Real Estate Market Update Summer 2014

Real Estate Market Update
We are settling in nicely to our new Main Street location which is located in the former Staffords Building, in between Plate and Ferro Jewelers. The brand new renovation has provided a bright, modern, and efficient work environment, which we are truly enjoying. Please stop by and check it out if you are in the village.

Following a beautiful spring, summer in the Stowe area is in full swing. The July 4th holiday weekend seemed busier than ever, and there is a full slate of fantastic events on tap for the rest of the season. The weather has been great, especially on the weekends, adding to the enjoyment of all the area has to offer during this special time.

You may recall that the 1st quarter of sales this year showed a remarkable increase in the number of residential sales as compared to that of the 1st quarter of 2013. At the end of the first 6 months the sales data shows yet another increase comparatively; this time up 21%. Consumer confidence, buyer demand, low interest rates, and ongoing decline in inventory, continue to influence this trend. Although residential inventory began to increase a bit at the beginning of June, the overall amount ended up lower by the end of the 2nd quarter – down 11% – which represents a 14 month supply. The median and average residential sales prices increased, 35% and 4%, respectively.

 

 

Stowe 2nd Qtr Residential Sales
Condominium sales were up significantly at the end of the second quarter, by as much as 67%. The amount of inventory decreased slightly by 6%, leaving a 23 months’ supply. The median and average sales prices dipped 21 and 29%.

Although projections for land sales were indicating an increase, they were actually up more significantly than thought – to the highest number since 2006. The number of listings declined as much as 29%. The median sale price of $170,000 was a bit lower than last year at this time, 17%; whereas the average increased 47%.

Stowe 2nd Qtr Main Charts

 

 

The chart below shows a continued increase of home sales up to $500,000, which increased about 21%. Home sales for the 1st 6 months of the year between $500,000 and $1,000,000, represent 40% of all sales, down slightly from last year. The luxury market segment, above $1,000,000 increased slightly from 4% to 9%.
Stowe 2nd Qtr Pie Chart
In the same categories, the chart below shows the relationship of sales price to list price.

 

Stowe 2nd Qtr List to Sold
North of Stowe, the rest of Lamoille County saw an increase again in residential sales after the 1st 6 months of sales – up 11%. The majority of those sales, were again, under $200,000. The median sales price did not change and the average price was up 8%. The Inventory level remains the same after 6 months of sales, compared to last year. The number of Land sales did not increase, but inventory did by 14%.

Lamoille 2nd qtr 2014
Although the Waterbury residential market showed a slight dip in the number of sales – by 13% – the sales market there is currently very active. There are 8 homes under contract right now, which is more than there were at this time last year. The median price increased slightly by 3%, whereas the average went down 11%. Like Stowe, land sales in Waterbury increased significantly, although the median and average prices both fell. The number of land listings is down by 17%.

 

Waterbury 2nd Qtr 2014
Our office was again awarded the #1 Coldwell Banker office in sales, of its size, in the northern region comprised of 19 states. Additionally, we were awarded the #3 ranking, nationally. Budge Huskey, President and CEO of Coldwell Banker said of our office:
“Like Stowe itself, Coldwell Banker Carlson Real Estate is unique and grounded in the concept of quality first”.

 

We look forward to another busy summer of assisting all of our Customers and Clients with marketing, buying and selling properties. If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.

Source: NNEREN.com

Real Estate Sales UP for Stowe, Vt and surrounding areas!

1st Quarter 2014 Market Report 

Vermont is finally showing signs of spring beginning to emerge after a very cold and snowy winter.  While thoughts transition from winter activities, to dusting off the bikes and gardening tools, some are still skiing in the back country and on the slopes.  Buds will soon begin to blossom, as we expect the real estate market to do as well.  We’ve had an extremely busy winter with sales; and projections indicate continued growth.  Vibrancy continues in the village of Stowe as well, with the new restaurant Plate, and what is reported to be a new store keeper at Lackey’s.  

