Current CBCRE Real Estate Market Report

Welcome to the 2020 Q1 Coldwell Banker Carlson Real Estate Market Report; our current examination of the real estate market in the Stowe area. This report uses market-wide data based on transactions that closed in 2020 in the Multiple Listing Service as compared to sales that took place in 2019.

 

2020 Mid-Year CBCRE Market Report by Coldwell Banker Carlson Real Estate

2020 Mid-Year Stowe Area Real Estate Market Report, Download Here

Real Estate Activity Holding up Despite Challenges. The last few months have been a challenge for everyone. Back in March when states began to issue stay-at-home orders, no one was sure what the next days and weeks would bring. There was so much uncertainty, and everyone had to make so many sacrifices. Thankfully, our Vermont community stayed strong despite adversity; and with everyone cooperating to stay safe and healthy, positive outcomes resulted. As life and businesses have progressively gotten back to encouraging levels of normalcy, real estate transactions have increased on many fronts. With the benefit of our professional tools and resources, we were able to adapt and leverage enhanced technologies to serve our customers’ and clients’ needs. By shifting our practices to offer more virtual tours online, and provide the ability to do FaceTime showings with buyers, consumers were able to more easily engage in the process of buying and selling. Once we were able to physically show properties again, we found that buyers were very eager to making appointments to renew their search. Properties started going under contract immediately, and have continued to do so since. Buyer demand remains very strong, yet consumers are still hampered by a shortage of inventory and a variety of listings to choose from. Interest rates remain historically low, offering another advantage to purchasing and investing in real estate at this time.

As we review the sales data for the 1st 6 months of this year, we need to consider the fact that business in general nearly came to a halt for almost 2 months.  Despite this interruption though, some sectors of market activity held steady, and some even surpassing that of last year. Our market area has always been a destination that people have been attracted to for a variety of reasons including it being a safe, healthy, and satisfying 4-season lifestyle, which may now be more desirable than ever to some.

Looking back at the last six months of this year, it was not completely surprising to see that most sales across our market area were down.  Exceptions were condominiums in Stowe which edged up ever so slightly; and land sales in Lamoille North. Although most sales were down because of the interruption, there was a significant increase overall of homes that went under contract for Q2 in all market areas, many of which took place after stay-at-home orders were lifted, signifying a rebounding of activity and continuation of strong buyer demand.  The increase in these pending home sales was 31% in Stowe; and 46% in Waterbury.  And, by the end of Q2, there were as many as 53 pending home sales in Lamoille North (excluding Stowe).

2020 Q1 Stowe Area Real Estate Market Report, Download Here

Q1 Reveals Familiar Market Conditions. So much of the past weeks have been consumed with these unsettled times surrounding the global pandemic, and our focus has primarily had to do with the safety and health of everyone. This has been a challenging time, and we are so grateful to all of those in our communities and beyond, who have been on the frontlines, aiding those who are vulnerable and in need. Everyone has had to make significant alterations and sacrifices with their daily lives, yet we are hopeful and inspired by signs of spring, and developing norms that are emerging. 

Our market overview of Q1 reflects a general consistency in real estate transactions across our market area. Although we won’t know the specific impact COVID-19 may be having on the current market for some time, real estate is still transacting. Not necessarily as much as it was for the majority of the 1st quarter of this year, but sales, pending sales, and new inventory, are reported each week. Keeping in mind that we are in our spring ‘off-season’, this is typically one of our quietest seasons in real estate anyway. While it’s hardly been business as usual lately, we’ve been able to easily adapt to the ‘stay-at-home/stay safe’ directive from the state of Vermont, since so much of our business is done online normally. For our part, we continue to constantly monitor the market in order to serve the needs of our clients and customers. We are grateful to our incredible team and network of partners that allow us to safely keep our commitments, including working with enhanced technologies to provide consumers with improved capabilities to view homes from their living rooms which is what they are already used to doing. Our robust and enhanced online and virtual marketing features from our office, agent, and Coldwell Banker websites remain the best way to showcase properties for sale.

In the meantime, we remain vigilant; and inspired by and grateful to all those around us who are helping to ensure we all stay safe and sound, and healthy.

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