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The real estate markets in Stowe, Lamoille County, and Waterbury, Vermont, displayed diverse dynamics in Q3 2023, influenced by factors such as inventory constraints and evolving buyer inclinations.
Stowe's real estate market remained vibrant, bolstered by its reputation as a top-tier destination for both primary residences and vacation homes. The decline in new listings for single-family homes intensified competition in Q3, with well-priced properties being particularly sought after, leading to fluctuating days on the market. Single-family homes continued to be a beacon of stability, with a consistent sales volume and notable price appreciation, appealing to a broad spectrum of buyers. Proper pricing can have a significant impact on achieving higher sales numbers as opposed to chasing the market. The pandemic-induced buying mentality has shifted to a more informed investment mindset. The condominium segment, however, grappled with challenges, primarily due to a limited influx of new listings. This scarcity drove up prices, underscoring a sustained demand for condos and their associated lifestyle benefits.
In essence, Stowe's real estate landscape offers a plethora of opportunities for both buyers and sellers, with a diverse array of properties catering to different tastes and requirements.
Lamoille County's single-family home market experienced a dip in sales, primarily attributed to a decrease in inventory. Yet, the rise in average sales prices showcased the county's enduring appeal, drawing buyers keen on securing value-driven deals. Towns like Morristown and Hyde Park further highlighted this trend. The land market in the county presented a more subdued picture, with decreased sales and extended days on the market hinting at a more measured pace of transactions.
Waterbury experienced encouraging trends, especially in the realm of single-family homes. While there was a decline in sales and new listings, the significant upticks in average and median prices emphasized Waterbury's continued allure. This resilience in the face of limited inventory underscores the robust demand and favorable market conditions in the region
Moving ahead, a keen observation of the market nuances in Stowe, Lamoille County, and Waterbury will be pivotal in gauging the trajectory of the real estate sector. Factors like inventory levels, buyer preferences, and broader economic indicators will shape the future contours of these markets. It's imperative for both buyers and sellers to remain updated and recalibrate their strategies in line with these evolving dynamics.
Proper pricing can have a significant impact on achieving higher sales numbers as opposed to chasing the market. The pandemic-induced buying mentality has shifted to a more informed investment mindset.
View the stats in detail by clicking on the town name below
Buyer demand helped to keep overall values fairly even in Q1 2023 compared to a year ago, with properties trading on average within 97% of their final list price.
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.
Waterbury saw a burst of activity in Q1 2023 compared to Q1 2022, with 9 homes trading compared to 4 last year.
Waterbury saw a decrease in terms of the number of sales, by 23% compared to a year ago.
In Lamoille County, an area comprising 9 towns, in addition to Stowe, there was a decrease in overall sales by 22%, which was reflected in the market as a whole.
Stowe saw a decrease in overall sales volume compared to Q4 2021, with a 29% decrease in Q4 2022.
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