Posted on 2/16/2022 by Erik H. Reisner
We’re in the heart of the ski and ride season here in the Mad River Valley. The snowpack was unseasonably thin until a recent storm that brought 18-24” of Champlain Powder. Both Sugarbush and Mad River Glen’s parking lots were overflowing with happy customers last weekend. While we have received some very welcomed snowfall, we are still experiencing a drought of real estate listings. At the same time, we are continuing to hear from anxious buyers. Strongest seller’s market ever? We think so!
Recreation and the forecast:
As we head towards President’s Week, one of the busiest weeks for ski tourism, both ski areas are prepped with amazing conditions. While there is no significant snowfall in the immediate forecast, we’re all doing a snow dance hoping for another big storm. Experiencing the best powder days of the season leaves us wanting for more! In the meantime, Sugarbush has continued to make mounds of snow on trails like Stein’s Run to prep for a late season of Spring Skiing.
Now onto the market update:
Currently there are 6 single family homes under contract or pending sale in the price range of $79,900 - $950,000 (down from 8 last month, and 12 two months ago), 12 condominiums under contract or pending sale priced from $95,000 - $795,000 (up from 8 last month, and 9 two months ago), 17 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (up from 13 last month, and 14 two months ago), and zero commercial properties under contract or pending sale (2 last month, and 2 two months ago).
There were 9 single family home sales in November 2021 from $192,500 - $1,750,000 (down from 14 sales in October). There were 8 condominium sales from $165,000 - $506,000 (down from 14 sales in October). There was 1 undeveloped land sale in November of 2021 @ $215,000 (down from 6 sales in October). There were zero commercial sales in November 2021 (1 sale in October).
Our Take on the Central Vermont Real Estate Market:
Real estate inventory continues to shrink across all sectors here in the Mad River Valley and across the State and region. Historically we would not advise potential sellers to list in the middle of winter as our “typical” prime selling season is May through October. That is no longer the case! Here is a prime example: We listed a home in Warren on January 25th with delayed showings until Saturday, January 29th. There were a total of 31 showings over three days and 11 offers were submitted. Needless to say the sale price will be considerably above the list price and the sellers are ecstatic!
The current inventory in the Mad River Valley is down to 5 single family homes (6 this time last month), 3 whole-ownership condos (4 this time last month), and 5 undeveloped land parcels (9 this time last month). In contrast, in the past calendar year there have been 100 single family home sales, 110 condo sales, and 54 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 November 30, 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 November 30, 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.