Stowe saw a decrease in overall sales volume compared to Q4 2021, with a 29% decrease in Q4 2022. There was a slight increase in the number of new listings by 12%, with a total of 18 new homes coming on the market. The median and average selling prices moved upwards during Q4. The average sales price increased by 20%, this was driven by several higher-end properties trading above $2M in Q4. The median sales price rose by just over 12%, which can be attributed to the gains seen in overall property values, as well as the year-end luxury sales. The average selling price for Q4 was $1.390M, up from $1.138M in 2021. The median selling price was $1.004M, up from $890K in 2021.
The Stowe luxury market remained strong in the fourth quarter of 2022, there were 9 sales above $1M, with the highest selling price of $3.273M. There were 5 sales above $2M, which helped to drive the average and median sales prices higher than a year ago. Our firm represented the three highest sales in Q4, all at or above $2.65M. The Smith Macdonald Group represented 2 of these luxury sales. The average sales price for the luxury segment of the market was $2.166M in Q4 of 2022, compared to $1.702M a year ago. The median sales price was $2.495M in 2022 compared to $1.410M a year ago. This segment of the market isn’t as impacted by the rising rates as many of these purchases are cash.
Currently, there are 24 homes on the market in Stowe ranging from $375K to $17.5M. The majority of these homes are priced above $1M, 18, in total. There are 7 homes priced between $2M and $6M, and 3 homes priced between $14.9M and $17M.
The condo market saw a 19% decrease in the number of sales and a 16% decrease in the number of new listings compared to Q4 of 2021. There was an increase in average days on market by 28%, which is tied to higher rates and inventory that was too aggressive in their initial pricing. The average days on market in Q4 2022 was 28 compared to 22 a year ago. The average sale prices declined by 16%, to $697K. The median sales price rose by 39% to $600K.
There are 14 condos on the market in Stowe ranging from $389K to $3.65M. There are 6 condos below $1M and 8 priced between $1M and $4M. The majority of condominium units for sale are located at Stowe Mountain Resort, 9 units total. Of these, 4 are luxury condos priced between $1.295M for a two bedroom in the Lodge to $3.650M for a ski-in/out Mt. Cabin.
Land saw a drop in parcels sold year over year with just 2 trading in Q4 2022, compared to 4 tradings the year prior. Both land sales from this year were represented by our firm. Q4 2021 saw several large parcels or high-density parcels trade, thus creating much higher average and median sales prices compared to this year. While land is usually the first segment of our market to cool when we have a transitioning market, it is also becoming hard to find parcels that offer views, location, and privacy.
The commercial market in Stowe was more active in 2022 than in 2021, with 12 properties trading compared to 5 the previous year. The Smith Macdonald Group represented the largest number of commercial sales marketwide. We represented not only the highest sale, The Golden Eagle Resort, at $13M but also two other generational properties, The Innsbruck Lodge and Springer-Miller office complex. Our team specializes in securing good stewards for these properties so that they can continue to be a part of the fabric of the Stowe community.
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