Posted on 11/15/2023 by Erik H. Reisner
We’re in the heart of stick season and anxiously awaiting the beginning of the 2023/24 ski and ride season. Both Sugarbush Resort and Mad River Glen have started making snow when temperatures have allowed. With a little bit of luck and possibly some help from mother nature, hopefully the lifts will start spinning in the coming weeks. The Mad River Valley is quiet right now which is typical for this time of year. We have seen activity in the real estate market slow down a bit as well, which is historically very common. Will it pick back up once the snow flies? You’ll have to stay tuned…
Recreation and the forecast:
It's a very popular time of year for many Vermonters: Hunting Season! This is not simply a sport for these folks. Their goal is to fill the freezer with food for themselves and their families. Please respect the closed trails for the duration of hunting season, which ends on December 15th. We have some mild weather in the immediate forecast and then hopefully Ullr will grace us with a bountiful winter of snow to play in! We are in a continued cycle of low real estate inventory but keep your eyes out because you never know when the right set of circumstances will present itself!
Now onto the market update:
Currently there are 13 single family homes under contract or pending sale in the price range of $79,900 - $1,295,000 (down from 15 last month, and 12 two months ago), 8 condominiums under contract or pending sale priced from $140,000 - $1,195,000 (down from 9 last month and 7 two months ago), 1 undeveloped land parcel under contract for $250,000 (down from 3 last month, and 5 two months ago), and ZERO commercial properties under contract (ZERO last month, and 4 two months ago).
Regarding the properties that are currently under contract, 7 of the 8 condos and 5 of the 13 single family homes were listed after October 1st. So, for the most part, things are still moving fast, and some buyers are still jumping at opportunities.
There were 4 single family home sales in September 2023 from $195,000 - $3,750,000 (down from 7 sales in August). There were 6 condominium sales from $190,000 - $425,000 (6 sales in August as well). There were 3 undeveloped land sale in September of 2023 from $40,000 - $294,000 (up from 1 sale in August). There were ZERO commercial sales in September 2023 (ZERO sales in August as well).
Our Take on the Central Vermont Real Estate Market:
The last few years there has been a constant flow of transactions with very few periods of rest for the residential real estate industry. Historically this is a slow time of year for real estate sales in the Mad River Valley. It appears we are returning to that “normal” slow time between foliage season and the Holidays. Inventory remains low and will likely continue to be the case for quite some time. Interest rates are higher than they have been in many years which is clearly having a cooling effect for many buyers. Will those interest rates start to provoke a change in home values? Possibly, but with continued low inventory we think that the adage of supply vs. demand will keep home values stable in the short term. Beyond that, we don’t have a crystal ball!
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 down to 13 single family homes (17 this time last month), whole-ownership condominiums are down to 4 (5 this time last month), there are 16 undeveloped land parcels (9 this time last month), and 3 commercial properties (2 last month). That is 36 active listings across all sectors, up from 33 this time last month. In contrast, in the past calendar year there have been 65 single family home sales, 67 condominium sales, and 22 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! SERIOUSLY, WE NEED TO TALK!
If you are a buyer actively searching in this 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 September 30, 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 September 30, 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.