2023 Q1 MARKET REPORT

The trends seen during Q4 2022 have continued into Q1 2023. While the market numbers were very similar to Q1 2022, only slight differences in sales volume and new listings. The forecast for Q2 is showing an overall lack of inventory putting downward pressure on sales. Buyer demand remains strong within our market with many buyers ready to move once a property fits their criteria. Given interest rates have been elevated for many months, buyers who are seeking out loans, have mentally factored this into their decision process.

Across the region, there was a reduction in inventory, in Stowe and Lamoille North there was a 7% dip in new listings compared to last year. In Stowe, it was more pronounced in that there was a 18% drop in new listings. Waterbury saw an increase of 10% year over year. Seasonality does play a factor into the reduction of listings this time of year, as we progress into the final half of Q2 there’s an expectation that inventory will grow as sellers look to capitalize on the continued buyer demand.

Our markets and statewide there is a sense that a return to a more normalized market was due. This means a return to a typical transaction process with contingencies like building, septic and other inspections being conducted. As we continue to monitor the market, it’s imperative to have the right real estate advisor to help guide you to take advantage of opportunities of a market in transition.

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