Posted on 1/13/2015 by David M. Dion
All of us at Mad River Valley Real Estate (MRVRE) hope your year 2015 is off to a great start! This year the Mad River Valley was again blessed with a white Christmas and we have already enjoyed a great start to the winter recreation season.
2014 was a very exciting year at Mad River Real Estate (formerly David M. Dion Real Estate). The biggest news was the ascension to partner status for Steven Robbins and Erik Reisner. And that led to the strategic decision to change the name from David M. Dion Real Estate to Mad River Valley Real Estate. This branding strategy should prove to be very effective as we recognize the need to continually adapt to the rapidly changing world of online promotion.
The Sugarbush and Mad River Valley experienced robust sale activity in 2014 and we are hopeful for continued recovery from the very challenging years of 2008 - 2012. MRVRE has a long history of participating in extra-ordinary real estate sales and 2014 was no exception. Following are a few highlights:
MRVRE participated in 4 of the 10 highest single family residential sales in the Mad River Valley with one additional home under contract of sale due to close in January of 2015 and with a last asking price of $2,995,000.
MRVRE listed and sold 4 homes in the South Hill Road area of Moretown/Waitsfield. Two other non-MRVRE homes still for sale are listed with other real estate offices.
David is now harvesting over 40 perennial food crops at his farm in Costa Rica including banana, coffee, cacao, mango and orange. Ok maybe that has nothing to do with MRVRE sales but we're rather excited about it anyway!
Most importantly, we were all blessed with many wonderful new relationships forged in 2014. To all who helped MRVRE along the way, a huge thank you!
Following is a recap of the 2014 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, and based on information from the Northern New England Real Estate Network, Inc. for the period 01/01/14 - 12/31/14 (Please call or write if you are interested in a recap of real estate in specific areas outside of the Mad River Valley):
**In 2014 there were a total of 156 MLS reported real estate sales (up from 125 sales in 2013).
75 residential sales ranging from $89,000 to $765,000 (up from 72 sales last year).
|02 @||< $100,000||(04 sales in 2013)|
|14 @||$100,000 - $199,000||(18 sales in 2013)|
|26 @||$200,000 - $299,000||(21 sales in 2013)|
|16 @||$300,000 - $399,000||(17 sales in 2013)|
|10 @||$400,000 - $499,000||(04 sales in 2013)|
|03 @||$500,000 - $599,000||(03 sales in 2013)|
|03 @||$600,000 - $699,000||(03 sales in 2013)|
|01 @||$700,000 - $799,000||(00 sales in 2013)|
|00 @||> $800,000||(02 sales in 2013)|
60 condominium sales ranging from $30,000 to $1,100,000 (61 sales last year).
|22 @||< $100,000||(19 sales in 2013)|
|19 @||$100,000 - $199,000||(20 sales in 2013)|
|11 @||$200,000 - $299,000||(17 sales in 2013)|
|03 @||$300,000 - $399,000||(03 sales in 2013)|
|06 @||> $400,000*||(02 sales in 2013)|
*1 Rice Brook Condominium sale at $805,000 was not recorded in the area MLS.
16 land sales ranging from $37,500 - $1,100,000 (20 sales last year).
|05 @||< $100,000||(08 sales in 2013)|
|06 @||$100,000 - $199,000||(06 sales in 2013)|
|04 @||$200,000 - $300,000||(02 sales in 2013)|
|00 @||$300,000 - $400,000||(00 sales in 2013)|
|00 @||$400,000 - $499,000||(00 sales in 2013)|
|01 @||>$500,000||(01 sales in 2013)|
1 commercial sale at $310,000 located at the intersection of Route 100 and Bragg Hill.
The good news is despite some regional and national economic challenges real estate continues to sell in the Mad River Valley. Mortgage rates are still near historic lows (3.125% interest for a fifteen year fixed rate on a primary home) and real estate continues to be by far one of the best hedges against inflation.
The luxury and hospitality (lodge, B&B, Inn, restaurant) markets have shown the greatest weakness in sales. This was also the case in 2013. As a result, these segments of the market (typically over $500,000) offer some of the very best buying opportunities. Additionally, the land market continues to languish with only 16 sales (there should be 30 or more sales a year). As a result, there are many great land opportunities out there right now. Homes in the $200,000 - $400,000 price range and condominiums in the $100,000 - $300,000 price range are seeing by far the greatest sale activity.
Presently there are 140 single family residential properties for sale (down from 147 at this time in 2014) with 16 under contract, 125 condominiums for sale with 5 under contract, and 108 parcels of land for sale with 5 under contract. 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 seem to be making the most prudent buying and selling decisions in the Mad River Valley. And it's no coincidence that at MRVRE our mission is to provide the highest level of professional service in order for our clients to make informed real estate and financial decisions. We are proud to state we consistently get results that move you!
Please visit our real estate blog for monthly updates on real estate activity and of course do not hesitate to call or write anytime with your questions or comments.
From all of us at MRVRE best wishes for a happy, healthy and prosperous 2015!