2021 Mad River Valley Real Estate Market Recap
Posted on 1/27/2022 by David M. Dion
WOW!! Why you ask? Well because 2021 was an extra-ordinarily busy year for real estate in the Mad River Valley. And amazingly, it was even crazier than last year! Well whatever crazy stories you have for 2021 we at Mad River Valley Real Estate MRVRE hope your 2022 is off to a great start!
And speaking of start, the ski season in Vermont got off to a rather lackluster start. But fortunately last week Mother Nature blessed us with a blanket of snow and now the Mad River Valley is a winter wonderland. And now the skiing is first rate! All three ski mountains (Lincoln Peak, Mount Ellen, and Mad River Glen have active websites and webcams to keep us in the know so check them out!
2021 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 Webcam, 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 the comfort of your own computer or smartphone. 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 Shaw's and Mehuron's markets for allowing us safe access to groceries.
If hindsight is 20-20 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 2021 will show a record volume of real estate sales in the Mad River Valley.
Mad River Valley Real Estate was proud to breathe new life into the Mad River Valley Housing Coalition with a $1,000.00 contribution to kick off their fund-raising campaign. David Dion was one of the founders of the organization back in the late 1980’s and engaged in a myriad of activities to bring affordable housing to the Mad River Valley Community. Let’s all please support this worthwhile cause.
Other agents at MRVRE have a long history of participating in extra-ordinary real estate transactions (and adventures!) and 2021 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! Well, at least by this author’s standards!
Partner Erik Reisner brokered a blistering $15,400,000 in real estate sales and was the highest producing agent in total dollar volume of sales for all of Washington County! He was also the highest producing agent in the Mad River Valley both in total dollar volume of sales and total number of units sold. (Source: New England Real Estate Network, Inc. for the year 2021). 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 his supportive family too!) for contributing his valuable and critically needed 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. Additionally, both David and Erik are in the top five highest producers for Washington County. (source: New England Real Estate Network, Inc. for the period 2001 – 2021). When not selling real estate, David continues to make great progress on his farm and eco-lodge in the Turrubares Mountains of Costa Rica. www.fincamontegalan.com. The very latest news is his over 1,000 coffee plants are finally producing coffee cherries! He is also travelling extensively now and currently working on the purchase of an olive tree plantation in the rural village of Haskoy, Turkey.
Office Manager Brent Adams keeps the daily affairs of MRVRE running smoothly and also has his real estate license. If you call the office or stop in then Brent is the one you will meet. 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 Valley Players Theater.
Agent Brian Kitchens burst onto the Mad River Valley Real Estate scene two years ago and is quickly making his mark by brokering over $5mm in sales last year. And that’s just in the Mad River Valley! Indeed, Brian’s sales have taken him to Calais, Jericho and even Panton Vermont. Brian comes to MRVRE from Encore Realty in Boston where he was an owner/partner.
Most importantly, we were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2021. To all who helped MRVRE along the way, a huge THANK YOU!
Speaking of all who helped MRVRE along the way it is with great sadness we mention the passing of attorney Willem Jewett a few weeks ago. Willem was such an inspiration to all of us at MRVRE with his unique ability to collaborate and solve some of our sometimes delicate real estate related challenges, and always with a smile and a bit of humor. Willem’s laughter was infectious! Willem will be greatly missed, but he assured us before his passing that he will continue to watch over all of us at MRVRE.
Following is a recap of the 2021 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 01/01/21 – 12/31/21). 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 2021 there were a total of 277 MLS reported real estate sales (just slightly down from 284 sales in 2020, 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 in the Mad River Valley is continuing to be very strong.
