Posted on 4/30/2020 by Erik H. Reisner
This blog post will be updated on a monthly basis 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.
As spring is starting to arrive here in the Mad River Valley, we are still navigating our path through the COVID-19 pandemic.
The MRVRE Team is currently working remotely as much as possible with the exception of our office manager Brent Adams. We are permitted to staff up to two people in our office at any given time, Brent and one agent or partner.
We are now allowed to show property but are limited to one-on-one in-person meetings and showings. As of now, out of state consumers are required to quarantine in place for 14 days before looking at property, grocery shopping, etc…
Now onto the market update:
Currently there are 13 single family homes under contract or pending sale in the price range of $199,000 - $750,000 (down from 16 this time last month), 3 condominiums under contract or pending sale priced from $115,000 - $630,000 (down from 6 last month), 6 undeveloped land parcels under contract or pending sale from $99,000 - $1,100,000 (up from 4 this time last month), and Zero commercial properties under contract (same as last month).
There were 2 single family home sales in March 2020 (up from Zero sales in February). Condo sales were up dramatically with 10 condominium sales from $65,000 - $415,000 (up from 1 sale in February). There were Zero undeveloped land sales in March of 2020 (2 sales in February). There were no commercial sales in March (no sales in February).
Where will the market go from here? As they say; “time will tell.” We are already fielding calls from out-of-state buyers looking to buy a second home/condo or possibly move to the Mad River Valley permanently. Last month we predicted this may happen!
One of the issues moving forward is inventory. The stock of single family homes and condos is quite low based on historic numbers. For buyers that means you should be in close contact with your favorite local agent to make sure you are kept in the loop on any new inventory.
For perspective sellers, this is the time to contact MRVRE for a free market analysis to determine if this is the right time to list your property.
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 February 29, 2020.
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.