Posted on 12/15/2021 by Erik H. Reisner
The ski and snowboard season is upon us! Sugarbush is open with 19 trails while Mad River Glen has suspended mid-week operations but will have the practice slope reopened by this weekend. The weather has been unseasonably warm which makes snowmaking a challenge, and we haven’t received much natural snow to slide on yet. The real estate market also remains unseasonably warm! While inventory is at historic lows, there are still many, many buyers actively searching for their piece of Vermont. All of us at Mad River Valley Real Estate would like to wish you a happy and healthy Holiday Season.
Recreation and the forecast:
While the weather hasn’t cooperated with much natural snow, Sugarbush and Mad River Glen are making as much snow as possible when temperatures allow. Sugarbush has an impressive 19 trails open thanks to their robust snowmaking system. Mad River Glen has been doing their best with their somewhat limited snowmaking capacity. Both mountains would love to get some natural snow for Christmas! In the meantime, folks are taking advantage of the mild temperatures by running and riding bicycles to strengthen their legs for skiing and riding.
Now onto the market update:
Currently there are 12 single family homes under contract or pending sale in the price range of $79,900 - $1,099,000 (down from 18 last month, and 28 two months ago), 9 condominiums under contract or pending sale priced from $112,900 - $625,000 (up from 7 last month, and down from 15 two months ago), 14 undeveloped land parcels under contract or pending sale from $50,000 - $489,000 (up from 13 last month, and 8 two months ago), and 2 commercial properties under contract or pending sale from $74,400 - $295,000 (2 last month, 3 two months ago).
There were 9 single family home sales in September 2021 from $270,000 - $1,700,000 (down from 15 sales in August). There were 8 condominium sales from $138,000 - $721,430 (down from 9 sales in August). There was 1 undeveloped land sale in September of 2021 for $265,000 (down from 4 sale in August). There were 2 commercial sales in September 2021 from $160,000 - $315,000 (zero sales in August).
Our Take on the Central Vermont Real Estate Market:
The Holiday Season is here and all we want for Christmas is some more listings! We have never seen inventory this low EVER. Properties are coming on here and there, but many disappear in a matter of hours or days. The “supply chain” issue is very real for the Vermont real estate industry. It is an historic opportunity for sellers, and a massively competitive market for buyers. We do not see this trend changing anytime soon. So whether you are a seller or a buyer, buckle up for ongoing bidding wars.
The current inventory in the Mad River Valley is down to 6 single family homes (9 this time last month), 6 whole-ownership condos (9 this time last month), and 15 undeveloped land parcels (15 this time last month). In contrast, in the past calendar year there have been 102 single family home sales, 110 condo sales, and 58 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. Or have some “creative” solutions to be able to waive a financing contingency. 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 September 30, 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 September 30, 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.