There were 104 single family residential sales ranging from $52,400 to $3,450,000 (down from 117 sales in 2020, 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 (01 sales in 2020, 03 sales in 2019, 02 sales in 2018 and 02 sales in 2017)
03 @ $100,000 - $199,000 (04 sales in 2020, 01 sales in 2019, 10 sales in 2018 and 11 sales in 2017)
15 @ $200,000 - $299,000 (18 sales in 2020, 27 sales in 2019, 24 sales in 2018 and 31 sales in 2017)
17 @ $300,000 - $399,000 (33 sales in 2020, 23 sales in 2019, 22 sales in 2018 and 24 sales in 2017)
12 @ $400,000 - $499,000 (17 sales in 2020, 17 sales in 2019, 04 sales in 2018 and 08 sales in 2017)
15 @ $500,000 - $599,000 (09 sales in 2020, 09 sales in 2019, 07 sales in 2018 and 06 sales in 2017)
09 @ $600,000 - $699,000 (07 sales in 2020, 06 sales in 2019, 04 sales in 2018 and 01 sales in 2017)
05 @ $700,000 - $799,000 (10 sales in 2020, 03 sales in 2019, 03 sales in 2018 and 02 sales in 2017)
27 @ > $800,000 (18 sales in 2020, 06 sales in 2019, 03 sales in 2018 and 03 sales in 2017)
109 condominium sales ranging from $62,500 to $1,125,000 (down from 118 in 2020, 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)
08 @ < $100,000 (12 sales in 2020, 28 sales in 2019, 31 sales in 2018 and 35 sales in 2017)
40 @ $100,000 - $199,000 (45 sales in 2020, 46 sales in 2019, 26 sales in 2018 and 41 sales in 2017)
32 @ $200,000 - $299,000 (25 sales in 2020, 15 sales in 2019, 16 sales in 2018 and 24 sales in 2017)
11 @ $300,000 - $399,000 (19 sales in 2020, 13 sales in 2019, 14 sales in 2018 and 08 sales in 2017)
08 @ $400,000 - $499,000 (06 sales in 2020, 04 sales in 2019, 03 sales in 2018 and 01 sales in 2017)
07 @ $500,000 - $799,000 (09 sales in 2020, 05 sales in 2019, 00 sales in 2018 and 00 sales in 2017)
03 @ > $800,000 (02 sales in 2020, 04 sales in 2019, 04 sales in 2018 and 01 sales in 2017)
55 land sales ranging from $47,500 - $1,065,000 (up from 49 sales in 2020, 25 sales in 2019, 33 sales in 2018, 20 sales in 2017, 20 sales in 2016 and 23 sales in 2015).
17 @ < $100,000 (23 sales in 2020, 13 sales in 2019, 13 sales in 2018 and 13 sales in 2017)
18 @ $100,000 - $199,000 (14 sales in 2020, 08 sales in 2019, 16 sales in 2018 and 07 sales in 2017)
11 @ $200,000 - $300,000 (03 sales in 2020, 02 sales in 2019, 03 sales in 2018 and 00 sales in 2017)
05 @ $300,000 - $400,000 (05 sales in 2020, 01 sales in 2019, 01 sales in 2018 and 00 sales in 2017)
01 @ $400,000 - $499,000 (02 sales in 2020, 00 sales in 2019, 00 sales in 2018 and 00 sales in 2017)
04 @ >$500,000 (02 sales in 2020, 01 sales in 2019, 00 sales in 2018 and 00 sales in 2017)
09 commercial sales (01 sale in 2020, 02 sales in 2019, 04 sales in 2018, 03 sales in 2017)
Folks, some of these numbers are very striking to consider. For example, the number of residential sales at over $800,000 has historically been very low with as few as 3 sales in 2017 and 2018. However, last year there were 27 sales! This tells us the luxury market in our region has finally awakened after too many years of lackluster performance. If you are the owner of a luxury home in the Mad River Valley there has never been a better time in history to be offering your home for sale.
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 still at a discount from 2005 values. The land market has made very good gains in the past few years and there are still a few good opportunities out there right now.
The biggest take-away from the above statistics is homes and condominiums in every segment of the market are seeing extra-ordinarily strong buyer interest and record sale prices. As a result, inventory is at its lowest ever. If you own real estate in the Mad River Valley then without question this is absolutely the best time to be considering a sale.
Please 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.
Presently there are 12 single family residential properties for sale (down from 33 at this time last year, 62 in 2020, 77 in 2019, 82 in 2018, 88 in 2017, 113 in 2016 and 140 in 2015) and with 7 of those 12 properties under contract. This trend is a clear indication the inventory is very low and the market is in need of properties for sale.
Today there are 16 condominiums for sale (down from 30 at this time last year) and with 10 under contract. The condominium inventory is also at historic lows. If you are a prospective condo seller, this is certainly the best time to contact us for a market evaluation.
There are 22 parcels of land for sale (down from 54 last year) with 15 under contract. The inventory has finally come down from the great over-supply we have been dealing with. This segment of the market is finally seeing a strong 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 ever in the Mad River Valley.
From all of us at MRVRE best wishes for a happy, healthy and prosperous 2022!