Posted on 10/13/2023 by Erik H. Reisner
Peak foliage has passed, and we are closing in on Stick Season. You can view the remaining foliage colors on the MadCam. Not the prettiest time of year in Vermont, but a reason to look forward to what everyone hopes will be a winter with plenty of snow to play in and cover the landscape. Some local retail and restaurant businesses take a break in November to charge their batteries and prep for a busy winter season. This is also the time of year when the real estate market historically slows down for a few months. Has the real estate market reached its peak? Time will surely tell…
Recreation and the forecast:
Temperatures are still fairly mild, so it’s still easy to get outside and enjoy the vast network of hiking and mountain bike trails. It’s a great time of year to strengthen your ski legs to be prepared for what some are forecasting to be an epic ski and ride season. Sugarbush hopes to start spinning the lifts in about a month and a half, so now is the time to get your gear ready or upgrade your quiver at this weekend’s Ski and Skate Sale which will be hosted at Mad River Glen. Real estate inventory remains low, and we may actually see a slowdown until after the holidays, but always best to stay tuned and aware as opportunities do arise!
Now onto the market update:
Currently there are 15 single family homes under contract or pending sale in the price range of $79,900 - $1,150,000 (up from 12 last month, and 5 two months ago), 9 condominiums under contract or pending sale priced from $195,000 - $1,195,000 (up from 7 last month and 8 two months ago), 3 undeveloped land parcels under contract from $250,000 - $485,000 (down from 5 last month, and up from 6 two months ago), and ZERO commercial properties under contract (4 last month, and ZERO two months ago).
Regarding the properties that are currently under contract, 6 of the 9 condos and 8 of the 15 single family homes were listed after September 1st. So, for the most part, things are still moving fast, and some buyers are still jumping at opportunities.
There were 5 single family home sales in July 2023 from $122,500 - $1,430,000 (down from 9 sales in June). There were 7 condominium sales from $200,000 - $520,000 (up from 5 sales in June). There were 3 undeveloped land sales in July of 2023 from $50,000 - $275,000 (3 sales in June as well). There were ZERO commercial sales in July 2023 (One sale in June).
Our Take on the Central Vermont Real Estate Market:
The autumn real estate market in the Mad River Valley has remained strong as evidenced above. We are forecasting that as the temperatures slowly drop, so will the real estate market. Not due to a lack of interested buyers, there are plenty of those! New inventory will likely decrease as we approach the winter season. Many potential sellers are hunkering down as the logistics of moving get more challenging once the snow starts to fall. What will happen with values? Demand will continue to outpace supply for quite some time, but rising interest rates are starting to affect a segment of the buyers for sure.
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 17 single family homes (13 this time last month), whole-ownership condominiums are up to 5 (2 this time last month), there are 9 undeveloped land parcels (10 this time last month), and 2 commercial properties (3 last month). That is 33 active listings across all sectors, up from 28 this time last month. In contrast, in the past calendar year there have been 57 single family home sales, 65 condominium sales, and 24 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 July 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 July 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.