Waterbury saw a burst of activity in Q1 2023 compared to Q1 2022, with 9 homes trading compared to 4 last year. There was a slight increase in inventory of one additional home hitting the market. Given the continued small sample size Waterbury offers, it will be important to keep monitoring the market to have a true read on values. The average sales price jumped by 60% and the median grew by 133%, thus showing how a small sample size can have a big impact on the short-term percentages. What’s most interesting regarding the transactions is that they sold, on average, at 95% of the last asking price. This shows that sellers ended up negotiating more off their last asking price compared to the surrounding markets of Stowe and North. There are 2 active listings available in Waterbury, ranging from $465K to $790K. Buyer demand for Waterbury remains strong as evidenced by the increase in sales in Q1, as we move into Q2 we expect that demand to remain.
Land in Waterbury did see a decrease in sales, with 1 parcel sold in Q1 of 2023, compared to 3 in 2022. There are 3 parcels available on the market, which is not uncommon for this time of year, but they have an average days on market of 150. This is an indication of the overall pullback in relation to building as an alternative to buying an existing home.
Since Waterbury has such a small sample size in single-family and land sales, we will continue to monitor the market to seek further indicators of where 2023 will head. Those with homes and parcels to sell should seriously consider bringing them to market in 2023, as the overall Waterbury market remains in high demand.
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