Posted on 1/29/2019 by Erik H. Reisner
At Mad River Valley Real Estate MRVRE we hope your 2019 is off to a great start! The very good news is all three ski mountains (Lincoln Peak, Mount Ellen, and Mad River Glen have a solid base of snowpack to work with. Despite the obligatory January thaw to start the month, a couple of significant storms have produced some exceptional skiing.
2018 was a very exciting year at Mad River Valley Real Estate (formerly David M. Dion Real Estate). We continue to grace the back cover of the always popular Waitsfield Telecom telephone book and continue to sponsor the Mad River Glen Webcam, including a brand-new webcam at the Birdcage! We also have a web cam strategically placed on the eastern side of the Mad River Valley and looking toward the Green Mountains. Now you can see real live up to the moment weather from your computer or smartphone. Check it out here MRVRE Webcam
Agents at MRVRE have a long history of participating in extra-ordinary real estate transactions and 2018 was no exception. Following are a few highlights:
MRVRE represented either the buyer or seller in three of the five highest sales in the Mad River Valley. This continues our tradition of representing outstanding properties in the community.
MRVRE represented purchasers in a transaction wherein the sale price was 49% below the original asking price! This is a great example of how MRVRE representation as a buyer’s agent can significantly influence the buyer’s side of the transaction!
Partner Steve Robbins enjoyed another busy year including a sale of $1,000,000 or more for the 2nd year in a row, a rarity in the Mad River Valley. After 20 years in business, 2018 was Steve’s personal best for volume sales. Steve also continues his volunteer work with the Moretown Recreation Committee including upkeep and improvement of trails on the town forest.
Partner Erik Reisner brokered a blistering 35 transactions totaling over $8,600,000 in sales and was the top producing agent in the Mad River Valley in 2018!. Not bad for the youngest broker/owner in the region. Erik also continues his extra-ordinary contribution to the community by serving as a tireless volunteer for the Mad River Valley Ambulance Service and serves on their board of directors. A huge thanks to Erik, and to his family for supporting this valuable volunteerism.
Partner David Dion continues to enjoy both the most units sold and highest dollar volume of sales in the Mad River Valley since statistics started being recorded (based on information from the New England Real Estate Network, Inc. for the period 1998 – 2018). When not selling real estate, he continues to make great progress with his Costa Rican Partner in the development of Finca Monte Galan, an eco-ranch in the Turrubares Mountains of Costa Rica.
Office Manager Brent Adams keeps the daily affairs of MRVRE running smoothly and also has his real estate license. If you call Monday – Friday, Brent is usually the one answering the phone. We pride ourselves with a high level of personal service and this starts with Brent. When not in the office Brent can be seen volunteering at the local food shelf or attending appearances with his daughter Shannon who is Miss VT’s Outstanding Teen.
Most importantly, we were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2018. To all who helped MRVRE along the way, a huge THANK YOU!
Following is a recap of the 2018 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, (information from the Northern New England Real Estate Network, Inc. for the period 01/01/18 – 12/31/18). 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 2018 there were a total of 206 MLS reported real estate sales (down from 217 sales in 2017, 175 sales in 2026 and 171 sales in 2015).
79 residential sales ranging from $30,000 to $962,980 (88 sales in 2017, 79 sales in 2016, 86 sales in 2015 and 75 sales in 2014).
02 @ < $100,000 (02 sales in 2017, 04 sales in 2016 and 04 sales in 2015)
10 @ $100,000 - $199,000 (11 sales in 2017, 16 sales in 2016 and 09 sales in 2015)
24 @ $200,000 - $299,000 (31 sales in 2017, 25 sales in 2016 and 29 sales in 2015)
22 @ $300,000 - $399,000 (24 sales in 2017, 13 sales in 2016 and 19 sales in 2015)
04 @ $400,000 - $499,000 (08 sales in 2017, 08 sales in 2016 and 09 sales in 2015)
07 @ $500,000 - $599,000 (06 sales in2017, 05 sales in 2016 and 04 sales in 2015)
04 @ $600,000 - $699,000 (01 sales in 2017, 04 sales in 2016 and 06 sales in 2015)
03 @ $700,000 - $799,000 (02 sales in 2017, 01 sales in 2016 and 01 sales in 2015)
03 @ > $800,000 (03 sales in 2017, 03 sales in 2016 and 05 sales in 2015)
94 condominium sales ranging from $43,000 to $970,000 (down from 109 sales in 2017, 74 sales in 2016, 59 sales in 2015 and 57 sales in 2014)
31 @ < $100,000 (35 sales in 2017, 23 sales in 2016 and 14 sales in 2015)
26 @ $100,000 - $199,000 (41 sales in 2017, 29 sales in 2016 and 27 sales in 2015)
16 @ $200,000 - $299,000 (24 sales in 2017, 12 sales in 2016 and 12 sales in 2015)
14 @ $300,000 - $399,000 (08 sales in 2017, 08 sales in 2016 and 04 sales in 2015)
03 @ $400,000 - $499,000 (01 sale in 2017, 01 sale in 2016 and 02 sales in 2015)
00 @ $500,000 - $799,000(00 sales in 2017, 00 sales in 2016 and 00 sales in 2015)
04 @ > $800,000(01 sale in 2017, 01 sale in 2016 and 01 sale in 2015)
33 land sales ranging from $10,000 - $325,000 (20 sales in 2017, 20 sales in 2016 and 23 sales in 2015).
13 @ < $100,000 (13 sales in 2017, 15 sales in 2016 and 08 sales in 2015)
16 @ $100,000 - $199,000 (07 sales in 2017, 03 sales in 2016 and 11 sales in 2015)
03 @ $200,000 - $300,000 (00 sales in 2017, 04 sales in 2016 and 01 sales in 2015)
01 @ $300,000 - $400,000 (00 sales in 2017, 00 sales in 2016 and 02 sales in 2015)
00 @ $400,000 - $499,000 (00 sales in 2017, 00 sales in 2016 and 01 sales in 2015)
00 @ >$500,000 (00 sales in 2017, 00 sales in 2016 and 00 sales in 2015)
04 commercial sales (03 sales in 2017, 04 sales in 2016 and 03 sales in 2015)
Check out our website at www.mrvre.com and click on “blog” to see some very insightful graphs depicting the Mad River Valley real estate market.
The luxury and hospitality (lodge, B&B, Inn, restaurant) markets continue to show the greatest weakness in sales. As a result, these areas offer some of the very best buying opportunities with some sales at close to 30% discount from 2005 values. The land market has made modest gains after several flat years, but this segment of the market is still most challenging for sellers. As a result, there are many great land opportunities out there right now. Homes in the $100,000 - $400,000 price range and condominiums in the under $300,000 price range are seeing by far the greatest sale activity. This is the area of the Mad River Valley real estate market wherein property values are appreciating again.
Presently there are 77 single family residential properties for sale (down from 82 at this time last year, 88 in 2017, 113 in 2016 and 140 in 2015) with 6 of those properties under contract. This is a clear indication the inventory if finally getting down to more normal supply/demand levels.
Today there are 80 condominiums for sale (86 at this time last year) with 10 under contract. However, 20 of the 63 available condos are ¼ fractional ownership units. So, the condo inventory is actually at near-historic lows for full-ownership opportunities. If you are a prospective condo seller, this might be a good time to contact us for a free market analysis.
There are 92 parcels of land for sale (down from 94 last year) with 5 under contract. While the inventory has come down a bit for undeveloped land, the market is still a bit sluggish for undeveloped land sales.
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.
From all of us at MRVRE best wishes for a happy, healthy and prosperous 2019!