Posted on 1/12/2023 by Erik H. Reisner
Happy New Year! The “January Thaw” came early and strong this year. After an epic week of skiing and riding over the holidays, the tides have quickly turned. Sugarbush has been able to keep 42 trails open thanks to their robust snow making system. Mad River Glen is limited to the Practice Slope and Callie’s Corner. The immediate weather forecast is less than promising unfortunately with a mixed bag of precipitation coming this weekend. In a similar vein, the real estate inventory in the Mad River Valley is extremely limited. What a way to start the year!
Recreation and the forecast:
Skiing and Riding is limited to snow making trails only. Both Ole’s and Blueberry Lake Cross Country centers have suspended operations until there is sufficient snow to reopen, and the snowshoe trails are essentially hiking trails. Break out the micro-spikes as the only thing on the ground is a dusting of snow and some ice! If you are going skiing at Sugarbush, and do not have a season pass, be sure to purchase tickets ahead of time online as day-of ticket purchases at the booth are cost prohibitive by design. Most ski resorts have changed their ticket sales model. So wherever you plan on skiing/riding, be sure to do some online research before going.
Now onto the market update:
Currently there are 2 single family homes under contract or pending sale in the price range of $79,900 - $495,000 (down from 7 last month, and 17 two months ago), 6 condominiums under contract or pending sale priced from $115,000 - $595,000 (4 last month, and 9 two months ago), 2 undeveloped land parcels pending sale from $250,000 (2 last month, and 4 two months ago), and 1 commercial property under contract (1 last month, and 1 two months ago)
Regarding the properties that are currently under contract, 5 condos came on the market after December 1st that are now pending. With historic low inventory, we are still seeing some properties sell very quickly.
There were 4 single family home sales in October 2022 from $405,000 - $990,000 (down from 13 sales in September). There were 2 condominium sales from $117,500 - $605,000 (also 2 sales in September). There were 3 undeveloped land sales in October of 2022 from $85,000 - $210,000 (up from 1 sale in September). There were zero commercial sales in October 2022 (zero sales in September).
Our Take on the Central Vermont Real Estate Market:
Inventory continues to be as low as the current snow pack! Typically, not a lot of listings come on during the winter months, but we are seeing a few condos come on in recent weeks. But they generally don’t last. We recently listed a condo that received 16 showings in 3 days. Surprisingly, only two offers were submitted. Both were quite strong and the Seller is thrilled. The common theme is that some buyers aren’t poised to get into a bidding war. We anticipate that low inventory will be an issue for the entire year and possibly beyond. So if you are a potential seller, you have the golden ticket, and there is no bad time of year to list your property! We have some excellent strategies that have proved to be very effective and fruitful for sellers. We are also very well versed in guiding buyers during these historic times. Don’t hesitate to reach out at any time.
The current inventory in the Mad River Valley is down to 3 single family homes (3 this time last month), whole-ownership condos are up to 4 (3 this time last month), and 12 undeveloped land parcels (14 this time last month), and 3 commercial properties (3 last month as well). That is 22 active listings across all sectors, down from 23 last month. In contrast, in the past calendar year there have been 75 single family home sales, 80 condo sales, and 37 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 October 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 October 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.