Posted on 8/10/2022 by Erik H. Reisner
We are extremely relieved that the heat wave has come and gone. All of the swimming holes have been jam-packed with folks trying to keep cool. What hasn’t cooled much? The real estate market. The rising interest rates may have slowed the roll of some buyers, but we are still seeing a very competitive Seller’s Market in most cases.
Recreation and the forecast:
Last month I said we couldn’t complain about the weather. Well, I’m here to say the last few weeks were downright oppressively hot! Luckily the heat wave has broken and we’re back to moderate temperatures and sunny skies. There are just a few weeks before kids start going back to school, then comes the coveted foliage season, and soon after that SNOW. The next few months are prime for pre-winter recreation. Get out there and work those legs on foot or by pedal to get ready for ski season. If you’re searching for a home, condo, or land; you still need to be on top of your game and ready to pounce.
Now onto the market update:
Currently there are 25 single family homes under contract or pending sale in the price range of $79,900 - $2,775,000 (up from 17 last month, and 13 two months ago), 6 condominiums under contract or pending sale priced from $75,000 - $1,395,000 (down from 10 last month, and 12 two months ago), 5 undeveloped land parcels under contract or pending sale from $250,000 - $950,000 (down from 7 last month, and 11 two months ago), and Zero commercial properties under contract (zero last month, and 1 two months ago)
Regarding the properties that are currently under contract or pending sale, 7 single family homes were listed after July 1st that are now pending, 1 condo came on the market after July 1st that is now pending. So, we continue to see some new inventory, but it’s generally not lasting very long.
There were 8 single family home sales in May 2022 from $250,000 - $975,000 (up from 5 sales in April). There were 14 condominium sales from $85,000 - $840,000 (up from 10 sales in April. There were 5 undeveloped land sale in May of 2022 from $119,500-$275,000 (down from 10 sale in April). There was 1 commercial sale in May 2022 (ZERO sales in April).
Our Take on the Central Vermont Real Estate Market:
As autumn approaches, we’re still seeing inventory trickling on here and there, but the supply continues to be way below the demand. Many buyers are frustrated after making offers on multiple properties only to be out-bid time after time. This has created a dual edged sword. Some buyers have simply given up, while others have decided to make even more aggressive offers. Our “typical” selling season starts to slow down in mid-to-late October. While we are nowhere near typical times, we think the market will slow down simply based on less inventory coming onto the market as we approach winter. So if you still are an active buyer, time is of the essence!
The current inventory in the Mad River Valley is down to 11 single family homes (12 this time last month), 7 whole-ownership condos (9 this time last month), and 10 undeveloped land parcels (10 this time last month too), and 3 commercial property (3 last month as well). That is 31 active listings across all sectors, down from 34 last month. In contrast, in the past calendar year there have been 81 single family home sales, 107 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 May 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 May 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 (802-496-5000) or send us an email.