2024 April - Mad River Valley Real Estate Driven by Data
Posted on 4/15/2024 by Erik H. Reisner
In Brief:
Ahh, mid-April hits hard every year. Taxes are due, and the ski/ride season is rapidly coming to a close. Mad River Glen’s last day was yesterday, Sugarbush’s Mt. Ellen closed two weeks ago, and Lincoln Peak hopes to hang on until the first weekend in May. Mud season # 6 is here, as we await some sunny and spring-like weather. On the bright side (pun intended!), a good portion of Vermont was fortunate to be in the “path of totality” on April 8th for the solar eclipse. It brought visitors from near and far, a nice little boost to the economy during a typically slow time of year. There was a ton of hype for this eclipse, and it surely did not disappoint. Amazing, breathtaking, and spectacular are words that merely try to explain the experience. Now that the sun has emerged from the moon’s shadow, we’d sure like to see more of it; and as the flowers start to grow, maybe the real estate inventory will too!
Recreation and the forecast:
As the ski/ride season comes to a close, we look forward to spring and summer recreation opportunities. Yesterday, the 4-event Mad River Valley Triathlon kicked off the spring season after a hiatus of many years. It was a huge success with lots of runners, paddlers, bikers, and a/t skiers, despite very chilly temperatures and fast-moving Mad River flow. We’re so happy to see this fun event back as it is one of many unique annual happenings here in the Mad River Valley. As we shift from snow to grass, gravel, and dirt fun, please respect the landscape and let everything dry out before venturing onto the many trail networks.
Now onto the market update:
Currently there are 9 single family homes under contract or pending sale in the price range of $79,900 - $1,220,000 (down from 11 last month, up from 6 two months ago), 10 whole-ownership condominiums under contract or pending sale priced from $250,000 - $1,169,000 (up from 8 last month and 7 two months ago), 4 undeveloped land parcels under contract priced from $145,000 -$10,000,000 (4 last month, and Zero 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, 5 of the 10 condos and 2 of the 9 single family homes were listed after March 1, 2024. Overall, the number of Days on Market is still very much trending to less than 14 days for most properties.
There were 4 single family home sales in March 2024 from $225,000 - $2,405,000 (4 sales in February as well). There were 6 condominium sales from $189,500 - $549,000 (up from 3 sales in February). There were 2 undeveloped land sale in March from $225,000 - $250,000 (up from 1 sale in February). There were ZERO commercial sales in March (ZERO sales in February as well).
Our Take on the Central Vermont Real Estate Market:
Mud season in Vermont is also typically associated with a slower real estate market. Many second home buyers have been coming to the Mad River Valley for the past 15+ weekends for skiing and riding and aren’t jazzed to hop in the car for several hours to look at the modest inventory. Primary home sellers are likely trying to clean up the yard after a challenging plowing season with often less-than-frozen ground. Historically we start to see more inventory come on the market after there are leaves on the trees. We sure hope that is the case as our cupboard of real estate listing is sparse!
Are you in the market for a property here in the Mad River Valley and beyond? If so, the pros at MRVRE are here to help you stay informed with our fingers on the pulse of the real estate market. The inventory seems to ebb and flow just as the Mad River does between rain and snow events. Please reach out by phone or email whenever you’d like, and we can help you navigate these rough waters.
The current inventory in the Mad River Valley is down to 9 single family homes (12 this time last month), whole-ownership condominiums are down to 9 (11 this time last month), there are 15 undeveloped land parcels (15 this time last month as well), and 4 commercial properties (4 last month as well). That is 37 active listings across all sectors, down from 42 this time last month. In contrast, in the past calendar year there have been 65 single family home sales, 61 condominium sales, and 20 land sales.
Have you been on the fence wondering when the best time might be to sell your Vermont property? Our “selling season” used to be mostly June through October, but it has evolved into a year-round prime-time-to-sell. If you’re ready, so are we! Give us a call.
If you are a potential buyer, make sure you are tracking activity, or better yet contact us at (802) 496-5000 or info@mrvre.com and we can help you do that! Also make sure your finances are in order so that you can be poised to make a competitive offer, with or without financing. We can also help you find the right lender if needed. Check out our lender resources page: https://www.mrvre.com/area-resources/lending.
Historical Mad River Valley Real Estate to March 31, 2024:
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 March 31, 2024.
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 of Vermont Property Tax Transfer records and includes all sales above $20,000.
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.