Posted on 6/14/2022 by Erik H. Reisner
The official first day of summer is less than a week away but it already feels like the Mad River Valley is in mid-summer form. It’s amazing how quickly everything fills in. It’s a great time to start enjoying the great outdoors. Real estate inventory has crept up ever so slightly, but there continues to be significantly more demand than supply as we head into the prime selling season.
Recreation and the forecast:
We’re in the midst of another amazing stretch of weather. It’s the perfect time to get outside and enjoy all the outdoor activities the Mad River Valley has to offer. Look no further than the Mad River Valley Chamber of Commerce’s website for things to do and places to go: https://www.madrivervalley.com/vt/activities/summer/. We’re fast approaching the famous Warren Fourth of July Parade which will be back in full glory after a COVID-19 hiatus. It should be a hoot!
Now onto the market update:
Currently there are 13 single family homes under contract or pending sale in the price range of $79,900 - $2,775,000 (down from 14 last month, and 14 two months ago),12 condominiums under contract or pending sale priced from $112,000 - $1,395,000 (down from 18 last month, and 24 two months ago), 11 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (up from 9 last month, and 12 two months ago), and one commercial property under contract (1 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 May 1st that are now pending, 7 condos came on the market after May 1st that are now pending, and 1 undeveloped land parcel listed after May 1st is already under contract. So, we are seeing some new inventory, but it doesn’t last...
There were 3 single family home sales in March 2022 from $480,000 - $937,500 (up from ZERO sales in February). There were 8 condominium sales from $104,000 - $780,000 (up from 3 sales in February). There were 3 undeveloped land sale in March of 2022 from $150,000-$400,000 (up from 1 sale in February). There were ZERO commercial sales in March 2022 (down from 1 sale in February).
Our Take on the Central Vermont Real Estate Market:
We typically start to see more single-family homes and condos come onto the market this time of year. What will happen this year? Only time will tell. We do have a growing list of “potential” listings, but it’s up to the sellers as to when and if they will list their properties. It is the best time ever to be a seller, and a very challenging time to be a buyer. The rising interest rates could limit some buyers’ budgets, but all things considered rates are still fairly reasonable. Unfortunately, we do not forecast that inventory will rebound in a significant way anytime soon, so buyers be prepared!
The current inventory in the Mad River Valley is up to 7 single family homes (just ONE this time last month!), 7 whole-ownership condos (7 this time last month as well), and 7 undeveloped land parcels (down from 11 this time last month), and 3 commercial property (1 last month). That is 22 active listings across all sectors, up from 20 last month. In contrast, in the past calendar year there have been 88 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 March 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 March 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.