Stowe VT 2023 Q2 Market Report

Single-Family Homes

The Stowe, Vermont real estate market demonstrated remarkable resilience and growth during the second quarter of 2023. Despite challenges posed by limited inventory due to a decrease in new listings, the market maintained its appeal to buyers, resulting in a substantial increase in both average and median sold prices. With a significant increase in median sold price and a decrease in days on market, the demand for well-priced properties remained high.

In Q2 2023, the Stowe VT real estate market for single-family homes experienced stable sales volume, with no change from the number of sales recorded in Q2 2022, totaling 17 sales. However, the market showed some interesting trends:

1. New Listings: There was a significant 40% decrease in new listings compared to Q2 2022. This scarcity of new inventory might have contributed to the stability of sales volume as buyers had limited options.
2. Days on Market: Surprisingly, the days on market decreased by 10% from 2022. This suggests that well-priced properties were in high demand and moved quickly off the market.
3. Average Sold Price: The average home sold price in Q2 2023 saw a substantial increase of 20% compared to the same period in 2022. This significant increase indicates sustained demand and appreciation in property values.
4. Median Sold Price: The median sold price experienced an impressive rise of 46% compared to the previous year, reaching $1,210,000. This substantial growth reflects the attractiveness of Stowe as a desirable destination for real estate investments.

In summary, the single-family homes market in Stowe, VT, showed healthy demand despite a decrease in new listings. Prices continued to rise, attracting buyers despite the limited inventory.

Condominiums

Although the prices of Stowe VT condominiums keep rising, the second quarter of 2023 saw a decrease in sales. This is primarily due to a scarcity of new inventory, which has hindered the growth of the market.

1. Number of Sales: The number of condo sales declined by a substantial 47% in Q2 2023 compared to the same period in 2022, with only 17 condos sold.
2. New Condo Listings: New condo listings decreased dramatically by 71% in Q2 2023, indicating a lack of available properties in the market.
3. Days on Market: The average days on market for condos in Q2 2023 increased by a staggering 113% compared to Q2 2022. This suggests that condos took much longer to sell during this period.
4. Average Sold Price: Despite the challenges, the average sales price for condos in Stowe VT increased by 14% in Q2 2023 compared to the previous year.
5. Median Sold Price: The median sold price for condos also saw growth, rising by 36% in Q2 2023 compared to Q2 2022.

Despite the decline in sales and a drastic decrease in new listings, the condo market still experienced price appreciation, making it an interesting market to watch.

Land

The land real estate market in Stowe, Vermont, experienced significant changes in Q2 2023 compared to the same period in 2022. This section provides a comprehensive analysis of key indicators that shaped the land sales market during this timeframe.

1. Number of Sales: In Q2 2023, there were 4 total land sales in Stowe, while there were 7 sales in Q2 2022. This indicates a decrease in land transaction activity between the two quarters.
2. Days on Market (DOM): The average days on market for land properties in Q2 2023 increased to 69 days, compared to only 31 days in 2022. The median days on market also increased significantly, rising to 36 days from 13 days in 2022.
3. Average Sales Price: The average sales price for land properties in Q2 2023 increased remarkably from $437,892 in Q2 2022 to $693,750. This reflects a substantial increase of approximately 58.3%.
4. Median Price: The median sales price for land properties also saw an increase, rising from $415,000 in Q2 2022 to $427,500 in Q2 2023, showing a growth of approximately 3%.

In comparison to the second quarter of 2022, the same period in 2023 showed a decline in the number of land sales. However, the average and median sales prices displayed positive growth, indicating a robust demand for land properties in Stowe. This is also likely due to the lack of available land to buy. 

Market Analysis

The Stowe, Vermont real estate market continued to captivate buyers and investors in Q2 2023. The limited inventory due to a decline in new listings contributed to heightened competition among buyers. However, properties priced appropriately were in high demand, evidenced by the decrease in days on market.

Stowe's reputation as a premier second home destination, offering a plethora of recreational activities throughout the year, continued to drive demand for vacation homes and investment properties. Additionally, the increasing popularity of remote work arrangements enabled professionals to consider Stowe as an appealing location to combine work with an enhanced lifestyle.

In conclusion, Q2 2023 in the Stowe VT real estate market presented varied trends across different property types. Single-family homes showed strength with stable sales volume and considerable price appreciation. Condos faced challenges with declining sales and a lack of new inventory, yet still experienced price growth. The land market remained stable, presenting opportunities for buyers and investors. It will be crucial to keep a close eye on market dynamics in the upcoming quarters to understand how the real estate landscape evolves in Stowe VT.

Outlook for Q3 2023

The Stowe, Vermont real estate market is anticipated to maintain its positive momentum in the third quarter of 2023. Strong demand, coupled with limited inventory, is likely to influence further price appreciation. Sellers should be mindful of pricing their properties competitively to attract buyers, while buyers should act decisively to secure well-priced homes in the competitive market.

New construction and build packages may provide an interesting option for buyers. As the economic recovery continues, Stowe's real estate market is positioned to remain a desirable destination for both primary homeowners and investors seeking lucrative opportunities.

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