2022 Mad River Valley Real Estate Market Recap
Posted on 1/24/2023 by David M. Dion
Can you believe we are already well into 2023? Time flies!
2022 continued to be an extra-ordinarily busy year for real estate in the Mad River Valley, and amazingly it was just as hectic as last year! Well whatever great stories you have for 2022 we at Mad River Valley Real Estate MRVRE hope your 2023 is off to a great start!
And speaking of start, the ski season in Vermont got off to a slow start but at least there was some skiing and riding to be had in early December. Christmas week was a bit dicey with the dreaded “R” word, but all three ski areas managed to stay open for the holiday crowds, more or less. In any event we hope you enjoyed memorable gatherings to celebrate the holiday season.
2022 was another exciting and action packed year at Mad River Valley Real Estate, and not just in all things real estate. MRVRE continues to sponsor WiFi service to the public in the Bridge Street Marketplace, Mad River Valley Recreation Field and Warren Village. MRVRE also continues to sponsor the Mad River Glen Webcam which is the place to go for what the weather is doing in real time.
We are especially thankful for the way Sugarbush Resort and Mad River Glen weathered the pandemic by continuing to provide a safe skiing experience. Thanks also go to the many local businesses who followed the Covid protocols and especially Shaws and Mehurons markets for allowing us safe access to groceries. And as always thanks to Waitsfield Telecom for providing us with always reliable internet service.
If hindsight is 2020 then despite the pandemic (or perhaps because of it) Mad River Valley Real Estate could not have been busier, nor better prepared! Overall real estate values rose quite rapidly over the past three years and staying on top of it was no easy feat. When the numbers finally settle out 2022 will be slightly down from the record volume of real estate sales in the Mad River Valley in 2021, but still a very strong showing.
Agents at MRVRE have a long history of participating in extra-ordinary real estate transactions (and adventures!) and 2022 was no exception. Following are a few highlights:
Partner Steve Robbins enjoyed a very busy year in real estate sales. After several years leading the Moretown Recreation Committee, Steve stepped down from that position. He remains active on the subcommittee reviewing the Moretown Town Forest Management Plan and still enjoys the trails year-round. Another highlight for Steve is getting his Steve’s Backyard Red artisanal beer back on the shelves at Lawson’s Finest Liquids. This is arguably the finest red ale on the market today! Well at least by this author’s standards!
Partner Erik Reisner brokered a blistering $17,333,000 in real estate sales (and beating last year’s record of $15,400,000). Erik was the highest producing agent in total dollar volume of sales, not just for the Mad River Valley but for all of Washington County. (Source: New England Real Estate Network, Inc. for the year 2022).
Erik also continued his extra-ordinary contribution to the MRV community by serving as a tireless volunteer first responder for the Mad River Valley Ambulance Service. Erik personally responded to a total of 98 emergency calls in 2022 and has been with MRVAS for 15 years. A huge thanks to Erik, (and his supportive family too!) for contributing his valuable and critically needed volunteerism.
If records were made to be broken, then Partner David Dion’s extra-ordinary record for both the most units sold and highest dollar volume of sales in the Mad River Valley has finally been eclipsed. And who’s the new king of the hill? None other than our very own Erik Reisner! Indeed, all three partners at MRVRE make the top 10 for both units sold and dollar volume of sales (source: New England Real Estate Network, Inc. for the period 2001 – 2021).
When not selling real estate, David continues to make great progress on his farm and eco-lodge in the Turrubares Mountains of Costa Rica. www.fincamontegalan.com. The very latest news is over 1,000 coffee plants are finally producing coffee cherries! And the not so great news? A rogue “pantera” (Spanish for mountain lion) has been eating the sheep! Time to build a better barn.
Office Manager Brent Adams keeps the daily affairs of MRVRE running smoothly and also has his real estate license. If you call the office or stop in then Brent is the one you will meet. We pride ourselves with a high level of personal service and it all begins with Brent. When not in the office Brent can be seen occasionally stepping onto the stage at Valley Players Theater, or visiting with his new baby granddaughter! Congratulations go to Nana and Grampa Adams!
