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The CBCRE Report 2016 2016 Year-End Market Report

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Coldwell Banker Carlson Real Estate

2016 YEAR-END REPORT

A comprehensive analysis of the real estate market in Stowe, Lamoille County and Waterbury.


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Overview 3 Market Share - Lamoille County 4

Market Trends - Stowe Residential Sales 6 Market Trends - Luxury Market Stowe (excluding Stowe Mt. Resort) 7

Stowe Residential - Sales 8 Stowe Residential - Median and Average 8

Stowe Residential - Units Sold & Months of Supply 9 Stowe Residential - Sales by Quarter 10

Stowe Residential - Market Share 11 Stowe Residential - Absorption Rates 12

Stowe Residential - Sold to List Price 12 Stowe Residential - Selling Price v. Town Assessment 13

Stowe Condominiums - Sales 14 Stowe Condominiums - Months of Supply 15

Stowe Condominiums - Sales by Quarter 15 Stowe Condominiums - Selling Price v. Town Assessment 16

Stowe Land - Sales 17 Lamoille Residential - Sales (excluding Stowe) 18

Lamoille Residential - Months of Supply 19 Lamoille Residential - Sales by Quarter 19

Lamoille Residential - Market Share Price Point 20 Lamoille Residential - Market Share Residential Homes Per Town 20

Lamoille Land - Sales 21 Lamoille Land - Months of Supply 22

Lamoille Land - Sales by Quarter 22 Waterbury Residential - Sales 23

Waterbury Residential - Months of Supply 24 Waterbury Residential - Sales by Quarter 24

Waterbury Residential - Selling Price v. Town Assessment 25 Waterbury Land - Sales 26

Waterbury Land - Sales by Quarter 26


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Overview Welcome to the Coldwell Banker Carlson Real Estate Market Report. Our 2016 Year-End market analysis of Stowe area real estate uses market-wide data, based on transactions that closed in 2016 in the Multiple Listing Service, and compares them to sales that took place during 2015. In 2016, the Stowe area market generally mirrors the broader market throughout Vermont, and much of the nation. The housing market remains one of the strongest underpinnings of the overall economic health. One area where buyers and sellers have had questions is about the slight rise in interest rates. The Fed increased interest rates in December, for only the second time since 2006. Some economic experts forecast that sales could potentially drop off, due to higher interest rates, but so far we’ve seen that buyers remain optimistic and engaged in our market. For the most part, low mortgage rates, low inventory, and high demand, especially among first time homebuyers, fueled much of the 2016 national housing market. Residential sales were back on the rise, and by the end of Q4, they were up by as much as 28%. The total was 91 residential sales, as compared to 71 by the end of 2015. This is the largest number of residential sales seen since 2004, with the sub $500K price range leading the way with 56% of the market share. The luxury market divided in performance with the sub $2M market under performing, and above $2M seeing strong activity. The median sales price dipped slightly, by 3%, and the average price was up 24%, which had much to do with the highest priced home sale in the history of Stowe. The overall inventory for Stowe residences dipped again, this time by 23%, which equates to an 8 months’ supply. The lack of inventory varies in different price ranges, which will be addressed in more detail further into this report. Results: The Smith Macdonald Group for the second year in a row was #1 Broker in Stowe, Lamoille and Washington Counties. The Coldwell Banker Carlson Real Estate office holds the largest market share of sales for any single office in the Stowe area. CBCRE prides itself on being the market and technology leader. Whatever your real estate needs, our resources are always at your disposal.

We hope you find our Year-End Report helpful and welcome any questions you may have regarding the information provided herein.

Sincerely,

Peggy, McKee and Maggie The Smith Macdonald Group (802) 375-5009 | [email protected]


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Market Share - Lamoille County Stowe returned to market dominance in Lamoille County in 2016, making up 57% of the market share. The rest of Lamoille County either stayed flat or retracted, the largest of which was Elmore, moving from 7% of the market in 2015 to 3% in 2016. Moving in a positive direction, Eden grew by 4% to a 6% market share in 2016.

