Market Report October 13, 2023

CBCRE 2023 Q3 Market Report

The real estate markets in Stowe, Lamoille County, and Waterbury, Vermont, displayed diverse dynamics in Q3 2023, influenced by factors such as inventory constraints and evolving buyer inclinations.

Stowe’s real estate market remained vibrant, bolstered by its reputation as a top-tier destination for both primary residences and vacation homes. The decline in new listings for single-family homes intensified competition in Q3, with well-priced properties being particularly sought after, leading to fluctuating days on the market. Single-family homes continued to be a beacon of stability, with a consistent sales volume and notable price appreciation, appealing to a broad spectrum of buyers. Proper pricing can have a significant impact on achieving higher sales numbers as opposed to chasing the market. The pandemic-induced buying mentality has shifted to a more informed investment mindset. The condominium segment, however, grappled with challenges, primarily due to a limited influx of new listings. This scarcity drove up prices, underscoring a sustained demand for condos and their associated lifestyle benefits.

In essence, Stowe’s real estate landscape offers a plethora of opportunities for both buyers and sellers, with a diverse array of properties catering to different tastes and requirements.

Lamoille County’s single-family home market experienced a dip in sales, primarily attributed to a decrease in inventory. Yet, the rise in average sales prices showcased the county’s enduring appeal, drawing buyers keen on securing value-driven deals. Towns like Morristown and Hyde Park further highlighted this trend. The land market in the county presented a more subdued picture, with decreased sales and extended days on the market hinting at a more measured pace of transactions.

Waterbury experienced encouraging trends, especially in the realm of single-family homes. While there was a decline in sales and new listings, the significant upticks in average and median prices emphasized Waterbury’s continued allure. This resilience in the face of limited inventory underscores the robust demand and favorable market conditions in the region.


Stowe, VT Real Estate Report – Q3 2023

In the third quarter of 2023, Stowe’s real estate market displayed a variety of noteworthy trends. The overall landscape for single-family homes indicated a 16.00% decline in properties sold compared to the same period last year. However, the average sold price saw an uptick of 2.32%, while the median sold price experienced a decrease of 4.04%. New listings for single-family homes showed promise, with a rise of 16.67%. The average and median list prices for these homes went through adjustments, decreasing by 1.20% and 19.70%, respectively. The time single-family homes spent on the market showed mixed results, with the average days increasing, but the median days decreasing by 11.11%.

Transitioning to the condo segment, there was a significant 50.00% reduction in properties sold. Despite this, both the average and median sold prices for condos witnessed substantial growth, increasing by 63.74% and 62.81%, respectively. New condo listings saw a decline of 25.00%. Reflecting the heightened demand for condos in Stowe, the average and median list prices rose by 56.72% and 59.29%. The list to sell price ratio for condos also improved by 4.24%. A standout observation in the condo market was the extended duration condos remained on the market, with an average of 320 days before being sold. This is due to the Trapp Villa triplex units having extended days on market because they were new builds. If you remove them from the data the average days on market were much reduced to 49 days.

In conclusion, while Stowe’s single-family home market presented a balanced mix of growth and decline, the condo market emphasized the town’s enduring appeal and value appreciation, even with fewer transactions. For those seeking more in-depth data or insights into specific areas of Stowe, consulting with local real estate experts is recommended.

Click Here for Detailed Stowe VT Market Stats


Lamoille County Real Estate Report – Q3 2023

In the third quarter of 2023, Lamoille County’s real estate market exhibited several significant trends. The overall landscape showed a decline in properties sold by 27.12% across all property types as compared to the same time last year. However, the average sold price and median sold price increased by 21.74% and 14.98%, respectively. New listings experienced a modest rise of 1.55%. The average and median list prices also surged by 19.29% and 22.11%, respectively. The duration properties spent on the market varied, with the average days increasing by 63.33% and the median days rising by 22.22%.

Morristown stood out with its real estate dynamics. New listings decreased slightly by 8%, settling at 23 properties. The number of properties sold saw a decline of 27%, amounting to 11. However, the median sold price in Morristown showed a positive trend, increasing by 4.96% to $402K. This suggests that while there might be fewer transactions, the value of properties in Morristown is appreciating, making it a potential hotspot for investors and homeowners looking for value appreciation.

Elmore had a 50% decrease in new listings, with only one property listed. Similarly, properties sold also decreased by 50% to just one. The median sold price for the single-family homes in Elmore increased by 25% to $620K, and properties took an average of 13 days to sell, which was a decrease of 58% from the previous year.

In Hyde Park, there was an 11% reduction in new listings, with a total of 8 properties. However, properties sold increased by 38% to 11. The median sold price more than doubled, marking a 125% increase to $427K. Properties in Hyde Park were sold faster, with the median days on the market decreasing by 59% to just 7 days.

Johnson witnessed a significant 225% increase in new listings, totaling 13. However, the number of properties sold decreased by 27% to 8. The median sold price slightly dipped by 2.18% to $293K. The time properties spent on the market before being sold increased considerably, with properties taking 118% longer, averaging 24 days.

Lastly, Cambridge maintained its pace with 15 new listings, showing no change from Q3 2022. The number of properties sold decreased by 40% to 12, but the median sold price jumped by 36% to $452K. The median days a property stayed on the market before being sold reduced by 45% to just 6 days.

In conclusion, Lamoille County’s real estate market, while showing a decline in properties sold, indicates a potentially appreciating market in specific areas. The increase in sold prices across various towns suggests a robust and evolving market landscape. For those interested in more detailed data or insights into specific neighborhoods, it’s recommended to consult with local real estate experts.

Click Here for Detailed Lamoille VT Market Stats


Waterbury, VT Real Estate Report – Q3 2023

In the third quarter of 2023, Waterbury’s real estate market showcased a series of intriguing shifts. For single-family homes, there was a decline of 23.81% in properties sold compared to the same period in the previous year. However, the market demonstrated resilience with the average sold price increasing by 9.61% and the median sold price rising by 5.05%. New listings for single-family homes saw a significant reduction, decreasing by 42.31%. Despite this, both the average and median list prices for these homes experienced growth, increasing by 6.05% and 7.42%, respectively. The list-to-sell price ratio for single-family homes improved slightly by 2.52%. In terms of the duration homes spent on the market, the average days decreased by 18.18%, while the median days on the market saw a substantial increase of 66.67%.

In conclusion, while the number of single-family homes sold in Waterbury decreased in Q3 2023, the market reflected a potential appreciation in property values. The rise in both average and median sold prices, coupled with the increase in list prices, suggests a robust demand. However, the significant drop in new listings and the varied time properties spent on the market indicate a complex market dynamic. For those seeking a deeper understanding or insights into specific areas of Waterbury, consulting with local real estate experts is advised.

Click Here for Detailed Waterbury VT Market Stats