2023 April - Mad River Valley Real Estate Driven by Data
Posted on 4/14/2023 by Erik H. Reisner
In Brief:
The times and seasons are changing. As the days get longer and the temperatures rise, the snowpack retreats and the number of days on skis and boards diminishes. There is still time to get in some great spring skiing, but don’t wait too long as there is only so much the ski areas can do to contain what snow is left. What else seems to be continually dwindling? Real estate inventory is super-low across the Valley and region.
Recreation and the forecast:
Last weekend Sugarbush held their annual pond skimming event, which is always a blast to watch, and Mad River Glen will host their own pond skimming this Saturday 4/15. While pond skimming is an annual rite of passage at both ski areas, it’s also a sign that the ski season is almost over. With temperatures reaching the 70s this week, there isn’t much time left to get in some classic corn skiing. So, hurry, don’t be late, as mother nature won’t wait!
Now onto the market update:
Currently there are 4 single family homes under contract or pending sale in the price range of $79,900 - $850,000 (down from 5 last month, and 2 two months ago), 8 condominiums under contract or pending sale priced from $165,000 - $603,000 (up from 6 last month, and 8 two months ago), 4 undeveloped land parcels under contract from $215,000 - $405,000 (down from 7 last month, and 6 two months ago), and ZERO commercial properties under contract (ZERO last month, and 1 two months ago)
Regarding the properties that are currently under contract, 4 of the 8 condos, 2 of the 4 single family homes, and 3 of the 4 land parcels were listed after March 1st. What does this mean? All types of property are generally selling very quickly!
There were 4 single family home sales in January 2023 from $140,000 - $1,470,000 (down from 7 sales in December 2022). There were 3 condominium sales from $333,000 - $715,000 (down from 4 sales in December). There were ZERO undeveloped land sales in January of 2023 (One sale in December). There was ONE commercial sale in January 2022 for $650,000 (zero sales in December).
Our Take on the Central Vermont Real Estate Market:
Early spring, aka “mud season,” is traditionally a slow time of year for real estate sales in the Mad River Valley and Central Vermont. Historically fewer properties get listed due to the “awkward” transition between winter and spring when things just don’t look so great. The snow has melted in most places, but the grass isn’t green yet, the flowers haven’t bloomed, the leaves haven’t grown in on the deciduous trees, and the dirt roads are simply a mess! That being said, while we hope for an influx of real estate inventory to market and sell; the reality is that we feel we are in for a long summer and fall with low inventory and high demand. Have you been contemplating a move out of VT? If so, now might be the opportunity of a lifetime to sell. Or are you a potential buyer in this insane market? Either way, the team at MRVRE is here to guide you and help you make informed real estate and financial decisions.
The current inventory in the Mad River Valley is down to 4 single family homes (4 this time last month), whole-ownership condos are up to 7 (3 this time last month), there are 12 undeveloped land parcels (11 this time last month), and 3 commercial properties (3 last month as well). That is 26 active listings across all sectors, 21 last month as well. In contrast, in the past calendar year there have been 74 single family home sales, 74 condo sales, and 28 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 January 31, 2023:
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 January 31, 2023.
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.