The Stowe Market represents 57% of sales volume

Stowe 57%

Morrisville 14%

Cambridge 11%

Hyde Park 11%

Eden 6%

Johnson 5%Elmore 2%

Belvidere 1%

Wolcott 0%

Waterville 1%

Lamoille County Sales Volume - By Town 2016


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The median and average sales prices in Lamoille County saw slight movement in both directions, depending on the town. Stowe remains the pace setter for those prices as you can see illustrated in the chart below:

The Stowe median sales price is $410K & average is $633K

$633,572

$239,176

$231,800

$207,563

$205,681

$204,152

$195,485

$188,010

$184,965

$147,875

$410,000

$230,000

$220,000

$205,500

$176,363

$192,500

$215,000

$168,500

$155,000

$127,750

$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000

Stowe

Morristown

Cambridge

Elmore

Belvidere

Hyde Park

Wolcott

Johnson

Eden

Waterville

Lamoille County Residential Sale Price By Town 2016

MedianAverage


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Market Trends - Stowe Residential Sales 2016 became a banner year for home sales, with 91 total sales. This more than made up for the slight dip in 2015. Lack of inventory is the driving force in the market below $1M. With record low supply and continued buyer demand the market is straining for more options. While sub $500K retained the majority market share, there was an increase of 8% in the $500K to $1M price point. You can see the locations of the 2016 sales illustrated in the map below:


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Market Trends - Luxury Market Stowe (Excluding Stowe Mountain Resort) We consider the top 10% of the market, which is $1M and above, to be the luxury market in Stowe. Entry level luxury homes sales dipped again in 2016, with only 4 homes selling between $1M and $1.5M, as compared to 7, in 2015. The ultra luxury market, which is over $2M had 4 sales between $2,350,000 and $6,700,000. Our office represented all parties on the highest sale in the history of Stowe, Strawberry Hill Farm, which sold for $6,700,000. Generally, all cash buyers dominate the ultra luxury market. However, the entry-level luxury market typically involves more financing. By year-end there were a total of 14 residential properties in Stowe listed between $1M and $1.5M, and 10 above $1.5M. The average number of days on market for these listings was 322 days, which is 60% higher than the broader market. The luxury market in Stowe is highly susceptible to the whims and desires of buyers. It is because of this that it takes a lot of patience on the part of the seller. Given the number of homes priced just above $1M, it’s likely some will need to go below the $1M mark before they sell. You can see the locations of the 2016 sales above $1M illustrated in the map below:

Stowe’s highest sale in 2016 was for $6.7 million. This is the highest priced recorded sale in Stowe and the 2nd highest in the state, within the past 10 years. The Smith Macdonald Group sold Strawberry

Farm in 33 days.


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Stowe Residential - Sales Mirroring much of the nation, residential sales in Stowe increased markedly by year-end. At this time last year, home sales had decreased from the year before by 20%. The increase in overall sales in 2016, from 71 to 91, also signifies the largest amount of sales seen year-over-year, since 2004. When we compare that over a ten-year time period the amount of sales is stable. The ten-year average is 71 sales per year. As we enter 2017, the overall strength of the US economy should be an indicator as to whether our market will continue its ten-year stability.

Stowe’s 10-year sales average is 71 homes per year

Stowe Residential - Median and Average The median sales price remained stable, down only by 3%. The average on the other hand increased by 24%. This is due to the highest sales price of $6.7M. When looking at the Stowe market the median pricing is a more accurate and stable data point to review, compared to average. The steady year-over-year increases in median pricing provide confidence in our market as a solid real estate investment.

80 82

74 74

52 47

56

69 74

82 89

71

91

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Residen'al Units Sold Over 10 Years -‐ Stowe

0

100000

200000

300000

400000

500000

600000

700000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Stowe Residential Sales Prices - 10 Year history

