2024 February - Mad River Valley Real Estate Driven by Data
Posted on 2/13/2024 by Erik H. Reisner
In Brief:
The shortest month of the year is one day longer this year, but that didn’t stop Punxsutawney Phil from predicting an early spring this year. But we’re not going to leap to conclusions on the weather forecast based on a groundhog’s opinion! Recently there has been a slight rise in residential and condo listings, but we’re fairly confident in predicting that there will continue to be more demand than supply for the foreseeable future.
Recreation and the forecast:
If you’re in southern New England, you may be digging out from a significant nor’easter. Unfortunately, it didn’t make its way north to the Mad River Valley. There is no significant snow predicted in the immediate forecast and we’re heading into one of the busiest weeks for Sugarbush Resort and Mad River Glen: President’s Week. The conditions are somewhat fast and firm for sure with no “powder” to be found after a recent warm up. But the snowpack is relatively good, just make sure your skis and boards are well-tuned for the conditions. Still lots of fun to be had out there.
Now onto the market update:
Currently there are 6 single family homes under contract or pending sale in the price range of $79,900 - $1,200,000 (down from 9 last month, 7 two months ago), 7 whole-ownership condominiums under contract or pending sale priced from $300,000 - $700,000 (7 last month and 5 two months ago), ZERO undeveloped land parcels under contract (2 last month, and 1 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 7 condos and 3 of the 6 single family homes were listed after January 1, 2024. While it’s historically a slower time of year for sales, there are clearly still active buyers in the marketplace and acting quickly.
There were 4 single family home sales in January 2024 from $385,500 - $1,300,000 (4 sales in December 2023). There were 6 condominium sales from $190,000 - $625,000 (up from 2 sales in December). There was one undeveloped land sale in January for $250,000 (ZERO sales in December). There were ZERO commercial sales in January (ZERO sales in December 2023 as well).
Our Take on the Central Vermont Real Estate Market:
It was interesting to see a bump up in the inventory in January and early February, not the norm for this time of year, but we’ll take it! Of course, most of that inventory is already under contract which indicates that the market will continue to be strong for sellers as we approach spring. Our classic selling season runs June through October, so hopefully this increase in new listing inventory will continue as there are more than enough buyers that are anxious to establish roots here.
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 up to 13 single family homes (9 this time last month), whole-ownership condominiums are up to 5 (2 this time last month), there are 17 undeveloped land parcels (16 this time last month), and 4 commercial properties (4 last month as well). That is 39 active listings across all sectors, up from 33 this time last month. In contrast, in the past calendar year there have been 61 single family home sales, 58 condominium sales, and 23 land sales.
Have you been on the fence wondering when the best time might be to sell your Vermont property? We love talking real estate, have a firm grip on the market conditions, and are here for you when you are ready.
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 January 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 January 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. 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.?