Stowe VT 2024 Q1 Market Report

In the first quarter of 2024, the real estate landscape in Stowe, Vermont, presented strong and consistent sales as compared to the same timeframe in 2023. The single-family home market maintained the same number of sales in 2024 as in Q1 of 2023. A notable difference in Q1 of 2024 as compared to 2023 was a significant reduction in both the average sold price, which declined by 30.79%, and the median sold price, falling by 41.67%, highlighting a cautious approach from buyers in the higher price points within our market. Despite these downward trends, there was a notable 15.38% uptick in new listings, suggesting optimism among sellers or a potential market recalibration in response to shifting demands. The average days on market plummeted by 68.29%, with the median days on market also seeing a steep decline of 78.57%, indicating that properties that were priced appropriately found quicker closures. The reduction in days on market, combined with the lower average sales price, demonstrate that are still seeing high demand in the more favorable price points within our market.

The condo market in Stowe mirrored this trend of adjustment, albeit with its distinct nuances. Properties sold decreased by 16.67%, and there were significant drops in both the average sold price and median sold price, by 37.88% and 45.37%, respectively; this is likely due to a number of fractional units trading at Spruce Peak and Trapps. New listings in the condo segment decreased by 30.00%. This is likely due to a high number of condos trading within the past 3 years and continued low inventory. Even with lower inventory during Q1 of 2024, we have seen the average days on market for condos show a slight increase of 7.04%, diverging from the rapid sales closures observed in the single-family home segment. The decreases in average prices and increase in days on market may suggest a market-wide reassessment of property values.

The first quarter of 2024 for Stowe's real estate market was characterized by significant price corrections and a faster pace of sales for those properties that were competitively priced. This period marked a stark contrast to the growth trends observed in the previous year, indicating a phase of market recalibration and adjustment, especially in the luxury segment of the market priced over $2M. Despite these challenges, the rapid closure of sales for single-family homes highlighted a latent demand for well-priced properties. The overall trend suggests a buyers' market, where careful pricing and market understanding are key for sellers. The current market conditions may offer valuable opportunities for potential buyers, provided they navigate with an informed perspective. As the market continues its adjustment, staying abreast of the latest trends, such as the impact of property taxes and additional market data, will be crucial for both buyers and sellers. Consulting with local real estate experts remains invaluable for detailed insights and guidance through these shifting dynamics.

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