2020 Mad River Valley Real Estate Market Recap
Posted on 1/20/2021 by David M. Dion
Wow 2020 what a crazy year! And no doubt a year many are happy to see in their rearview mirror. But that’s all behind us now and at Mad River Valley Real Estate MRVRE we hope your 2021 is off to a great start!
Speaking of “start” the ski season in Vermont got off to a rather lackluster start. But Mother Nature never served up her classic January thaw and last weekend the Mad River Valley was blessed with a thick blanket of the white fluffy stuff. And now the skiing is great! All three ski mountains (Lincoln Peak, Mount Ellen, and Mad River Glen have active websites and webcams to keep us in the know so stay tuned!
2020 was another very exciting year at Mad River Valley Real Estate. MRVRE continues to sponsor WiFi service to the public in the Bridge Street Marketplace, Mad River Valley Recreation Field and Warren Village. MRVRE also continues to sponsor the Mad River Glen Webcams, including a new webcam at the Birdcage. We also have a web cam on the eastern side of the Mad River Valley and looking toward the Green Mountains (huge thanks to Lori Bottom and David Tanzer!). Now you can see the weather live from your computer or smartphone and you can check it out here: MRVRE Webcam
We are especially proud of the way Sugarbush Resort and Mad River Glen are handling the pandemic by continuing to provide a safe skiing experience. Thanks also go to the many local businesses who are following the Covid protocols and especially Shaws and Mehuron's markets for allowing us safe access to groceries.
If hindsight is 2020 then despite the pandemic (or perhaps because of it) Mad River Valley real estate could not have been busier, nor better prepared! Overall real estate values rose quite rapidly and in a very short period of time so staying on top of it was no easy feat. When the numbers finally settle out there is no doubt 2020 will show a record volume of real estate sales in the Mad River Valley.
Agents at MRVRE have a long history of participating in extra-ordinary real estate transactions (and adventures!) and 2020 was no exception. Following are a few highlights:
Partner Steve Robbins enjoyed a very busy year in real estate sales. Steve also continued with his volunteer work on the Moretown Recreation Committee including upkeep and improvement of trails in the Moretown Town Forest. But the highlight for Steve may have been putting his Steve’s Backyard Red artisanal beer on the shelves of Lawson’s Finest Liquids. This is arguably the finest red ale on the market today!
Partner Erik Reisner brokered a blistering $13,000,000 in sales and was the second highest producing agent in the Mad River Valley! (Source: New England Real Estate Network, Inc. for the year 2020). 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. A huge thanks to Erik, and to his family too 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 (source: New England Real Estate Network, Inc. for the period 1998 – 2020). When not selling real estate, David continues to make great progress onhis farm and eco-lodge in the Turrubares Mountains of Costa Rica. www.fincamontegalan.com
Office Manager Brent Adams keeps the daily affairs of MRVRE running smoothly and also has his real estate license. If you call the office Brent is usually the one answering. We pride ourselves with a high level of personal service and it all begins with Brent. When not in the office Brent can be seen occasionally stepping onto the stage at the Valley Players Theater.
Agent Brian Kitchens burst onto the Mad River Valley Real Estate scene last year and is quickly making his mark. Notable was the successful sale of the only known commercial transaction to take place in the Mad River Valley in 2020. Brian comes to MRVRE from Encore Realty in Boston where he was an owner/partner.
Late in the year MRVRE was very fortunate to bring agent Randall Lyons on board to our dedicated team of real estate professionals. Randall has a Bachelor of Arts from Florida State University and majored in Media Production. After moving to Vermont in 2010 Randall was for many years widely considered the Mad River Valley’s friendliest bartender while serving up libations at the Hyde Away.
Most importantly, we were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2020. To all who helped MRVRE along the way, a huge THANK YOU!
Following is a recap of the 2020 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, (source: Northern New England Real Estate Network, Inc. for the period 01/01/20 – 12/31/20). 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 2020 there were a total of 284 MLS reported real estate sales (up from 237 sales in 2019, 206 sales in 2018, 217 sales in 2017, 175 sales in 2016 and 171 sales in 2015). Clearly the overall real estate market is continuing an upward trend. But also notice every segment of the market is showing an overall increase in sales prices.
There were 117 single family residential sales ranging from $82,500 to $1,895,000 (up from 95 sales in 2019, 79 sales in 2018, 88 sales in 2017, 79 sales in 2016, 86 sales in 2015 and 75 sales in 2014).
