Latest Quarterly Market Report
As we review the first quarter of 2024, the real estate markets in Stowe, Lamoille County, and Waterbury, Vermont, have exhibited distinct patterns of transition and adjustment. Each area responded differently to the underlying economic conditions, reflecting the unique characteristics and challenges of their respective markets. Here’s a closer look at how each area fared during this dynamic period.
Stowe
In Q1 2024, the Stowe real estate market showcased resilience despite significant price corrections. Sales volumes in single-family homes remained consistent year-over-year, though average sold prices dropped by 30.79% and median sold prices by 41.67%. The market saw a 15.38% increase in new listings, indicating seller optimism and possible market adjustments. Moreover, significant decreases in days on market for both single-family homes and condos suggest continued strong demand at adjusted price points.
Lamoille County
The real estate market in Lamoille County in Q1 2024 reflected a typical seasonal slowdown, with an overall decrease in activity. Sales volume fell by 11.43% and average sold prices by 22.71%, with a modest decrease in median sold prices. Despite fewer transactions, specific areas like Morristown and Eden showed strong growth in sales and prices, contrasting with a general market contraction. This indicates a market of mixed dynamics, with certain localities demonstrating resilience and potential for growth amidst broader market challenges.
Waterbury
Waterbury's market in Q1 2024 underwent significant shifts, with a 70% drop in the number of properties sold, countered by substantial increases in both average and median sold prices. The market's tightening was evidenced by an 18.18% decrease in new listings and a much quicker sales pace, indicating strong competition for well-priced properties.
The first quarter of 2024 revealed diverse adjustments across Stowe, Lamoille County, and Waterbury, with each area adapting to unique market conditions. Stowe adjusted to lower price points with quick sales, Lamoille County navigated seasonal slowdowns with pockets of growth, and Waterbury transitioned to a market focused on fewer, higher-value transactions.
Outside of national influences on the real estate market, local factors, such as what the state determines around property taxes, could have a larger influence on the direction in which each of these markets heads throughout 2024.
This dynamic period underscores the importance of nuanced market understanding and the value of expert local advice for navigating the evolving real estate landscape.
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