Stowe saw a decrease in overall sales volume compared to 2021, with a decrease of 41% in Q2 2022. While there was a decrease in sales, there was an increase in inventory, providing buyers with more options. Inventory in Stowe was up by 28%. The median and average selling prices moved in different directions during Q2. The average sales price dipped by almost 7%, mostly due to fewer homes trading above $1 million. The median sales price rose by just over 5%, which can be attributed to most of the homes at or below $1 million trading above their asking price. The average selling price for Q2 was $983K, down from $1.057M in 2021. The median selling price was $830K, up from $790K in 2021.
The luxury market in Stowe for Q2 2022, while not the dominant driver of the market, still saw 6 single-family home sales above $1 million, with the highest being an off-market sale at $1.786 million. Compare this to Q2 2021 where there were 9 sales, with the highest selling price of $3.4M. Additionally, last year in Q2 there were two more above $2M, which helped to drive the average price higher. The average days on market for the luxury market in Q2 2022 was 62, compared to 22 days a year ago. The median days on market were actually lower with 7 days on market in Q2 2022 compared to 15 in 2021. Given the small sample size of this section of the market, a few sales can have a large impact. The overall luxury market should be more defined as we move through Q3 2022.
Currently, there are 26 single-family homes on the market in Stowe ranging from $435K to $16M. The majority of these homes are priced above $1M, 17, in total, with 9 priced above $2M. Historically, it is typical to see inventory increase at the end of Q2 and into Q3, which is what is happening this year, thus returning to a more normalized market.
The condo market saw an increase in both the number of sales, by 6.67%, and new listings, by 35%, compared to last year. There was a dramatic decrease in average days on market by 65%, confirming buyers' desires to have a place in Stowe with the ability to not carry the responsibility of a single-family home. The average number of days on market in Q2 2022 was 45 compared to 125 days a year ago. The median days on market was 3 compared to 80 in Q2 2021. The average and median sales prices rose 36% and 27%, respectively. While there were some higher-priced sales located at Stowe Mt. Resort in 2021, 2022 has seen dramatic shifts upwards for established properties. Properties like Topnotch, Landmark Meadow, Stonybrook, and Covered Bridge Condos all saw record sales prices.
Land saw little change in terms of parcels sold year over year with 7 trading in Q2 2022 and 9 parcels trading last year. The biggest changes came in average and median pricing. The average sales price dropped from $519K in 2021 to $437K in 2022, this is mainly due to two sales over $1M last year. The median price had a significant shift upwards this year, moving from $189K to $415K in 2022. In addition to the move upwards in median pricing, the average days on market dropped from 167 to 31 in 2022. Land remains scarce in Stowe, so those with an appetite for building will find less to choose from than a year ago.
Our office is proud to report that we represented the sale of the highest-priced commercial property in Q2 2022 with the sale of the Springer-Miller property. We represented both buyers and sellers in this transaction, which sold for $5.35 million and is a property that has over 26,000 square feet of office space and sits on 9.5 acres.
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In Lamoille County, an area comprising 9 towns, in addition to Stowe, there was a decrease in overall sales by 15%, which was reflective of the market as a whole. The …
Stowe saw a decrease in overall sales volume compared to 2021, with a decrease of 41% in Q2 2022. While there was a decrease in sales, there was an increase in invento…
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