In other news we are pleased to announce MRVRE agent Brian Kitchens recently moved to Keller Williams Real Estate in Stowe. This is truly a great career move for Brian as he will now be able to expand his real estate services throughout Central and Northern Vermont. Congratulations Brian!
Most importantly, we were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2022. To all who helped MRVRE along the way, a huge THANK YOU!
Following is a recap of the 2022 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, (source: Northern New England Real Estate Network, Inc. for the period 01/01/22 – 12/31/22). Please call or write if you are interested in a recap of real estate data and trends in specific areas outside of the Mad River Valley.
In 2022 there were a total of 197 MLS reported real estate sales (down from 277 sales in 2021, 284 sales in 2020, 237 sales in 2019, 206 sales in 2018, 217 sales in 2017, 175 sales in 2016 and 171 sales in 2015). Clearly the overall real estate market in the Mad River Valley has peaked and is likely on the backside and moving toward a correction. That should be no surprise given both higher inflation and also the mortgage interest rates doubled in 2022.
There were 74 single family residential sales ranging from $65,000 to $2,450,000 (down from 104 sales in 2021, 117 sales in 2020, 95 sales in 2019, 79 sales in 2018, 88 sales in 2017, 79 sales in 2016, 86 sales in 2015 and 75 sales in 2014).
01 @ < $100,000 (01 sales in 2021, 01 sales in 2020, 03 sales in 2019 and 02 sales in 2018)
03 @ $100,000 - $199,000 (01 sales in 2022, 04 sales in 2020, 01 sales in 2019 and 10 sales in 2018)
03 @ $200,000 - $299,000 (15 sales in 2022, 08 sales in 2020, 27 sales in 2019 and 24 sales in 2018)
06 @ $300,000 - $399,000 (17 sales in 2022, 33 sales in 2020, 23 sales in 2019 and 22 sales in 2018)
13 @ $400,000 - $499,000 (12 sales in 2022, 17 sales in 2020, 17 sales in 2019 and 04 sales in 2018)
14 @ $500,000 - $599,000 (15 sales in 2022, 09 sales in 2020, 09 sales in 2019 and 07 sales in 2018)
09 @ $600,000 - $699,000 (09 sales in 2022, 07 sales in 2020, 06 sales in 2019 and 04 sales in 2018)
05 @ $700,000 - $799,000 (05 sales in 2022, 10 sales in 2020, 03 sales in 2019 and 03 sales in 2018)
22 @ > $800,000 (27 sales in 2021, 18 sales in 2020, 06 sales in 2019 and 03 sales in 2018)
81 condominium sales ranging from $55,000 to $1,195,000 (down from 109 in 2021, 118 in 2020, 115 sales in 2019, 94 sales in 2018, 109 sales in 2017, 74 sales in 2016, 59 sales in 2015 and 57 sales in 2014)
05 @ < $100,000 (08 sales in 2021, 12 sales in 2020, 28 sales in 2019 and 31 sales in 2018)
21 @ $100,000 - $199,000 (40 sales in 2021, 45 sales in 2020, 46 sales in 2019 and 26 sales in 2018)
10 @ $200,000 - $299,000 (32 sales in 2021, 25 sales in 2020, 15 sales in 2019 and 16 sales in 2018)
10 @ $300,000 - $399,000 (11 sales in 2021, 19 sales in 2020, 13 sales in 2019 and 14 sales in 2018)
10 @ $400,000 - $499,000 (08 sales in 2021, 06 sales in 2020, 04 sales in 2019 and 03 sales in 2018)
21 @ $500,000 - $799,000 (07 sales in 2021, 09 sales in 2020, 05 sales in 2019 and 00 sales in 2018)
04 @ > $800,000 (03 sales in 2021, 02 sales in 2020, 04 sales in 2019 and 04 sales in 2018)
37 land sales ranging from $44,000 - $950,000 (down from 55 sales in 2021, 49 sales in 2020, 25 sales in 2019, 33 sales in 2018, 20 sales in 2017, 20 sales in 2016 and 23 sales in 2015).
