2023 July - Mad River Valley Real Estate Driven by Data
Posted on 7/12/2023 by Erik H. Reisner
In Brief:
Following an epic 4th of July Parade in Warren Village and another successful running of the Mad Marathon, most of Vermont was inundated with a major rain event. Luckily the Mad River Valley was spared, but many of our neighboring communities experienced devastating flooding. The real estate inventory, however, still very much feels like a drought. When will inventory rebound? Only time will tell...
Recreation and the forecast:
We are so thankful and relieved that the most recent rain event did not cause massive destruction and damage here in the Mad River Valley. Unfortunately, our neighbors to the north, south and east experienced extreme flooding, worse than Tropical Storm Irene in many places. Many members and businesses in our community are reaching out to assist our neighbors in need. That is one of the many wonderful things about Vermont; in times of need we all come together to support and help each other. If you have the ability to help in any way, the Mad River Valley Chamber of Commerce is helping connect volunteers with communities in need: info@madrivervalley.com.
Now onto the market update:
Currently there are 12 single family homes under contract or pending sale in the price range of $79,900 - $1,975,000 (up from 9 last month, and 6 two months ago), 11 condominiums under contract or pending sale priced from $195,000 - $584,000 (up from 7 the last two months), 3 undeveloped land parcels under contract from $50,000 - $275,000 (down from 5 last month, and 8 two months ago), and Zero commercial properties under contract (Zero last month, and Zero two months ago).
Regarding the properties that are currently under contract, 6 of the 11 condos and 9 of the 12 single family homes were listed after June 1st. So, things are still moving at an amazingly fast pace, and buyers are still jumping at many opportunities.
There were 2 single family home sales in April 2023 from $640,000 - $700,000 (down from 4 sales in March). There were 5 condominium sales from $245,000 - $590,000 (up from 2 sales in March). There was 1 undeveloped land sale in April of 2023 for $175,000 (down from 5 sales in March). There were Zero commercial sales in April 2023 (Zero sales in March).
Our Take on the Central Vermont Real Estate Market:
The recent rain event that caused widespread flooding throughout Vermont will take months to clean up and recover. It is a miracle that the Mad River Valley was spared. For that we are eternally thankful. We would however welcome a flood of new real estate inventory! With current residential and condominium inventory in the single digits, it is a daunting and bleak outlook for active buyers. As evidenced above, we are seeing new inventory trickle onto the market, but things are selling in a matter of days, most often with multiple offers. While this makes sellers quite happy, most buyers continue to be out negotiated by other parties. Yes, price is very often the biggest factor, but sometimes not the only factor.
Are you in the market for a property here in the Mad River Valley and beyond? If so, your friends at MRVRE are here to help you stay informed with our fingers on the pulse of the real estate market.
The current inventory in the Mad River Valley is down to 5 single family homes (6 this time last month), whole-ownership condominiums are down to 3 (6 this time last month), there are 13 undeveloped land parcels (13 this time last month as well), and 6 commercial properties (5 last month). That is 27 active listings across all sectors, 30 this time last month. In contrast, in the past calendar year there have been 68 single family home sales, 61 condominium sales, and 20 land sales.
Are you at all considering selling your Vermont property? If so, whether it’s a home, condo, land, or commercial property: WE WANT TO HEAR FROM YOU! What is your “Make Me Move price?” You very well may be able to achieve that dream or possibly more! SERIOUSLY, WE NEED TO TALK!
If you are a buyer actively searching in this ultra-competitive market, be sure to have your ducks in a row with your financing and down-payment. Or have some “creative” solutions to be able to waive a financing contingency. Also be sure to be connected with an agent who is ready, willing, and able to keep you in the loop as properties come to market. HINT, HINT, we’re really good at that!
Historical Mad River Valley Real Estate to April 30, 2023:
Below are two graphs that show the total number of units sold (single family homes, condominiums, commercial properties, undeveloped land), as well as the total dollar volume through April 30, 2023.
This blog post will be updated monthly to track year-to-date real estate sales in the Mad River Valley. The data is gathered from the State Property Tax Transfer records and includes all sales above $20,000. Vermont Property Transfer Tax data is typically +/- 3 months behind as it takes time for all the towns to file the returns with the State. Therefore, we are reporting here on accurate sales data from 3 months prior.
Whether you are a potential buyer or seller, this data is a valuable resource to help you make informed real estate and financial decisions.
If you have any questions about these graphs, or anything real estate related, give Mad River Valley Real Estate a call or send us an email.