Stowe, VT Real Estate Report - Q4 2023
In the fourth quarter of 2023, the real estate market in Stowe, Vermont, continued to evolve with notable trends and shifts. The single-family home segment experienced a significant 31.58% increase in properties sold compared to the same period last year. The market continued to demonstrate resilience in value, with the average sold price increasing by 7.38% and the median sold price rising by 17.81%. The sector also saw a substantial increase in new listings, up by 38.89%, indicating a rejuvenated interest in the market. This was further reflected in the adjustments of list prices, with the average list price increasing by 10.27% and the median list price by 12.84%. The market dynamics also showed a decrease in the time single-family homes spent on the market, with average days on market decreasing by 12.24% and median days on market significantly reducing by 64.29%.
The activity in the luxury market was similar to 2022, with two fewer sales in 2023. The average sales price remained level, slightly increasing in 2023 to $2.994M compared to $2.973M in 2022. There was a greater difference in median selling price of $2.9M in 2023 compared to $2.625M in 2022. This was mainly driven by the increase in sales between $3M and $4M year-over-year. There was only one sale above $4M in 2023 compared to two the previous year.
Shifting focus to the condo segment, there was a 7.69% decrease in properties sold, suggesting a contraction in this market. However, similar to the single-family homes, the condo market saw a robust increase in value, with average sold prices soaring by 32% and median sold prices by 4.77%. The condo market also experienced a healthy 26.92% rise in new listings. The average and median list prices for condos followed this upward trend, increasing by 35.96% and 10.51%, respectively. The list-to-sell price ratio for condos decreased slightly by 4.04%. Additionally, the average and median days on the market for condos saw a significant decrease, indicating a quicker turnover in this segment.
In conclusion, Q4 2023 for Stowe's real estate market was marked by increased sales and property values. The trends indicate Stowe's sustained appeal and the potential for value appreciation. Although the trends in 2023 were positive, it is important to note that 2024 might witness more of the characteristic signs of a transitional market. In a market that is transitioning, it is crucial for sellers to react quickly to new sales data and for buyers to be vigilant in seeking out opportunities that they can leverage. For those seeking detailed insights or data on specific aspects of Stowe's real estate market, consulting with local real estate experts is advisable. We are always here to help!
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