01 >$100,000 (03 sales in 2019, 02 sales in 2018, 02 sales in 2017 and 04 sales in 2016)
04 @ $100,000 - $199,000 (01 sales in 2019, 10 sales in 2018, 11 sales in 2017 and 16 sales in 2016)
18 @ $200,000 - $299,000 (27 sales in 2019, 24 sales in 2018, 31 sales in 2017 and 25 sales in 2016)
33 @ $300,000 - $399,000 (23 sales in 2019, 22 sales in 2018, 24 sales in 2017 and 13 sales in 2016)
17 @ $400,000 - $499,000 (17 sales in 2019, 04 sales in 2018, 08 sales in 2017 and 09 sales in 2016)
09 @ $500,000 - $599,000 (09 sales in 2019, 07 sales in 2018, 06 sales in 2017 and 05 sales in 2016)
07 @ $600,000 - $699,000 (06 sales in 2019, 04 sales in 2018, 01 sales in 2017 and 04 sales in 2016)
10 @ $700,000 - $799,000 (03 sales in 2019, 03 sales in 2018, 02 sales in 2017 and 01 sales in 2016)
18 @ > $800,000 (06 sales in 2019, 03 sales in 2018, 03 sales in 2017 and 03 sales in 2016)
118 condominium sales ranging from $65,000 to $950,000 (up from 115 sales in 2019, 94 sales in 2018, 109 sales in 2017, 74 sales in 2016, 59 sales in 2015 and 57 sales in 2014)
12 @ < $100,000 (28 sales in 2019, 31 sales in 2018, 35 sales in 2017 and 23 sales in 2016)
45 @ $100,000 - $199,000 (46 sales in 2019, 26 sales in 2018, 41 sales in 2017 and 29 sales in 2016)
25 @ $200,000 - $299,000 (15 sales in 2019, 16 sales in 2018, 24 sales in 2017 and 12 sales in 2016)
19 @ $300,000 - $399,000 (13 sales in 2019, 14 sales in 2018, 08 sales in 2017 and 08 sales in 2016)
06 @ $400,000 - $499,000 (04 sales in 2019, 03 sales in 2018, 01 sales in 2017 and 01 sales in 2016)
09 @ $500,000 - $799,000 (05 sales in 2019, 00 sales in 2018, 00 sales in 2017 and 00 sales in 2016)
02 @ > $800,000 (04 sales in 2019, 04 sales in 2018, 01 sales in 2017 and 01 sales in 2016)
49 land sales ranging from $11,000 - $1,075,000 (up from 25 sales in 2019, 33 sales in 2018, 20 sales in 2017, 20 sales in 2016 and 23 sales in 2015).
23 @ < $100,000 (13 sales in 2019, 13 sales in 2018, 13 sales in 2017 and 15 sales in 2016)
14 @ $100,000 - $199,000 (08 sales in 2019, 16 sales in 2018, 07 sales in 2017 and 03 sales in 2016)
03 @ $200,000 - $300,000 (02 sales in 2019, 03 sales in 2018, 00 sales in 2017 and 04 sales in 2016)
05 @ $300,000 - $400,000 (01 sales in 2019, 01 sales in 2018, 00 sales in 2017 and 00 sales in 2016)
02 @ $400,000 - $499,000 (00 sales in 2019, 00 sales in 2018, 00 sales in 2017 and 00 sales in 2016)
02 @ >$500,000 (01 sales in 2019, 00 sales in 2018, 00 sales in 2017 and 00 sales in 2015)
01 commercial sales (02 sales in 2019, 04 sales in 2018, 03 sales in 2017 and 04 sales in 2016)
Note the sale of the Yellow Farmhouse Inn was reported in the MLS as a residential sale.
Check out our website at www.mrvre.com and click on “blog” to see more in-depth analyses and some very insightful graphs depicting the Mad River Valley real estate market.
The commercial and hospitality (lodge, B&B, Inn, restaurant) markets continue to show the greatest weakness in sales. As a result, these segments of the market offer some of the very best buying opportunities with some sales at a 30% discount from 2005 values. The land market has made modest gains after several flat years but there are still many great land opportunities out there right now. Homes in the under $500,000 price range and condominiums in the under $300,000 price range are seeing by far the greatest sale activity and inventory is very low. This is the area of the Mad River Valley real estate market wherein property values have appreciated considerably.
Presently there are 33 single family residential properties for sale (down from 62 at this time last year, 77 in 2019, 82 in 2018, 88 in 2017, 113 in 2016 and 140 in 2015) and with 9 of those 33 properties under contract. This trend is a clear indication the inventory if finally getting down to where it is now clearly a seller’s market.
Today there are 30 condominiums for sale (down from 50 at this time last year) and with 8 under contract. However, 13 of the 30 available condos are ¼ fractional ownership units. So, the condo inventory is at historic lows for full-ownership opportunities. If you are a prospective condo seller, this is certainly the best time to contact us for a market evaluation.
There are 54 parcels of land for sale (down from 78 last year) with 18 under contract. The inventory has certainly come down for undeveloped land and the market may actually start to see an increase in value for the first time since 2008. Give us a call and we would be happy to explain in more detail.
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 2021!