Average Sales $ Median Sales $


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Stowe Residential - Units Sold & Months of Supply ✓ 3% decrease in median sales

price in 2016 compared to 2015, to $410,000 ✓ 24% increase in average sales

price in 2016 compared to 2015, to $633,572 ✓ 28% increase in units sold in

2016 compared to 2015, 91 units sold ✓ 23% decline in inventory in

2016 compared to 2015, to 58 units on market

✓ 38% decrease in months of

supply in 2016 compared to 2015, 8 months of supply market wide

3

10

36

33

0

5

10

15

20

25

30

35

40

Under $500,000 $500,000 to $1,000,000

$1,000,000 to $1,500,000

Over $1,5000,000

Months of Supply Stowe Residen'al -‐ 2016

45

19

5 2

71

51

32

4 4

91

10

25

12 11

58

Under $500,000 $500,000 to $1,000,000

$1,000,000 to $1,500,000

Over $1,5000,000 Total

Stowe Residen'al Units Sold 2016

Sold 2015 Sold 2016 On Market


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Stowe Residential - Sales by Quarter The sales quarter over quarter gives a clear picture of when sales happen in Stowe. What’s important to note is that traditionally we see sales happening 45-60 days after contracts are signed, which means that buyers are shopping for houses almost a quarter in advance of the actual closing date. Typically more sales happen in Q3 and Q4 given those are the warmer months and the properties on the whole are more visible for inspections. In 2016 sales were strong and steady from Q1 through Q4, as evidenced in the chart below. ✓ 23 total sales in Q1 2016,

compared to 16 in Q1 2015

✓ 23 total sales in Q2 2016, compared to 17 in Q2 2015

✓ 26 total sales in Q3 2016,


✓ 19 total sales in Q4 2016,

the same as in Q4 2015

12

17

10

12

8

6

13

5

3

0 01

0 0

3

1

0

2

4

6

8

10

12

14

16

18

Q1 Q2 Q3 Q4

Stowe Residential Units Sold By Quarter 2016

Under $500,000 $500,000 to $1,000,000$1,000,000 to $1,500,000 Over $1,5000,000


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Stowe Residential - Market Share The market below $500K remains the main driver in Stowe, with 56% of the market share. There was a 12% increase in the $300,000 and under price range, which reflects the demand for that range. While this has been consistent with markets over the past ten years, the reduction in sales above $500K are what have the most impact on the overall shifts in pricing. Given the nature of the Stowe market being a primary and second home market, properties above $500K will often see the market share move up and down on a more regular basis. ✓ 23% of sales were below

$300K in 2016, compared to 31% in 2015

✓ 33% of sales were between $300K and $500K in 2016, compared to 32% in 2015

✓ 35% of sales were between

$500K and $1M in 2016, compared to 27% in 2015

✓ 5% of sales were between

$1M and $1.5M in 2016, compared to 7% in 2015

✓ 4% of sales were over $1.5M

in 2016, compared to 3% in 2015

56% of sales in the Stowe market are below $500K

56%35%

5% 4%

Stowe Residential Sales 2016

Under $500,000 $500,000 to $1,000,000

$1,000,000 to $1,500,000 Over $1,5000,000


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Stowe Residential - Absorption Rates Based on inventory and sales within each price point we can determine how many homes our market can absorb at any given time. Nationally and locally a six to eight month’s supply of inventory is considered a balanced market. Through absorption rates and months of supply available, we can see which price points have tighter inventory, and greater odds of selling. This is more clearly illustrated in the chart. Stowe Residential - Sold to List Price There was very little shift in selling price compared to the last listing price, year-over-year, for sales under $1M. The significant change took place with home sales over $1M. Homes below $1M sold on average 6% below their last listing price, which was essentially the same as in 2015. In the $1M to $1.5M price range the differential dropped by more than half, from 13% below list price in 2015, to 6% below in 2016. This is a result of sellers lowering their listing prices. Over $1.5M there was an increase from 9% below to 26% below the last listing price. This can be directly attributed to the sale of Above The Clouds, which was listed for $6.9M and sold for $2.75M.

