Posted on 5/11/2022 by Erik H. Reisner
Spring has sprung and we are experiencing an amazing stretch of sunny warm days! There’s still some snow on trails like Stein’s Run for those hearty enough to earn some last turns, but most of us have put the winter gear away for a few months. The real estate market is in a bit of a drought with only one single family home for sale. The land and condo inventory is ever-so-slightly more robust, but still slim pickings at best.
Recreation and the forecast:
The weather is unseasonably warm with temperatures approaching the high 80s in the next few days. It’s a great time to get outside and get those gardens planted and tidy up the yard and remove the deposits left by pets and plowing contractors alike. The trails are starting to dry out nicely for hiking and biking, and the roadsides are all tidied up thanks to countless volunteers participating in Green Up Day, a wonderful Vermont spring tradition. The water is still a bit too cold for swimming, but ripe for paddlers and canoeists.
Now onto the market update:
Currently there are 14 single family homes under contract or pending sale in the price range of $79,900 - $1,025,000 (14 last month as well, and 10 two months ago), 18 condominiums under contract or pending sale priced from $75,000 - $1,099,500 (down from 24 last month, and 14 two months ago), 9 undeveloped land parcels under contract or pending sale from $50,000 - $950,000 (down from 12 last month, and 19 two months ago), and one commercial property under contract (1 last month, and 0 two months ago)
Regarding the properties that are currently under contract or pending sale, 5 single family homes were listed after April 1st that are now pending, 6 condos came on the market after April 1st that are now pending, and 3 undeveloped land parcels listed after April 1st are already under contract. So, we are seeing some new inventory, but it doesn’t last...
There were ZERO single family home sales in February 2022 (down from 4 sales in January). There were 3 condominium sales from $125,000 - $383,000 (down from 4 sales in January). There was 1 undeveloped land sale in February of 2022 for $142,000 (down from 5 sale in January). There was 1 commercial sale in February 2022 for $425,000 (down from 2 sale in January).
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 down to ONE single family home, just as it was this time last month, 8 whole-ownership condos (6 this time last month), and 11 undeveloped land parcels (up from 5 this time last month), and one commercial property (zero last month). That is 21 active listings across all sectors, up from 12 last month. In contrast, in the past calendar year there have been 90 single family home sales, 109 condo sales, and 50 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 February 28, 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 February 28, 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.