Posted on 4/12/2022 by Erik H. Reisner
We’re quickly coming to the end of the ski season. Mad River Glen has stopped spinning their lifts, as has Sugarbush’s Mt. Ellen. Sugarbush’s Lincoln Peak will likely hang in there for a few more weeks. The real estate market continues to be, shall we say, interesting. Single family home inventory has essentially evaporated. We’ve seen a slight rise in condo inventory, but still at historic low levels, and I can count all of the undeveloped land inventory on one hand…
Recreation and the forecast:
It’s time to swap out your ski boots for hiking boots, kayaks, and bikes. It’s a funky time of year for outdoor recreation. Please stay off any muddy trails as too much traffic this time of year can cause extensive and expensive damage. Riding on the paved roads is also a challenge due to the sand and dirt that has accumulated on the shoulders throughout the winter. The rivers are running swiftly with the rapid snow melt, so leave the paddling to the most experienced water enthusiasts. This is also traditionally a slower time of year for real estate sales. As we transition from winter to spring many of the second home buyers have returned home and are temporarily focused on other things. But rest assured, they’ll be back! Our “typical” selling season for primary and vacation homes tend to ramp back up in late May.
Now onto the market update:
Currently there are 14 single family homes under contract or pending sale in the price range of $79,900 - $1,025,000 (up from 10 last month, and 6 two months ago), 24 condominiums under contract or pending sale priced from $75,000 - $1,099,500 (up from 14 last month, and 12 two months ago), 12 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (down from 19 last month, and 17 two months ago), and one commercial property under contract (0 last month, and 0 two months ago).
There were 4 single family home sales in January 2022 from $65,000 - $810,000 (down from 8 sales in December). There were 4 condominium sales from $120,000 - $450,000 (down from 10 sales in December). There were 5 undeveloped land sale in January of 2022 from $55,000 - $185,000 (down from 8 sale in December). There were 2 commercial sales in January 2022 from $74,400 - $290,000 (up from 1 sale in December).
Our Take on the Central Vermont Real Estate Market:
Spring is in the air and the “typical” selling season will be upon us in about a month. With the snowpack and ski season waning, a lot of the potential 2nd home/condo buyers have gone home as seasonal leases are coming to an end. Sellers, don’t worry, they’ll be back! Will the rise in interest rates effect the real estate market? Surely it will for some buyers, but the severe lack of inventory will still be the driving factor for the foreseeable future.
The current inventory in the Mad River Valley is down to ONE single family home! (3 this time last month), 6 whole-ownership condos (2 this time last month), and 5 undeveloped land parcels (5 this time last month as well). THAT IS 12 ACTIVE LISTINGS TOTAL ACROSS ALL SECTORS! In contrast, in the past calendar year there have been 92 single family home sales, 108 condo sales, and 51 land sales!
Are you at all considering selling your Vermont property? If so, whether it’s a home, condo, land, or commercial property: WE WANT TO HEAR FROM YOU! What is your “Make Me Move price?” You very well may be able to achieve that dream or possibly more! SERIOUSLY, WE NEED TO TALK!
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!
Historical Mad River Valley Real Estate to January 31, 2022:
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 January 31, 2022.
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.