Lamoille VT 2023 Q2 Market Report

Lamoille VT 2023 Q2 Market Report

Single-Family Homes

In the second quarter of 2023, there was a noticeable decrease in sales and new listings of single-family homes in Lamoille County, Vermont compared to the same period in 2022. It is likely that the lack of new listings caused the decrease in sales. Despite the decrease in transactions, there were some encouraging developments in average and median sales prices. 

  1. Number of Sales: Single-family home sales in Lamoille County were down by 23% in Q2 2023 compared to the same period in 2022, with only 52 homes sold. This decline in sales is indicative of low inventory.
  2. New Listings: New listings experienced a decrease of 35% compared to Q2 2022, with only 92 homes listed for sale. The limited inventory posed a challenge for prospective homebuyers.
  3. Days on Market (DOM): Surprisingly, the average days on the market decreased by 6% from the previous year, indicating increased buyer activity and demand for well-priced properties.
  4. Average Sales Price: Despite the decline in the number of sales, the average sales price for single-family homes in Lamoille County rose by nearly 10% in Q2 2023. The average sales price reached $407,892.
  5. Median Price: The median price also experienced a modest increase of 2%, reaching $378,500 for Q2 2023. This growth indicates overall stability in the market.



Land Sales

The land market in Lamoille County, outside of Stowe, saw reduced sales activity in Q2 2023, accompanied by an increase in the average days on the market, indicating a slower pace in land transactions. The decline in both the average and median sales prices suggests adjustments in property values as demand and market conditions evolved during this period.

  1. Number of Sales: Land sales in Lamoille County, outside of Stowe, saw 13 transactions in Q2 2023, compared to 16 sales in the same period in 2022, representing a decline in activity.
  2. Days on Market (DOM): The average days on market for land sales increased to 158 days in Q2 2023, up from 122 days in 2022, indicating a slower-paced market for land.
  3. Average Sales Price: The average sales price for land properties decreased from $160,500 in Q2 2022 to $109,192 in Q2 2023, representing a decline of approximately 32%.
  4. Median Price: The median price for land properties also experienced a decrease, falling from $101,000 in 2022 to $98,000 in Q2 2023, indicating a slight decline.

*Note: The average and median sales prices for single-family homes and land in Lamoille County shown above exclude Stowe.

 

Market Analysis

The single-family home market in Lamoille County faced a downturn in sales likely due to limited inventory. However, the average sales price continued to rise, indicating that well-priced properties attracted active buyers. Despite the decrease in land sales, the market saw lower prices and a longer time on the market, indicating a slower-paced market for land properties.

 

Outlook for Q3 2023

According to market analysts, the Lamoille County real estate sector is anticipated to encounter some hurdles in the third quarter of 2023. One of the significant challenges that homebuyers may encounter is a shortage of inventory for single-family homes. This scarcity may lead to increased competition for well-priced properties, which can make it more challenging for buyers to secure the home they desire. Additionally, slower land sales may also contribute to the difficulties faced by the real estate market in Lamoille County during this period. These factors may require potential buyers to be more strategic and patient in their search for their dream home. 

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