 The 1st quarter of 2014 can be characterized as one showing another marked increase in residential sales especially compared to the 1st quarter of 2013.   The number of home sales was up 60%!  That is the most significant increase we’ve seen since 2010, which at that time was around 27%.  A continuation of consumer confidence, buyer demand, low interest rates, and decline in inventory, are among the contributing factors.  Residential inventory continues to decrease – down 11% – which represents a 10 month supply which is 44% lower than the 1st quarter of last year.  The median and average residential sales prices soared 71% and 41%, respectively. 

 

Residential Unit Sales 1st Quarter - 2006 to 2014

Residential Unit Sales 1st Quarter – 2006 to 2014

 

 Condominium sales show continued strength as well – up 20% in the 1st quarter.   The amount of inventory of this category decreased as well, down 32%, leaving a 17 months’ supply.  There was little change in the median and average sales prices. 

 As for the land category, despite the inventory dropping 16%, there was no increase in the number of sales.  We believe we may have a bit more interest in land this spring and summer though, since land prices and residential inventory have both dropped.

 

 

Stowe 1st Qtr 2014 Residential, Condo and Land Sales

Stowe 1st Qtr 2014 Residential, Condo and Land Sales

Stowe 1st Qtr Units Sales - Residential, Condominium and Land

Stowe 1st Qtr Units Sales – Residential, Condominium and Land

 

Below you will see an interesting change in the selling price segments of the market.  The shift has been trending more toward home sales in the $500,000 – $1,000,000, rather than under $500,000.  The former price category has been increasing since the beginning of last year.  At this time last year 73% of the home sales were under $500,000; and 20% were between $500,000 – $1,000,000 .  The $1,000,000 – $1,500,000 dropped a little to 4%, from 7% last year at this time; as well as the last quarter of 2013.

  

Price Ranges as Percent of Market

Price Ranges as Percent of Market

 

In the same categories, the chart below shows the relationship of sales price to list price.

Sold Price to List Price

Sold Price to List Price

 

 Outside of Stowe, the rest of Lamoille County saw an increase in residential sales in the 1st quarter as well – up 38%.  This mirrors the increase seen when comparing the last quarter of 2013 to that of the year before. The median sales price increased 8%, and the average32%.  The Inventory dropped even more significantly than Stowe – 27%.  The number of Land sales was just 1 less, and the amount of inventory there remained almost unchanged.  The majority of the home sales, 53%, were under $200,000

  

Lamoille County 1st Qtr 2014 Sales

Lamoille County 1st Qtr 2014 Sales

 

 Further evidence of the Waterbury residential market continuing to be a tight one was highlighted by the consistent amount of lowinventory seen there.  Residential sales increased a small amount.  Although the median price increased 23%, the average slipped 28%.  Land sales in Waterbury increased slightly as well; and as seen in all other categories, inventory dropped there too – 21%.  A decrease in inventory is a trend we are watching which could eventually lead to an uptick in pricing, as has been seen in other parts of the country.  Our market, in general, usually trends behind other markets, particularly areas with larger populations and demographics. 

 

Waterbury 1st Qtr 2014 Sales

Waterbury 1st Qtr 2014 Sales

  

In other news, we are proud to share, that our office was recently awarded the #1 Coldwell Banker office in sales, of its size, in the northern region comprised of 19 states.  Additionally, we were awarded the  #4 ranking, nationally. 

Budge Huskey, President and CEO of Coldwell Banker said of our office:

“Like Stowe itself, Coldwell Banker Carlson Real Estate is unique and grounded in the concept of quality first”.

 

States in the Northern Region for Coldwell Banker

States in the Northern Region for Coldwell Banker

 

We look forward to another busy year of assisting our buyers and sellers with marketing, purchasing and sales; and based on the activity we have already seen this first quarter, we are confident that the market will continue to improve.

 

If you have any questions about this report, or would like any additional information or statistics, please feel free to contact me at anytime.

 

Sources: NNEREN.com

Coldwell Banker Carlson Real Estate Honored: #1 In Region and #4 Nationally!

