Posted on 8/17/2021 by Erik H. Reisner
(Corrected 08/18/21) The Mad River Valley has had another heat wave causing everyone to flock to their favorite swimming hole. The real estate market continues to remain hot with continued historic low inventory. Lots of folks are packing in one last vacation get away before school resumes in a few weeks. We anticipate that the real estate market will remain very competitive for buyers for the foreseeable future with limited inventory and low interest rates.
Recreation and the forecast:
Summer isn’t over yet! There is still plenty of time to come up to the Mad River Valley to enjoy all of the recreation opportunities. Maybe a peak to peak hike along the Long Trail? Or explore some of the incredible mountain bike terrain? No time like the present to get to work on strengthening your ski legs! There are also lots of great swimming holes around to cool yourself down (not just Warren Falls!). If you’re in the hunt for a real estate purchase, be ready to act swiftly and strongly as the demand continues to outpace the supply.
Now onto the market update:
Currently there are 24 single family homes under contract or pending sale in the price range of $79,900 - $3,950,000 (up from 22 last month, and 19 two months ago), 13 condominiums under contract or pending sale priced from $75,000 - $439,000 (down from 15 last month, and up from 12 two months ago), 11 undeveloped land parcels under contract or pending sale from $50,000 - $575,000 (up from 6 last month, and 9 two months ago), and 3 commercial properties under contract or pending sale from $365,000 - $975,000 (same as last month, as well as 2 months ago).
There were 6 single family home sales in May 2021 from $264,000 - $1,335,000 (down from 8 sales in April). There were 15 condominium sales from $74,000 - $517,500 (up from 8 sales in April). There were 3 undeveloped land sales in May of 2021 from $47,500 - $1,065,000 (down from 5 sale in April). There were zero commercial sales in May 2021 (1 sale in April).
Our Take on the Central Vermont Real Estate Market:
We’re still seeing inventory coming onto the market here and there, but not fast enough to keep up with the current demand. For the most part, single family homes, condos, and even some land parcels are scooped up in a matter of hours or days. Properties that are priced within reason are often getting multiple offers driving the prices even higher!
However, this is definitely not the case with properties in excess of $500,000. As asking prices increase we are continuing to see distinctly less buyer activity. This is not a function of the quality of the property, but more a function of our seeing less buyer demand in that segment of the market. Overall, we are definitely seeing increased buyer interest in the luxury segment of the market.
The current inventory in the Mad River Valley is up to 14 single family homes (12 this time last month),7 whole-ownership condos (6 this time last month), and 20 undeveloped land parcels (26 last month). In contrast, in the past calendar year there have been 118 single family home sales, 138 condo sales, and 71 land sales!
If you are a buyer actively searching in this ultra-competitive market, be sure to have your ducks in a row with your financing and down-payment. Also be sure to be connected with an agent who is ready, willing, and able to keep you in the loop as properties come to market. HINT, HINT, we’re really good at that!
If you own property and are contemplating selling, this is literally the best time EVER to bring your property to market! Let us provide you with a complimentary market analysis. We think you’ll be pleasantly surprised with the results!
Historical Mad River Valley Real Estate to May 31st, 2021:
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 May 31, 2021.
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. 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.