Archived Market Report
Stowe saw a decrease in overall sales volume compared to Q3 2021, with a 21% decrease in Q3 2022. This decrease was also reflected in the number of new listings slipping by 14%, with a total of 30 new homes coming on the market. The median and average selling prices moved in different directions during Q3. The average sales price dipped by 34%, this was driven by higher interest rates, buyers facing less competition, and an overall transition away from a seller’s market. The median sales price rose by just over 10%, which can be attributed to the gains seen in overall property values since 2020. The average selling price for Q3 was $1.342M, down from $2.068M in 2021. The median selling price was $990K, up from $890K in 2021.
The luxury market in Stowe remained strong in the third quarter of 2021, there were 10 sales above $1M, with the highest selling price of $3.425 million. Q3 2022 had 5 sales above $2M, which helped to drive the average and median sales prices higher than a year ago. The average sales price for the luxury segment of the market was $1.965M in Q3 of 2022, compared to $1.662M a year ago. The median sales price was $1.612M in 2022 compared to $1.298M a year ago. These increases reflect the overall strength of the luxury market as well as the renewed interest in the Stowe area from high-net-worth buyers.
Currently, there are 33 homes on the market in Stowe ranging from $425K to $17.5M. The majority of these homes are priced above $1M, 23, in total. There are 7 homes priced between $2M and $4M, 5 between $4M and $10M, and 3 homes priced between $14.9M and $17M.
The condo market saw a 28% decrease in both the number of sales and the number of new listings compared to Q3 of 2021. There was a dramatic decrease in average days on market by 53%, confirming buyers’ desires to have a place in Stowe without the responsibility of a single-family home. The average days on market in Q3 2022 was 25 compared to 60 a year ago. The average sale prices declined slightly by 7%, to $714K. The median sales price rose by almost 2% to $562K compared to a year ago. Properties like Topnotch, Landmark Meadow, and Butternut Lane all saw continued strong sales at or above $1.5M, setting a new level of equity for these properties.
Land saw a drop in parcels sold year over year with just 2 trading in Q3 2022, compared to 6 tradings the year prior. Since there were only two parcels sold in Q3, it’s too small of a sample size to rely upon in terms of the overall movement of the average and median pricing. What is evidenced is that the choices of higher quality lots with sizable acreage, views, and ease of building are becoming hard to find within the Stowe market. It’s likely this trend will continue as building in the area has reached a higher level than seen before 2020.
For the second quarter in a row, our office is proud to report that we represented the sale of the highest-priced commercial property sold in Q3 2022 with the sale of the Golden Eagle Resort. We represented the buyers in this transaction, which sold for $13M; a property that has over 80 hotel keys, developable land, and sits on 31 acres.
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