4.252.66

0.33 0.333

10

3633

0

5

10

15

20

25

30

35

40

Under $500,000 $500,000 to $1,000,000

$1,000,000 to $1,500,000

Over $1,5000,000

Absorption Rates - Stowe 2016Average Sales Per Month Months of Supply

-‐7% -‐5% -‐6%

-‐26%

Under $500,000 $500,000 to $1,000,000

$1,000,000 to $1,500,000

Over $1,500,000

Stowe Residen'al Sold to List Price -‐ 2016


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Stowe Residential - Selling Price v. Town Assessment Homes selling below $1M are tracking closely with town assessment. Given these price points make up the largest portion of the market, it provides us with an accurate picture of the reality of town assessment in relation to market value. Homes above $1M offer a different picture of the market, with homes between $1M and $1.5M selling 25% above town assessment. This is due to two of the four homes selling well above assessment, one being sold to an abutting owner and another because of a higher market value. Both of these sales occurred in Q1 2016. Homes priced over $1.5M sold 11% below assessment. This reduction was primarily the result of two properties that have been on the market for years and sold dramatically below their town assessment. While there were only four total sales, Strawberry Hill Farm set the bar by selling over $2M above town assessment, showcasing what a one of a kind property it is.

✓ 2% decline in selling price to assessed value below $500K in 2015, compared to 5% below in 2014 ✓ 3% increase in selling price to assessed value between $500K and $1M in 2015, compared to 2% above in

2014 ✓ 9% increase in selling price to assessed value between $1M and $1.5M in 2015, compared to 14% above in

2014 ✓ 17% increase in selling price to assessed value above $1.5M in 2015, compared to 11% above in 2014

-9%

-0.50%-3%

-5%-2% -1%

-6%

2%0%

2% 3% 3%

11%

-6%

6%

14%

9%

25%

32%

-4%

18%

11%

17%

-11%-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2011 2012 2013 2014 2015 2016

Stowe Residential Sold Selling Price to Assessed Value

Under $500,000 $500,000 to $1,000,000 $1,000,000 to $1,500,000 Over $1,500,000


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Stowe Condominiums - Sales The condominium market in Stowe retracted to a more normal pace of sales in 2016, with 41 sales compared to 56 in 2015. This was a decrease of 27%. Much like residential home sales, most of the sales were in the price range of $200,000 - $400,000. The decrease in sales came in the sub $200K and $400K to $600K price points. There were 3 that sold over $1M, including one ‘mountain cabin’ and a 2-bedroom unit in the new Adventure Center at Spruce Peak. Additionally, two side-by-side units at Topnotch sold, creating a six-bedroom unit. The Condominium inventory dropped 7% overall, leaving 18 months of supply.

27% decrease in condos sold in Stowe in 2016

✓ 41 units sold in 2016,

compared to 56 in 2015, a 27% decrease

✓ The median sales price in 2016 remained the same at $260K

✓ 1% increase in average sales price in 2016 to $388K from $383K in 2015

✓ 7% decline in inventory compared to a year ago, 18 months of supply of inventory

20 19

11

6

56

11

19

6 5

41

15

22

12 15

64

Under $200,000 200,000 to $400,000

$400,000 to $600,000

Over $600,000 Total

Stowe Condominium Units Sold 2016


71

46

38

27 23

18

29 24

30

40 43

56

41

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Condominium Units Sold -‐ Stowe


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Stowe Condominiums - Months of Supply Supply varies considerably within the condo market and the various listing prices. There was a shift in months of supply in 2016 as a result of stronger sales in 2015. Sellers were more bullish about the market and this added to the inventory. The luxury condo market, over $600K, has a significant supply of 38 months. Winter tends to be a more active time of year for condo purchases given the appreciation for ease of ownership, and they make for a more favorable equity position than renting. Stowe Condominiums - Sales by Quarter ✓ 9 total sales in Q1 2016,

compared to 16 in Q1 2015 ✓ 11 total sales in Q2 2016,




1614

24

38

0

5

10

15

20

25

30

35

40

Under $200,000 200,000 to $400,000 $400,000 to $600,000 Over $600,000

Months of Supply Stowe Condominiums - 2016

4

3

1

3

4 4

7

4

1

3

2

0 0

1

3

1

Q1 Q2 Q3 Q4

Stowe Condominium Units Sold By Quarter 2016

Under $200,000 200,000 to $400,000 $400,000 to $600,000 Over $600,000


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Stowe Condominiums - Selling Price v. Town Assessment The lower end of the market, sub $200K saw a significant shift downwards from 7% below assessment to 26% below assessment in 2016. These reductions are mainly due to foreclosures, condo developments that are hard to finance, or are unable to be financed. Often this forced sellers to deal only with buyers who could offer all cash. These condo projects will continue to struggle in terms of current sales prices compared to historical sales prices, when there were more lending options. The remainder of the condo market saw gains greater than town assessment, with the luxury market leading the way. The luxury end of the market was selling on average 25% above town assessment, strictly driven by sales at Stowe Mountain Resort, which tend to be all cash.

