Posted on 10/12/2022 by Erik H. Reisner
Foliage Season did not disappoint! The colors are amazing this year, and there sure were a ton of leaf peepers here in the Mad River Valley over the holiday weekend. Now as the leaves fall off the trees the real estate market tends to slowly go into hibernation. We’re still seeing a few new listings here and there, but most are getting snatched up in a matter of days.
Recreation and the forecast:
The Mad River Valley was jam-packed with visitors this past weekend, and for good reason. Incredible weather, technicolor foliage, Community Weekend at Sugarbush, and several weddings packed the inns, lodges, and AirBnBs. A great weekend for all types of businesses in the Valley. The leaves will soon be gone and “stick season” will be upon us. Many restaurants and businesses take a brief pause to prepare for what we hope will be a banner ski and ride season at Sugarbush Resort, Mad River Glen, Ole’s and Blueberry Lake Cross Country ski centers. The peaks of the Green Mountains have already seen their first dusting of snow. What will that mean for the local real estate market? Stay tuned…
Now onto the market update:
Currently there are 16 single family homes under contract or pending sale in the price range of $79,900 - $2,199,000 (15 last month as well, and 25 two months ago), 6 condominiums under contract or pending sale priced from $159,000 - $350,000 (down from 7 last month, and 6 two months ago), 7 undeveloped land parcels under contract or pending sale from $75,000 - $950,000 (up from 6 last month, and 5 two months ago), and 1 commercial property under contract (1 last month, and zero two months ago)
Regarding the properties that are currently under contract, 6 single family homes were listed after September 1st that are now pending, and 2 condos came on the market after September 1st that are now pending. This indicates that the market is still very active, despite the lack of inventory.
There was 1 single family home sale in July 2022 for $1,000,000 (down from 8 sales in June). There were 5 condominium sales from $380,000 - $550,000 (down from 12 sales in June). There were 2 undeveloped land sale in July of 2022 from $175,000 - $350,000 (down from 5 sales in June). There were zero commercial sales in July 2022 (1 sale in June).
Our Take on the Central Vermont Real Estate Market:
Peak foliage is either upon us, or just behind us. As the leaves drop and we approach “stick season” the real estate market historically slows as we approach the holiday season. This will likely be the case for the Mad River Valley real estate market this year. Mostly due to the low inventory. We know there is still very high demand as evidenced above with most new listings lasting a matter of days. However, as winter approaches we typically see less inventory come on the market until Spring. That being said, if you are a potential seller, there are still many buyers ready to pounce. There is still opportunity for sellers to maximize their return on investment. Give us a call!
The current inventory in the Mad River Valley is down to 9 single family homes (13 this time last month), whole-ownership condos are “up” to 6 (5 this time last month), and 12 undeveloped land parcels (12 this time last month as well), and 3 commercial properties (3 last month as well). That is 32 active listings across all sectors, down from 34 last month. In contrast, in the past calendar year there have been 86 single family home sales, 96 condo sales, and 44 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 July 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 July 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.