Posted on 5/11/2023 by Erik H. Reisner
Spring is in the air. Achoo! They call Vermont the Green Mountain State for a reason. Now that the sun has come out, everything is turning green. Mud season is pretty much over except for a few isolated spots here and there. As the grass grows and the leaves turn green we typically see more real estate inventory arrive. Will that happen this year? Read on to find out…
Recreation and the forecast:
The lifts stopped spinning at Sugarbush Resort last Sunday. This was the latest they have stayed open ever! The 62” of snow in March surely helped their cause. Now the snow is rapidly melting and you’ll have to earn your turns if you want to get what’s left. The hiking and biking trails are still a bit wet for heavy traffic, so tread light if you venture out into the woods. There is a fair amount of sunshine in the forecast, so those trails should be ripe for recreation very soon.
Now onto the market update:
Currently there are 6 single family homes under contract or pending sale in the price range of $79,900 - $850,000 (up from 4 last month, and 5 two months ago), 7 condominiums under contract or pending sale priced from $165,000 - $1,350,000 (down from 8 last month, and 6 two months ago), 7 undeveloped land parcels under contract from $130,000 - $395,000 (up from 4 last month, and 7 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, 6 of the 7 condos, 3 of the 6 single family homes, and 1 of the 7 land parcels were listed after April 1st. This shows that there are still lots of active buyers, and they are reacting quickly to new inventory opportunities.
There were ZERO single family home sales in February 2023. There were 5 condominium sales from $117,000 - $925,000 (up from 3 sales in January). There were ZERO undeveloped land sales in February of 2023 (ZERO sales in January as well). There were ZERO commercial sales in February 2022 for $650,000 (One sale in January).
Our Take on the Central Vermont Real Estate Market:
Spring in Vermont is when we typically start to see more inventory come on the market. The snow has melted, the mud has dried up, the grass is green, and the leaves and flowers are blooming. So now real estate agents can start to get some attractive exterior photos to feature. We likely will not see enough new inventory to satisfy the demand, so be prepared for a competitive buying market this spring/summer.
Are you in the market for a property here in the Mad River Valley? If so, your friends at MRVRE will be listing 3 single family homes and possibly a condo and land parcel in the coming days/weeks, so be sure to check our website often!
The current inventory in the Mad River Valley is “up” to 5 single family homes (4 this time last month), whole-ownership condos are down to 4 (7 this time last month), there are 10 undeveloped land parcels (12 this time last month), and 4 commercial properties (3 last month). That is 23 active listings across all sectors, 26 this time last month. In contrast, in the past calendar year there have been 70 single family home sales, 72 condo sales, and 23 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 February 28, 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 February 28, 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.