Coldwell Banker Carlson Real Estate located Stowe, VT and their agents were honored at the 2014 Coldwell Banker Gen Blue conference in Mashantucket CT. Coldwell Banker Carlson Real Estate was named #1 in Sales in the Northern Region and #4 Nationally among Coldwell Banker offices of similar size. The Northern Region for Coldwell Banker consists of 19 states from Maine to Minnesota and as far south as Maryland and Missouri.

The office also received the 2013 Premier Office designation, highest average sales achieved for all agents in the office, which demonstrates a high level of team work and excellence among the entire office. The Premier Office Designation is awarded to only the top few of all Coldwell Banker offices. 2013 is the second year Coldwell Banker Carlson Real Estate has been awarded this designation.  

Budge Huskey, President and CEO of Coldwell Banker and McKee Macdonald of Coldwell Banker Carlson Real Estate.

Budge Huskey, President and CEO of Coldwell Banker and McKee Macdonald of Coldwell Banker Carlson Real Estate.

Budge Huskey, President and Chief Executive Officer of Coldwell Banker expressed his appreciation, “We are extremely proud of the accomplishments of all those at Coldwell Banker Carlson, both for its position as the most productive office in its size category in the northern region but also for its status as a Premier office. The company’s success is a statement of what may be accomplished when a select, dynamic team of professionals creates a culture of high expectations and a laser focus on exceptional service. Like Stowe itself, Coldwell Banker Carlson is unique and grounded in the concept of quality first.” 

Coldwell Banker Carlson Real Estate is pleased to announce that the following agents and teams were recognized for their sales achievements:

  • Jeff Beattie has been recognized as a 2013 International Sterling Society Member for the 2nd year  in a row.
  • Ellen Thorndike has been recognized as a 2013 International Diamond Society Member for the 2nd time.
  • The Smith Macdonald Group, consisting of Peggy Smith and McKee Macdonald, has been recognized as a International  Diamond Society Team for the 2nd year in a row.

Coldwell Banker Carlson Real Estate is extremely proud of the accomplishment of all of our agents the entire office!!

Home Sweet Home

What is the value of a home? Is it only the sum of the number of bedrooms, bathrooms, total square footage and granite kitchen counter tops? Or is the real value in the experiences and memories created within? What are we really heading home to at the end of the day, our 2.5 bathrooms or the feeling of comfort and peace found at home? Home is what you make of it and home is truly unique to each of us. Home isn’t always about the size and finishes but the feelings we experience when we are home.

Coldwell Banker sums up this feeling of home in the award winning commercial, “Home Sweet Home” featuring Motley Cru. Sounds like an odd combination… watch and see for yourself why this spot has been awarded Best Real Estate Commercial for 2014 and Best Real Estate Commercial ever!

 

 

 

 

Stowe, VT Area Market Report 2013

The Stowe, VT area real estate market showed significant gains in 2013. Unit sales for Stowe have returned to levels prior to the real estate decline. Sales for the rest of Lamoille County were also strong with units sales up 36% over last year. In the smaller Waterbury market there was a 9% increase in unit sales.

Stowe Residential, Condo and Land Sales

Stowe Residential, Condo and Land Sales

While units sales numbers have increased across the board and inventory has dipped, average and median home sale prices have been slow to follow. In Stowe, the months of supply in the under $500,000 price range has decreased to 7 months, a balanced market. This should translate into increased sales prices in the months to follow. The high end of the market, over $1M and over $1.5M maintain a larger supply of inventory which will need to be moved through the market before selling prices show any significant increases.

Stowe continues to lead Lamoille County in sales volume with Morristown and Cambridge having the next largest segment of the market.

Lamoille County Sales Volume by Town

Lamoille County Sales Volume by Town

The Coldwell Banker brand continues to dominate in Vermont, with significantly more market share than the competition.

Vermont Real Estate Sales by Brand

Vermont Real Estate Sales by Brand

For a complete copy of the Coldwell Banker Carlson Real Estate 2013 Market Report visit our website at www.StoweVermontReal Estate.com or contact any of our Agents at 802-253-7358.

 

Stowe VT Luxury Property Featured on Bloomberg

Coldwell Banker Carlson Real Estate’s Stowe, VT Luxury Property Featured on Bloomberg!