✓ 26% decrease in selling price to assessed value below $200K in 2016 ✓ 5% in selling price to assessed value between $200K to $400K in 2016 ✓ 11% increase in selling price to assessed value between $400K to $600K in 2016 ✓ 25% increase in selling price to assessed value over $600K in 2016

-‐10%

-‐5%

-‐10% -‐8% -‐7%

-‐26%

-‐9% -‐9%

-‐3% -‐1%

-‐4%

5%

11%

-‐3%

0%

6% 6%

11%

23%

0% 1%

17%

22% 25%

-‐30%

-‐20%

-‐10%

0%

10%

20%

30%

2011 2012 2013 2014 2015 2016

Stowe Condominium Sold Selling Price to Assessed Value

Under $200,000 $200,000 to $400,000 $400,000 to $600,000 Over $600,000


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Stowe Land - Sales Land sales saw a rebound in 2016 compared to 2015, with 15 total sales, versus 8 the year before. What is interesting is that the sales were even across all price points, from below $250K to above $500K. The growth in sales above $250K and $500K are likely attributed to the lack of inventory in single-family homes. Buyers view building as a better option than in past years. The tightening of inventory generally means prices should rise. This brings the cost of building, compared to the cost of renovating more inline with each other. Some land purchases and future builds can be attributed to those who simply want to create something of their own, and they have the funds to do so. The overall inventory remains higher than buyer demand, with 50 parcels on the market, creating 40 months of supply. Of note, the significant increase in median and average sales price for land is primarily due to 2 land parcel sales over $1M at Spruce Peak.

2016 land sales were more in line with the five-year average than 2015

✓ 15 parcels sold in 2015, compared

to 8 in 2015, an 88% increase ✓ 176% increase in median sales

price in 2016, compared to 2015 ✓ 115% increase in average sales

price in 2016, compared to 2015 ✓ 11% increase in inventory

compared to a year ago, equaling 40 months of supply

6

1 1

8 6 5 4

15

29

15

6

50

Under $250,000 250,000 to $500,000 Over $500,000 Total

Stowe Land Sold 2016


33

20

12

19

13

7 9

6

19 20

18

8

15

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Land Units Sold -‐ Stowe


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Lamoille Residential - Sales (excluding Stowe) Lamoille County remained steady and even in 2016 as compared to 2015. There were slightly stronger sales in the $200K to $300K market, with 80 sales compared to 60 the year before. This is an important trend as it reflects strength in buyers’ economic portfolio and confidence in employment. As a result buyers were purchasing homes at a higher price range in 2016. One important factor to note is 2016 is the first year that Morristown and Elmore have merged school districts, and the sales in Elmore contracted from a 7% market share in 2015 to a 2% market share in 2016. More time will be needed to verify if this is a result of the merger or a natural ebb and flow. The rest of Lamoille County saw similar market performance compared to 2015.

✓ 15% increase in median sales price in 2016, compared to 2015 ✓ 6% increase in average sales price in 2016, compared to 2015 ✓ 5% decrease in units sold in 2016, compared to 2015 ✓ 6% decrease in inventory in 2016, 12 months of supply available, which is 202 homes

5

4

5

7

3

5

4

7

1 1

0

4

0

2

0

1

Q1 Q2 Q3 Q4

Lamoille County Land Sales By Quarter 2016 (Excluding Stowe)

Under $50,000 $50,000 to $100,000 $100,000 to $200,000 Over $200,000


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Lamoille Residential - Months of Supply As reflected in the sales per price point, the months of supply remained steady, with a slight drop in the $200K to $300K price point, due to the increased sales in 2016. Thus sub $200K to $300K price point reached supply and demand equilibrium of nine months’ supply. As we projected in the year-end 2015 market report, the tightening inventory helped to move the $200K to $300K price point into this equilibrium. The $300K to $400K saw no change with 22 months of supply, the same as 2015. The higher-end market of over $400K increased the months of supply, to 48 from 36, which is to be expected given the small number of sales.

