Update on the real estate market in Stowe, Vermont for Fall 2013.
As summer transitioned into one of the most beautiful fall foliage seasons, reports of high visitor traffic, and increases in area business seem to coincide with the increase in real estate activity and sales that we have seen in the Stowe, Vermont area.
Over the past 9 nine months, the number of recorded sales in our market continues to strengthen while at the same time inventory declined 18%, to a little more than 1 year's supply. The 3rd quarter was highlighted by one of the largest increases in the number of residential sales that we've seen in years, representing a 21% increase compared to the 3rd quarter of 2012. The 63 residential sales that have occurred over the past nine months, represents the highest number since 2007, which is an increase of almost 10%. Condominium sales increased as well, up 32%, while land sales remained constant. The median and average sales prices for residential and condominiums both rose, whereas for land sales, they dropped.
57% of residential sales were under $500,000, 32% between $500,000 and $1,000,000, 8% between $1,000,000 - $1,500,000, and 3% over $1,500,000. The price range segment with the largest increase was that of the $500,000 to $1,000,000 category which nearly doubled.
Overall, Stowe continues to be a destination location of choice for a broad spectrum of people who want to make their home here, whether it is for vacation or for a primary residence. The quality of life, the welcoming community, myriad natural resources, and the high quality of schools are just some of the reasons people choose to live here.
We at Coldwell Banker Carlson Real Estate continue to be very busy with listing and selling real estate, and have had a very successful year. Low interest rates and national and economic news reports indicate that the housing market will continue to strengthen throughout the rest of the year and in to the next.