 

Coldwell Banker Carlson Real Estate’s mother/son team, Smith Macdonald Group had their Luxury Property, Le Château des Monts Verts, featured on Bloomberg, under luxury homes for sale with chef-worthy kitchens.

Luxury Stowe, VT Home

Luxury Stowe, VT Home

Bloomberg Article – Luxury Homes for Sale with Chef Worthy Kitchens

This elegant country property is unique in quality, luxury and style. Reminiscent of a home in the French countryside, it was designed by world class architect Bruce Anderson, it is located more than 1,000 feet above Stowe Village and from virtually all rooms enjoy exceptional panoramic views west to the Green Mountains and Stowe Mt. Resort. The property sits just below 13,000 acres of environmentally protected Putnam State Forest providing total privacy. The open main level overlooks the large deck and includes a luxurious chef’s kitchen equipped with Meile, Sub-Zero and Thermador appliances, living room, dining room and a solarium that brings the outside in during every season; this main level is ideal for entertaining. From this level one can ascend via a custom crafted grand master staircase to two master suites each with Jacuzzi baths and excellent mountain views.

The lower level has a large bath, a home theater with HD and surround sounds, a home office with custom cabinetry and a garden room for flower arranging and potting. This floor includes two very private walk out bedrooms to a large covered terrace. This terrace enters a lovely garden walk to the heated pool and cabana with a half bath and kitchenette. This is a smart house that includes a security system and a premium sound system in the main rooms and deck. This one of a kind home has finishes imported from France, Italy, Brazil and Canada, all blended beautifully with a local Vermont craftsmanship. These unique features, inside and out combine into a truly exceptional country home.

Bloomberg Homes for Sale with Chef-Worthy Kitchens.

Fall 2013 Market Data Report – Stowe, Vermont

Update on the real estate market in Stowe, Vermont for Fall 2013.

As summer transitioned into one of the most beautiful fall foliage seasons, reports of high visitor traffic, and increases in area business seem to coincide with the increase in real estate activity and sales that we have seen in the Stowe, Vermont area.

Over the past 9 nine months, the number of recorded sales in our market continues to strengthen while at the same time inventory declined 18%, to a little more than 1 year’s supply.  The 3rd quarter was highlighted by one of the largest increases in the number of residential sales that we’ve seen in years, representing a 21% increase compared to the 3rd quarter of 2012.  The 63 residential sales that have occurred over the past nine months, represents the highest number since 2007, which is an increase of almost 10%.  Condominium sales increased as well, up 32%, while land sales remained constant.  The median and average sales prices for residential and condominiums both rose, whereas for land sales, they dropped.

Real estate data Stowe, VT Fall 2013

Real estate data Stowe, VT Fall 2013

57% of residential sales were under $500,000, 32% between $500,000 and $1,000,000, 8% between $1,000,000 – $1,500,000, and 3% over $1,500,000.  The price range segment with the largest increase was that of the $500,000 to $1,000,000 category which nearly doubled.

 

Residential Sales Fall 2013 - Stowe, VT

Residential Sales Fall 2013 – Stowe, VT

Overall, Stowe continues to be a destination location of choice for a broad spectrum of people who want to make their home here, whether it is for vacation or for a primary residence.  The quality of life, the welcoming community, myriad natural resources, and the high quality of schools are just some of the reasons people choose to live here.

We at Coldwell Banker Carlson Real Estate continue to be very busy with listing and selling real estate, and have had a very successful year.  Low interest rates and national and economic news reports indicate that the housing market will continue to strengthen throughout the rest of the year and in to the next.

Stowe, Vermont Restaurant Week

The last twinges of the fall foliage season marks the return of Stowe’s Restaurant Week. During the week of October 20-26th the gourmet restaurants in the area feature special prix-fixe multi-course menus ranging in price from $15,$25 and $35 per person. Stowe Restaurant week 10/20-10/26/2013

Stowe Restaurant week 10/20-10/26/2013

Stowe Restaurant week 10/20-10/26/2013

Don’t be fooled by Stowe’s small size! The town is packed with wonderful restaurants that feature a wide range of culinary styles: Italian, Mexican, seasonal American fare, Pacific Rim, sushi… Stowe, Vt has been recognized in such publications as Gourmet, Bon Appetit and Wine Spectator. If you are in town for the week or a local looking for a great excuse to get out, Restaurant Week is your opportunity.

