Q2 2024 CBCRE Market Report
MARKET REPORT
MARKET REPORT
In the second quarter of 2024, the real estate markets in Stowe, Lamoille County, and Waterbury, Vermont, exhibited diverse yet interconnected trends. Each area displayed unique patterns of activity, reflecting broader economic conditions and local market adjustments.
Single-Family Homes: The single-family home market in Stowe saw a decrease in properties sold by 17.65%, reflecting tempered market activity. Despite the decline in sales volume, the average sold price increased by 37.24% and the median sold price rose by 10.33%, showcasing that valuations on properties are remaining relatively stable, compared to last year. New listings in this segment increased significantly by 66.67%, pointing to a shift among sellers back to a more traditional ownership cycle. The average days on market decreased by 20%, highlighting quick closures for appropriately priced properties, while the median days on market increased by 83%, showing that homes priced over market value were taking longer to sell and often required price adjustments. The majority of these were properties listed over $2M.
Condos: The condo market in Stowe experienced significant dynamics. The volume of condo sales decreased by 53%, indicating a slower market for condos. New listings surged by 108%, suggesting more condo owners are attempting to capitalize on current market conditions. However, the average sold price and median sold price both decreased by 18% and 46%, respectively, highlighting downward pressure on prices, likely due to increased supply. Additionally, the median days on market for condos increased dramatically by 326%, indicating that condos are taking significantly longer to sell. This prolonged market time suggests that buyers are becoming more selective, and properties may need more competitive pricing or improvements to attract interest.
The single-family home market in Lamoille County saw a decrease in properties sold by 5%, reflecting a tempered market activity. Despite the decline in sales volume, the average sold price increased by 29% and the median sold price rose by 7%, indicating that the properties being sold were of higher value. New listings in this segment increased significantly by 37%, pointing to an optimistic outlook among sellers who are likely adjusting to market demands. The average days on market increased by 52%. The median days on market increased by 142%, indicating that homes priced above market value required more time and often price adjustments to sell.
Key Statistics:
The single-family home market in Waterbury saw an increase in properties sold by 25%. Both the average and median sold prices rose significantly, by 39% and 52%, respectively. New listings in this segment decreased by 5%. The average days on market decreased by 65%, highlighting quicker closures for appropriately priced properties. The median days on market saw a notable decrease of 33%, indicating that Waterbury continues to have a lack of inventory, keeping the market in positive territory.
Key Statistics:
The second quarter of 2024 in the Stowe area real estate market was characterized by fewer transactions but continued stability in property values for certain segments, reflecting a market adjusting to economic conditions and buyer preferences. The rapid sales pace for single-family homes indicates robust demand for well-priced properties, while the increase in days on market for some segments of single family and condos suggests a need for strategic pricing to attract buyers. Overall, the trends indicate a shift towards faster transactions for properly priced properties and a more competitive environment for sellers, with buyers focusing on value and quick closures.
Looking ahead to Q3, the combination of multiple tax increases and the rise in inventory is likely to exert downward pressure on the market. The potential for interest rate decreases could counter the tax pressures. Sellers may need to adjust their pricing strategies to attract buyers in a more competitive landscape. Consulting with local real estate experts will be crucial for both buyers and sellers to navigate these evolving market conditions and make informed decisions.
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