214 total homes sold in Lamoille County in 2015

Lamoille Residential - Sales by Quarter ✓ 40 total sales in Q1 2016 ✓ 62 total sales in Q2 2016 ✓ 63 total sales in Q3 2016 ✓ 39 totals sales in Q4 2015

9 9

22

48

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 Over $400,000

Months of Supply Lamoille County Residen'al -‐ 2016 (Excluding Stowe)

20

28 27

22

16

23

27

14

1

8

5 3 3 3 4

0

Q1 Q2 Q3 Q4

Lamoille County Residen'al Units Sold By Quarter -‐ 2016 (Excluding Stowe)

Under $200,000 $200,000 to $300,000

$300,000 to $400,000 Over $400,000


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Lamoille Residential - Market Share Price Point ✓ Sub $200K represented 48% of

the market share in 2016 ✓ $200K to $300K represented

39% of the market share in 2016 ✓ $300K to $400K represented

8% of the market share in 2016 ✓ $400K and above represented

5% of the market share in 2016 Lamoille Residential - Market Share Residential Homes Per Town ✓ Morristown represents a 19%

market share

✓ Cambridge represents a 16% market share

✓ Hyde Park represents a 11%

market share ✓ Johnson represents a 8% market

share ✓ Eden represents a 6% market

share ✓ Wolcott represents a 4% market

share ✓ Elmore represents a 3% market

share ✓ Belvedere and Waterville

represent a 1% market share

48%

39%

8%5%

Lamoille County Residential Sales - 2016(Excluding Stowe)

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 Over $400,000

Belvidere1% Waterville

1%

Elmore3%

Wolcott4%

Eden6%

Johnson8%

Hyde Park11%

Cambridge16%

Morristown19%

Stowe31%

Lamoille County Unit Sales - By Town 2016


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Lamoille Land - Sales Land sales mirrored homes sales in Lamoille County in their relationship to 2015 by staying even-keeled with only a 9% increase in sales, totaling 49 parcels sold. That increase came in the sub $100K price points with 6 additional sales. What is reassuring is that sales above $100K matched their performance in 2016 compared to 2015. There remains a significant amount of land on the market with 45 months of supply, the majority of which is above $100K. ✓ 4% increase in median sales price in 2016, compared to 2015 ✓ 3% increase in average sales price in 2016, compared to 2015 ✓ 9% increase in units sold in 2016, compared to 2015 ✓ 13% decrease in inventory in 2016, 45 months of supply available, 178 parcels available

18 16 6 3

43

21 19 6 3

49 49

72

34 23

178

Under $50,000 $50,000 to $100,000 $100,000 to $200,000 Over $200,000 Total

Lamoille County Land Units Sold 2016 (Excluding Stowe)



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Lamoille Land - Months of Supply ✓ 28 months of supply below

$50K

✓ 45 months of supply between $50K to $100K

✓ 68 months of supply

between $100K to $200K ✓ 92 months of supply above

$200K

Lamoille Land - Sales by Quarter ✓ 9 total sales in Q1 2016 ✓ 12 total sales in Q2 2016 ✓ 9 total sales in Q3 2016 ✓ 19 total sales in Q4 2016

28

45

68

92

Under $50,000 $50,000 to $100,000 $100,000 to $200,000 Over $200,000

Months Of Supply Lamoille County Land -‐ 2016 (Excluding Stowe)

5

4

5

7

3

5

4

7

1 1

0

4

0

2

0

1

Q1 Q2 Q3 Q4

Lamoille County Land Sales By Quarter 2016 (Excluding Stowe)

Under $50,000 $50,000 to $100,000 $100,000 to $200,000 Over $200,000


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Waterbury Residential - Sales Waterbury finished 2016 strong, much the same as 2015 with 53 total sales, compared to 55 in 2015. Primarily sales were even across all price points with a drop in the $300K to $400K market. This is mainly due to lack of inventory. The luxury market, over $600K, had two additional sales in 2016, one of which was a sale for over $2M. This helped to increase the average sales price market-wide by 24%. Most strikingly the inventory remains low; and below $300K is almost nonexistent with only 6 homes on the market. Homes priced between $300K and $400K have the most inventory. This suggests that if sellers bring their price below $300K they would be moving into a market segment with more purchasers.

