Posted on 3/13/2023 by Erik H. Reisner
What had been a lackluster winter of limited snowfall has quickly made a turn for the better! It’s amazing what one big storm can do to transform the ski and ride season. And there’s another front heading our way. March has indeed come in like a lion. I wish I could report the same thing for real estate inventory, but alas there continues to be a shortage of active listings.
Recreation and the forecast:
The skiing and riding is phenomenal right now and likely getting even better with another significant storm heading our way. If you’ve been holding out on when to use your Quad Packs, the time is now to get some Pow! If you don’t have a Quad Pack or season pass, be sure to call ahead as day-of tickets at Sugarbush are cost prohibitive and Mad River Glen has been selling out of day tickets on a regular basis, especially on weekends.
Now onto the market update:
Currently there are 5 single family homes under contract or pending sale in the price range of $79,900 - $725,000 (up from 2 last month as well, and 2 two months ago), 6 condominiums under contract or pending sale priced from $165,000 - $603,000 (down from 8 last month, and 6 two months ago),7 undeveloped land parcels under contract from $95,000 - $349,000 (6 last month, and 2 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 condos and 2 single family homes came on the market after February 1st which are now pending. With historic low inventory, we are still seeing many properties sell very quickly. One of our most recent listings just had 25 showings over a span of 3 days! Welcome to Crazy Town!
There were 7 single family home sales in December 2022 from $440,000 - $2,249,000 (down from 8 sales in November). There were 4 condominium sales from $182,350 - $595,000 (down from 7 sales in November). There was ONE undeveloped land sale in December of 2022 for $435,000 (One sale in November as well). There were zero commercial sales in December 2022 (zero sales in November).
Our Take on the Central Vermont Real Estate Market:
Super low inventory has become a very common theme for this monthly blog post, and we don’t see that changing in the foreseeable future. Demand for housing of all types is off the charts. Will the recent shut down of Silicon Valley Bank have an effect on the mortgage industry? Only time will tell, but even with the rise of housing costs, real estate is still one of the safer investments one can make and is a tangible asset that provides more than just a financial return on your investment. For this reason we feel the demand for real estate in the Mad River Valley will continue to be very strong. If you are a potential seller and have someplace to go, there is no better time than now to list and sell your property. If you’re an active buyer, we have the skills and tools to help you succeed in a very challenging market.
The current inventory in the Mad River Valley is up to 4 single family homes (2 this time last month), whole-ownership condos are down to 3 (4 this time last month), there are 11 undeveloped land parcels (9 this time last month), and 3 commercial properties (3 last month as well). That is 21 active listings across all sectors, up from 18 last month. In contrast, in the past calendar year there have been 74 single family home sales, 79 condo sales, and 31 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 December 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 December 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.