Posted on 1/12/2022 by Erik H. Reisner
Happy New Year from your friends at Mad River Valley Real Estate! We’ll post a more detailed reflection later this month, but in short it was a year for the record books. We’re experiencing much colder temperatures than last month which allows the snow guns at Sugarbush Resort and Mad River Glen to pump out as much snow as possible before this upcoming Martin Luther King Holiday weekend. The inventory of real estate is at an all-time low while there are many, many buyers waiting in the wings for listings to appear.
Recreation and the forecast:
Our friend Ullr the Snow God has not been kind to the ski areas thus far this season. There hasn’t been even one large snowstorm to date. As mentioned above, temperatures have allowed for more snowmaking which has been the saving grace to get as much terrain as possible open. While we don’t see any big snow events in the immediate forecast, we’re sure hopeful that Ullr will grace us with abundant snowfall ASAP. In the meantime, get out there early and rip some groomers! The best conditions will be earlier in the day before the snow gets pushed away and the ice is exposed.
Now onto the market update:
Currently there are 8 single family homes under contract or pending sale in the price range of $79,900 - $899,000 (down from 12 last month, and 18 two months ago), 8 condominiums under contract or pending sale priced from $95,000 - $625,000 (down from 9 last month, and 7 two months ago), 13 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (up from 14 last month, and same as 13 two months ago), and 2 commercial properties under contract or pending sale from $295,000 - $475,000 (2 last month, and 2 two months ago).
There were 14 single family home sales in October 2021 from $250,000 - $3,450,000 (up from 9 sales in September). There were 14 condominium sales from $80,000 - $975,000 (up from 8 sales in September). There were 6 undeveloped land sales in October of 2021 from $55,000 - $535,000 (up from 1 sale in September). There was 1 commercial sale in October 2021 for $870,000 (2 sales in September).
Our Take on the Central Vermont Real Estate Market:
We’re ringing in the New Year in uncharted territory. Inventory across all sectors of real estate is at an all-time low here in the Mad River Valley, and throughout Vermont. There are currently 688 single family homes for sale in the State of Vermont, whereas there were 8,373 single family home sales in the past calendar year! YIKES!!! If you are a potential seller there has NEVER been a better time to bring your property onto the market. Winter isn’t slowing the sales, inventory is! If you’re a buyer, be prepared to compete, as most properties are seeing multiple offers.
The current inventory in the Mad River Valley is down to 6 single family homes (6 this time last month), 4 whole-ownership condos (6 this time last month), and 9 undeveloped land parcels (15 this time last month). In contrast, in the past calendar year there have been 105 single family home sales, 109 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 October 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 October 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.