Current Market Report
As we expand into all of Lamoille County, an area comprising 9 towns, in addition to Stowe, we see similar trends in reduction of sales volume and new inventory. There was a decrease in overall sales of 31% and listings by 20%. The average and median prices did increase, showing strong buyer demand, compared to Q1 2022, they increased by 19% and 15%, respectively. Homes sold, on average, at 98% of their last asking price. Excluding Stowe there are currently 22 homes available for sale, ranging from a mobile home for $72K to a 168 estate with multiple cabins asking $6.825M. Morristown, the largest economic drive of this area has a significant inventory shortage with 7 properties available, but only 2 below $500K.
Land sales saw a 50% reduction in overall sales, down to 6 in Q1 2023 compared to 12 a year ago. The average and median prices saw significant declines as well. The average price dropped by over $110K from $189K to $79K and the median price also decreased by $73K, from $140K to $66K year over year. There are 32 parcels available compared to 49 last year; 11 of which are located in Morristown and 9 in Cambridge. Cost of entry in relation to building, contractors and materials will likely keep overall sales of land in check for 2023, but the cost to acquire land in Lamoille North, continues to be far less expensive than Stowe or Waterbury.
Green Up Vermont - Flood Recovery Clean Up Day
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