Posted on 6/14/2021 by Erik H. Reisner
IT’S OFFICIAL!: 80% of Vermont’s population has been vaccinated! All restrictions will be lifted as of Midnight 6/15/2021! We are proud to be the first state in the country to meet this milestone. Once again, Vermont has led the way through the COVID-19 Pandemic. We’ve also had our first heat wave. While that has come and gone, the real estate market continues to swelter.
Recreation and the forecast:
The Mad River has been stocked with rainbow trout, the mountain bike trails are open and constantly being expanded, and the swimming holes are starting to see activity. While the water is still very cool, the real estate market continues to be as hot as ever. Supply continues to be low with continued high demand. If we could only stock houses, condos and land like rainbow trout. There are a lot of buyers “fishing” for property, but with regular multiple offer situations, only a select few are “catching.”
Now onto the market update:
Currently there are 19 single family homes under contract or pending sale in the price range of $59,900 - $3,950,000 (up from 16 last month, and down from 19 two months ago), 12 condominiums under contract or pending sale priced from $149,000 - $499,000 (down from 18 last month, and 16 two months ago), 9 undeveloped land parcels under contract or pending sale from $60,000 - $899,000 (down from 15 last month, and 16 two months ago), and 3 commercial properties under contract or pending sale from $160,000 - $975,000 (up from 1 last month, and matching the 3 two months ago).
There were 10 single family home sales in March 2021 from $269,000 - $1,200,000 (up from 3 sales in February). There were 9 condominium sales from $96,750 - $214,000 (up from 5 sales in February). There were 10 undeveloped land sales in March of 2021 from $68,000 - $355,000 (up from 8 sale in February). There was 1 commercial sale in March 2021 (No sales in February).
Our Take on the Central Vermont Real Estate Market:
We have started to see a very slight increase in listings coming to market. However, many are lasting just days with multiple offers becoming more common than we’ve ever seen, and sometimes the number of offers can reach double digits!
The current inventory in the Mad River Valley is up to 15 single family homes (9 this time last month), 4 whole-ownership condos (6 this time last month), and 22 undeveloped land parcels (same as last month). In contrast, in the past calendar year there have been 133 single family home sales, 135 condo sales, and 72 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 that 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 March 31, 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 March 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.