for instance rose again significantly for the third year in a row, topping out at the end of Q3 at $620,000. This is an increase of 11 % as compared to Q3 2017. Some wonder if buyers might be reaching a threshold for what they might be willing to pay for a home. Other housing markets in different locations around the country are starting to slow down as a result of these factors. Interest rates have been on the rise, and have recently hit a 7-year high of 5.0%. Thankfully we have not yet seen this negatively impact buyers.
Home sales in Stowe, and the rest of Lamoille County were up at the end of the first 9 months of this year. Home sales in Stowe rose 13% in Q3. In addition to the median price being way up, the average sales price for homes in Stowe had an unusual jump, due to a $10,500,000 sale. This sale represents the highest priced residential sale in Vermont in years. At the end of Q3, there were 13 pending home sales which is down from a total of 20 a year ago during the same time period. The average days on market for homes prices under $500,000 was 70, and sales between $500,000 and $1,000,000 were on an average of 138 days. Sales up to 1 million dollars sold only 3% less than the listed price, which has tightened over the last few years.
For more information and detail on the Stowe market conditions and the surrounding area, you can visit my website for our comprehensive Market Report.