✓ 3% decrease in median sales price in 2016, compared to 2015 ✓ 24% increase in average sales price in 2016, compared to 2015 ✓ 4% decrease in units sold in 2016, compared to 2015 ✓ 27% increase in inventory in 2016, 8 months of supply available, 33 homes available

9

15 18

13

55

8

16 13

16

53

2 4

17

10

33

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 Over $400,000 Total

Waterbury Residen'al Unit Sales 2016



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Waterbury Residential - Months of Supply The lack of inventory is evident market wide, except for the $300K to $400K price point. The sub $300K market has only three months of supply, which should mean that sellers are in the driver’s seat. Those priced just above $300K would be well served to consider lowering the asking price to a segment of the market that is starved for inventory. The higher-end of the market dropped from 132 months of supply in 2015 to 8 in 2016. Given the lack of sales above $600K this reduction is likely due to sellers removing their homes from the market and deciding to wait for the market to come around, rather than buyers purchasing those homes.

A total of 55 homes sold in Waterbury in 2015

Waterbury Residential - Sales by Quarter ✓ 7 total sales in Q1 2016

✓ 18 total sales in Q2 2016 ✓ 15 total sales in Q3 2016 ✓ 13 totals sales in Q4 2016

3 3

16

8

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 Over $400,000

Months of Supply Waterbury Residen'al -‐ 2016

3

2 2

1

3

8

4

1 1

5

2

5

0

3

7

6

Q1 Q2 Q3 Q4

Waterbury Residen'al Units Sold By Quarter 2016

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 Over $400,000


CBCRE 25

Waterbury Residential - Selling Price v. Town Assessment The selling prices in Waterbury, compared to town assessment saw an upward swing in all but the sub $200K market. This segment of the market sold 10% below assessment. The $200K and above saw gains ranging from 7% above assessment in the $300K to $400K price point to houses above $600K selling at assessed value. The positive trend of selling above assessment can be directly linked to the lack of inventory across most of these price points.

1%

-‐26% -‐25%

-‐3%

-‐8% -‐10%

-‐1%

-‐4%

-‐9%

4%

0%

5%

-‐5% -‐3%

6%

13%

4%

7%

-‐8% -‐9%

-‐1% -‐3%

-‐1%

3%

0%

15%

12%

5%

-‐13%

0%

2011 2012 2013 2014 2015 2016

Waterbury Residen'al Sold Selling Price to Assessed Value

Under $200,000 $200,000 to $300,000 $300,000 to $400,000 $400,000 to $600,000 Over $600,000


CBCRE 26

Waterbury Land - Sales The slow down in land sales continued in 2016 with a 43% decline compared to a 22% decrease in 2015. The reality is there were only 4 parcels sold compared to 7 a year ago. Three of the sales were below $100K, which drove the median and average sales prices down by 64% and 50% respectively. The lack of home inventory should help to push the land market into a better positioning in 2017 as more to-build options become available. ✓ 64% decrease in median sales price

in 2016, compared to 2015

✓ 50% decrease in average sales price in 2016, compared to 2015

✓ 43% decrease in units sold in 2016,

compared to 2015 ✓ 16% increase in inventory in 2016,

108 months of supply available, 36 parcels available

Waterbury Land - Sales by Quarter

✓ 1 total sales in Q1 2016

✓ 0 total sales in Q2 2016 ✓ 2 total sales in Q3 2016

✓ 1 total sale in Q4 2016

0 3 4

7

3 0 1

4 5

13

18

36

Under $1000,000 $100,000 to $200,000 Over $200,000 Total

Waterbury Land Units Sold 2016


0 0

2

1

0 0 0 0

1

0 0 0

Q1 Q2 Q3 Q4

Waterbury Land Units Sold By Quarter 2016

Under $100,000 $100,000 to $200,000 Over $200,000


CBCRE 27

All material herein is intended for informational purposes only and has been compiled from sources deemed reliable, including the MLS. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal

Housing Opportunity. Coldwell Banker Carlson Real Estate is a licensed real estate broker.

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