Posted on 10/14/2021 by Erik H. Reisner
Foliage season here in the Mad River Valley did not disappoint this year. It appears the peak was perfectly timed with the long holiday weekend. Visitors from near and far flocked to Vermont to take in some amazing colors. Similarly, buyers trying to move to Vermont and within the state are jumping on any opportunity they can when new listings come on the market. There are more real estate agents (1,900+) than residential properties for sale (1,210) in the State of Vermont, and there are vastly more buyers than real estate agents!
Recreation and the forecast:
We are currently experiencing very mild temperatures making it a great time to take scenic bike rides or runs on the back roads while taking in the majestic views and foliage. It’s a great time to hike to the top of your favorite peak to take in multitude of colors across the Vermont landscape. Burnt Rock is one of my personal favorites. The views are worth the effort, I promise! If you are actively in the market, be sure to keep your smartphone charged, and have your search saved on your favorite real estate website, as when properties get listed, they don’t generally last long.
Now onto the market update:
Currently there are 28 single family homes under contract or pending sale in the price range of $79,900 - $2,250,000 (up from 25 last month, and 24 two months ago),15 condominiums under contract or pending sale priced from $75,000 - $1,069,000 (down from 21 last month, and 13 two months ago), 8 undeveloped land parcels under contract or pending sale from $39,000 - $349,000 (down from 12 last month, and 9 two months ago), and 3 commercial properties under contract or pending sale from $295,000 - $975,000 (up from 2 last month, 3 two months ago).
There were 6 single family home sales in July 2021 from $325,000 - $885,000 (down from 10 sales in June). There were 10 condominium sales from $105,000 - $620,000 (also 10 sales in June). There was 1 undeveloped land sale in July of 2021 for $190,000 (down from 7 sales in June). There was 1 commercial sale in July 2021 for $150,000 (zero sales in June).
Our Take on the Central Vermont Real Estate Market:
As the leaves fall off the trees we generally see fewer properties come to market and this year is no different. Buyer interest also historically wains this time of year, but that is definitely not the case this year. Almost every property that gets listed gets double-digit showings in days, and often several competing offers to boot.
The current inventory in the Mad River Valley is down to 8 single family homes (11 this time last month), 8 whole-ownership condos (6 this time last month), and 19 undeveloped land parcels (same as last month). In contrast, in the past calendar year there have been 105 single family home sales, 127 condo sales, and 66 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 July 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 July 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.