Posted on 3/11/2022 by Erik H. Reisner
As we approach the Ides of March the weather can’t seem to make up its mind. One day it feels like spring and then we wake up to a blanket of snow. It’s an understatement to say that the snow conditions this season have been “variable.” There is snow in the forecast for this weekend, what comes after that only Ullr knows… As far as real estate inventory, there isn’t much to speak of, but as we see properties come on the market, they are generally scooped up in days if not hours. If you’re considering selling, we’d sure like to hear from you. We have some amazing stories to tell!
Recreation and the forecast:
While March can be our biggest month for snowfall, that hasn’t played out very well thus far. Spring skiing is definitely on the way, and it may be here soon after this weekend’s snow storm. So get up here and “Ski It If You Can” while the gettin’ is still good. All of us at MRVRE are hoping for more snow, and more listings to sell!
Now onto the market update:
Currently there are 10 single family homes under contract or pending sale in the price range of $79,900 - $1,025,000 (up from 6 last month, and 8 two months ago), 14 condominiums under contract or pending sale priced from $95,000 - $795,000 (up from 12 last month, and 8 two months ago), 19 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (up from 17 last month, and 13 two months ago), and zero commercial properties under contract or pending sale (0 last month, and 2 two months ago).
There were 8 single family home sales in December 2021 from $120,000 - $1,061,100 (down from 9 sales in November). There were 10 condominium sales from $107,000 - $485,000 (up from 8 sales in November). There were 8 undeveloped land sale in December of 2021 from $75,000 - $480,000 (up from 1 sale in November). There was 1 commercial sale in December 2021 @ $725,000 (1 sale in November as well).
Our Take on the Central Vermont Real Estate Market:
I feel like I’m beginning to sound like a broken record with the repetitive messaging of this historic low inventory. That being said, if you are an active buyer in this market, you can’t afford to skip a beat! New inventory across all sectors is flying off the market with a blizzard of showings and multiple offers have become the “new normal” rather than the exception. Every sale turns away several frustrated buyers that then seem to up their ante the next time another buying opportunity arises.
The current inventory in the Mad River Valley is down to 3 single family homes (5 this time last month), 2 whole-ownership condos (3 this time last month), and 5 undeveloped land parcels (5 this time last month). THAT IS LESS THAN 10 ACTIVE LISTINGS ACROSS ALL SECTORS! In contrast, in the past calendar year there have been 94 single family home sales, 107 condo sales, and 46 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 December 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 December 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.