Coldwell Banker Carlson Real Estate
Market Update 4Q 2014
As 2014 began to wind down, the holiday season was brimming with visitors, and was one of the busiest in recent memory. As for real estate, we are able to report yet another increase in residential sales, which have been on a consistent rise since 2009. The number of sold properties was up 9% as compared to the end of 2013. The majority of those were again under $500,000. By the end of the 3rd quarter of 2014 there had not been any sales over $1,500,000, but that changed in the last quarter of the year, whereby six properties sold between $1,525,000 and $2,300,000.
In addition to an increase in residential sales, the median and average price rose as well; up 30% and 10% respectively. The median price was $485,000, and the average, $598,870; well above the national figures. Inventory rose as well though, as much as 18%. Stowe condominium sales also increased by the end of the 4th quarter, up 8%. The median price for condominium sales moved downward ever so slightly, by 4%, whereas the average was up 4%.
Land sales dipped slightly again in the last quarter - this time by 10%. But compared to the last quarter of both 2013 and 2012, the median and average prices both rose. The bulk of the land sales ranged from $160,000 to $276,500; and the highest was $1,200,000, for 48 acres in Robinson Springs. The level of inventory dropped fairly significantly, therefore we may finally see a rise in land sales in the spring, especially if there is more demand for building.
The rest of Lamoille County saw an increase in residential sales at the end of the year as well, whereas by the end of the 3rd quarter, there had been no increase. The majority of sales were under $200,000. The median and average sales prices were little changed, but the inventory rose significantly, up 50%. The number of land sales declined by 17%, which was less than was seen at the end of the 3rd quarter; and the inventory rose slightly, by 9%.
Unlike Stowe, and the rest of Lamoille County, Waterbury saw a slight drop in the number of residential sales; and the inventory increased a bit, as well. Almost 1/3 of the sales were over $400,000, and the highest was $875,000. The median and average prices increased slightly, as compared to having gone down slightly at the end of the 3rd quarter.
Waterbury land sales increased yet again – almost double the amount. The price range for the lots was from $51,000 - $160,000. The median price was up 54%, and the average was down 38%. Inventory was down again, this time, by as much as 45%, so we may continue to see land sales increase there.
Coldwell Banker Carlson Real Estate – a leader in real estate sales in northern Vermont.
Interest rates are as low as we’ve seen in a long time (3.75 for a 30 year fixed, at the time of this publication), and a local mortgage broker has recently indicated that his portfolio of loans to close in the first quarter of 2015, is the largest he’s seen in the past 5-6 years. So, we look forward to another busy year; and more snow, and winter fun. Please let me know if I can help you with any of your real estate needs. If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.