Posted on 7/13/2022 by Erik H. Reisner
Were you here for the legendary 4th of July Parade? If not, everyone else was! Warren Village was jam-packed. The weather was perfect and everyone had a grand old time. We’re seeing more real estate inventory here and there, but most of it gets snatched up very quickly. We’re staying on our toes ready to help you pounce if you are ready, willing, and able!
Recreation and the forecast:
If there is one thing we can’t complain about, it’s the weather. What a truly stunning summer it’s been so far. If you’re not here already, it’s time to make a plan to get here to enjoy this summer before it’s gone, and it sure feels like it’s flying by. What else is flying? Homes, condos, and land continue to soar. So come on up and cool off in one of the many swimming holes, and if you’re in the market for a property, let us know and we’ll help you make a plan in this ultra-hot market.
Now onto the market update:
Currently there are 17 single family homes under contract or pending sale in the price range of $79,900 - $2,775,000 (up from 13 last month, and 14 two months ago),10 condominiums under contract or pending sale priced from $85,000 - $1,395,000 (down from 12 last month, and 18 two months ago), 7 undeveloped land parcels under contract or pending sale from $175,000 - $950,000 (down from 11 last month, and 9 two months ago), and Zero commercial properties under contract (1 last month, and 1 two months ago)
Regarding the properties that are currently under contract or pending sale, 12 single family homes were listed after June 1st that are now pending, 3 condos came on the market after June 1st that are now pending, and 1 undeveloped land parcel listed after June 1st is already under contract. So, we are seeing some new inventory, but most of it gets snapped up very quickly.
There were 5 single family home sales in April 2022 from $495,000 - $936,000 (up from 3 sales in March). There were 10 condominium sales from $125,000 - $625,000 (up from 8 sales in March. There were 10 undeveloped land sale in April of 2022 from $110,000-$460,000 (up from 3 sale in March). There were ZERO commercial sales in April 2022 (ZERO sales in March too).
Our Take on the Central Vermont Real Estate Market:
We are now in what has historically been our “Prime” selling season and is the time of year when we generally see the most listing activity. While we have seen a little more inventory come on the market, demand continues to outpace the supply. Multiple offers are almost an expectation. We’re seeing offer deadlines posted in the non-public remarks before properties can even be shown! If you are a buyer in this market and are poised to make an offer, as the cheerleaders say: “Be Aggressive, Be More Aggressive!” If you are a potential seller, believe it or not, you can overprice your property in this market, but you can’t underprice it. The buyers will drive the price up for you!
The current inventory in the Mad River Valley is up to 12 single family homes (7 this time last month), 9 whole-ownership condos (7 this time last month), and 10 undeveloped land parcels (up from 7 this time last month), and 3 commercial property (3 last month as well). That is 34 active listings across all sectors, up from 22 last month. In contrast, in the past calendar year there have been 87 single family home sales, 110 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 April 30, 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 April 30, 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.