04 @ < $100,000 (17 sales in 2021, 23 sales in 2020, 13 sales in 2019 and 13 sales in 2018)
14 @ $100,000 - $199,000 (18 sales in 2021, 14 sales in 2020, 08 sales in 2019 and 16 sales in 2018)
08 @ $200,000 - $300,000 (11 sales in 2021, 03 sales in 2020, 02 sales in 2019 and 03 sales in 2018)
04 @ $300,000 - $400,000 (05 sales in 2021, 05 sales in 2020, 01 sales in 2019 and 01 sales in 2018)
04 @ $400,000 - $499,000 (01 sales in 2021, 02 sales in 2020, 00 sales in 2019 and 00 sales in 2018)
03 @ >$500,000 (04 sales in 2021, 02 sales in 2020, 01 sales in 2019 and 00 sales in 2018)
05 commercial sales (09 sales in 2021, 01 sales in 2020, 02 sales in 2019 and 04 sales in 2018)
Folks, some of these numbers are quite striking. For example, the number of residential sales at over $800,000 has historically been very low with as few as 3 sales in 2017 and 2018. However, last year there were 22 sales. Similarly, the number of condominium sales at over $500,000 has increased from only 06 sales in 2014 to 25 sales last year. This tells us the upper end is becoming the dominant segment of our market, and perhaps for the first time in the history of recorded real estate sales. If you are the owner of a luxury property in the Mad River Valley there has never been a better time in history to be offering your home for sale.
The commercial and hospitality (lodge, B&B, Inn, restaurant) markets continue to show the greatest weakness in sales. As a result, these segments of the market offer some of the very best buying opportunities with some sales still at a discount from 2005 values. The land market has made very good gains in the past few years and there are still a few good opportunities out there right now.
The biggest take-away from the above statistics is homes and condominiums in every segment of the market are seeing extra-ordinarily strong buyer interest and record sale prices. As a result, inventory is at its lowest ever. If you own real estate in the Mad River Valley, then without question this is absolutely the best time to be considering a sale.
Please check out our website at www.mrvre.com and click on “blog” to see more in-depth analyses and some very insightful graphs depicting the Mad River Valley real estate market.
Presently there are 05 single family residential properties for sale (down from 12 properties at this time last year, 33 in 2021, 62 in 2020, 77 in 2019, 82 in 2018, 88 in 2017, 113 in 2016 and 140 in 2015). 01 of those 05 properties is under contract of sale. This trend is a clear indication the inventory is very low and the market is in need of properties for sale.
Today there are 10 condominiums for sale (up from 05 at this time last year) but with 08 of those 10 units under contract of sale. So almost no condos are for sale and the inventory is at historic lows. If you are a prospective condo seller, this is certainly the best time to contact us for a market evaluation.
There are 13 parcels of land for sale (down from 22 last year and 54 in 2020) and with 02 under contract. The inventory has finally come down from the great over-supply we have been dealing with for years and this segment of the market is finally seeing a strong increase in value for the first time since 2008. Give us a call and we would be happy to explain in more detail.
Whether it’s a seller’s market or a buyer’s market the best opportunities for sale include a desirable location, good overall condition, and realistic pricing. By contrast if you are in a less desirable location, with a lot of deferred maintenance and you are asking a premium price, then in that event you should expect your property to be for sale for a very long while.
Clearly those who are best informed are making the most prudent buying and selling decisions in the Mad River Valley. And it’s no coincidence that at MRVRE our clients are realizing some of the best purchase and sale opportunities ever in the Mad River Valley.
From all of us at MRVRE best wishes for a happy, healthy and prosperous 2023!