Posted on 8/9/2023 by Erik H. Reisner
July is behind us thankfully, the hottest and wettest month on record! We’re looking forward to what will be a more typical summer month before kids go back to school and the leaves start changing. Man, time sure does fly! There have been a handful of new luxury properties listed recently. We’re curious to see where this segment of the market trends…
Recreation and the forecast:
The final month of summer is upon us, and a lot of folks are taking time off with friends and family to get away one last time before the temperatures start to drop and the school bells start to ring. During this time we often see a bit of a lull in the summer selling season, but then things usually pick up pace mid-August through October at least, and sometimes beyond in recent years. If you’ve been driving through the Mad River Valley, you have surely seen the ongoing work on the exciting new development now known as Madbush Falls on RT 100 in Waitsfield, a “Riders Outpost” consisting of lodging (hotel and tents), dining, and a retail bike shop. It’s exciting to see the transformation from an essentially abandoned restaurant/motel into this new venture. We wish our friend TJ and his team great success moving forward.
Now onto the market update:
Currently there are 5 single family homes under contract or pending sale in the price range of $79,900 - $695,000 (down from 12 last month, and 9 two months ago), 8 condominiums under contract or pending sale priced from $175,000 - $584,000 (down from 11 last month and 7 two months ago), 6 undeveloped land parcels under contract from $200,000 - $350,000 (up from 3 last month, and 5 two months ago), and Zero commercial properties under contract (Zero last month, and Zero two months ago).
Regarding the properties that are currently under contract, 1 of the 8 condos and 2 of the 5 single family homes were listed after July 1st. So, some things are still moving quickly, and many buyers are still jumping at opportunities.
There were 3 single family home sales in May 2023 from $415,000 - $636,000 (up from 2 sales in April). There were 9 condominium sales from $185,000 - $750,000 (up from 5 sales in April). There were 3 undeveloped land sales in May of 2023 from $130,000 - $360,000 (up from 1 sale in April). There were Zero commercial sales in May 2023 (Zero sales in April).
Our Take on the Central Vermont Real Estate Market:
As mentioned above, some buyers appear to be focused on using their vacation time before summer ends. We often have this brief respite which is typically followed by a robust and busy few months leading up to winter. How robust that will be depends on many factors. Inventory continues to be scarce apart from a handful of new luxury properties that are new to the market. Buyer interest remains high with many properties continuing to have bidding wars and price escalations. Has the recent flooding in Vermont had a cooling effect on the market? Overall, we do not think so with the exception of buyers’ being more focused on where the flood plains exist and end. The biggest factor for the balance of this selling season and beyond will clearly be a continued need for more real estate inventory.
Are you in the market for a property here in the Mad River Valley and beyond? If so, your friends at MRVRE are here to help you stay informed with our fingers on the pulse of the real estate market.
The current inventory in the Mad River Valley is up to 10 single family homes (5 this time last month), whole-ownership condominiums are up to 5 (3 this time last month), there are 11 undeveloped land parcels (13 this time last month), and 7 commercial properties (6 last month). That is 33 active listings across all sectors, 27 this time last month. In contrast, in the past calendar year there have been 75 single family home sales, 61 condominium sales, and 21 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 May 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 May 31, 2023.
This blog post will be updated monthly 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.