For more details and a complete list of participating restaurants please check out the Stowe Area Association website.

 

Presenting a Compelling Offer

Writing a Compelling Offer

Writing a Compelling Offer

With the real estate market rebounding, making a strong compelling offer to a seller is more important than ever. As real estate swings back to a more balanced marketplace, or in some communities, even toward a seller’s market, the details and the manner in which an offer is made can have a significant impact on how a seller responds to it. While there is no way to ensure that a seller will accept a given offer, using knowledge of their situation and the advice of a real estate agent can make offers more compelling and negotiations yield better results.

While home purchases are transactions with large financial implications, the personal element cannot always be removed. Even for buyers who can approach negotiations objectively, they should keep in mind that there is no guarantee the property’s sellers can do the same.

Emotionally attached. Buying from a seller who may have a strong attachment to the home despite their plans to move out means letting it go can be difficult for them. In these cases, the seller may be swayed not by the price or financial terms, but rather by the home buyers’ attitude toward their new residence.  If the current residents of a home are emotionally attached, then the key to closing the deal may be in how the buyers treat it. The perception that they will care for the property may be the missing element needed. Such intangible factors are difficult to account for when discussing home sale negotiations, because they vary so much from case to case and are difficult to predict. Focus on the elements of the home that you really enjoy rather than discussing your plans to change decor, design or landscaping.

Past experience. Home sellers may also be influenced by past experience. If a seller has had a potential deal called off at the last minute, then certainty of a solid offer can be more valuable than money. Real estate agents are often able to help buyers to read the reactions of the home seller and develop a strategy appropriate to the situation.

Their concerns. Another factor in the process influencing home seller is the degree to which they may be preoccupied with other concerns. Moving out of an old home often coincides with other major events, such as settling in to a new job. When that is the case, home sellers are often inclined to make a deal more quickly so they can focus their attention. This may play into buyers’ hands and allow them to close a slightly better deal.

Understanding a seller’s motivation to sell and developing and presenting a compelling offer is the key to success in any real estate market.

Real Estate on the Internet

We are all aware of how dramatically the Internet has influenced our lives in the last decade. The volume of information that flows past us on a daily basis has become almost overwhelming at times. The real estate industry has been greatly effected by this. The amount of information available to both consumers and real estate agents has been a game changer.

Navigate Real Estate Websites Carefully

Navigate Real Estate Websites Carefully

In the last decade, with the explosion of the Internet and MLS databases, real estate has grown from an industry where agents were primarily aware of their own listings and a perspective buyer had to travel from office to office to find their dream home. Now most consumers have done hours of research online using a variety of real estate oriented websites before they contact their real estate agent.

Many of the real estate websites are excellent tools for searching homes on the market, determining mortgage rates, finding demographic statistics and other related information… BUT remember the old adage: Garbage In, Garbage Out. 

The single most accurate source of information regarding real estate is the MLS (Multiple Listing System) where real estate agents directly enter information on the homes they are listing for sale. The agents have researched the properties, obtained legally binding information from home owners and town offices. This is where changes to a listing will be updated immediately (price changes, contracts, sales, new photographs, etc).

Not all websites are created equal. Only websites that receive a data feed from your local MLS will have the most accurate and up to date information. Nationally, the major site to receive MLS data feeds is Realtor.com. Realtor.com is updated several times a day to reflect new listings, price changes and properties that have gone under contract. Many other promoted sites receive occasional updates, sometimes only weekly or even less frequently than that.

Locally the most accurate information is going to be found on an individual office site. These sites are built to receive a daily MLS data feed and will display all listings in your area regardless of which office is representing the property.

Remember that while the Internet is an invaluable tool in your real estate research, make sure that you are using the most accurate, up-to-date websites. If in doubt, you can always go “old school” and contact your Realtor®.