Posted on 1/16/2024 by Erik H. Reisner
Happy New Year! To say Mother Nature has been fickle the past month is the understatement of the year (so far!). Luckily both Sugarbush and Mad River Glen have a solid base and lots of open terrain. Is the skiing and riding epic? That would be a stretch, but we’ll take what we can get. The real estate market can best be described as “busy as it can be.” Inventory remains super-low, but when new properties come on the market, there are still buyers poised to jump at the opportunity for the most part.
Recreation and the forecast:
As I started typing this it was sleet-raining outside our office. Not ideal for this time of year, and even less so for the busy Martin Luther King weekend. However, the Mad River Valley is jam-packed with winter recreation seekers. For some, this is one of the few opportunities of the winter to ski/ride, so folks are making the best of it. The lodging, dining, and retail businesses are happy to welcome these guests and are here to help make your time here enjoyable and memorable. As the Mad River Valley Chamber of Commerce (https://www.madrivervalley.com/) slogan goes: Come for the mountains. Stay for the Valley.
Now onto the market update:
Currently there are 9 single family homes under contract or pending sale in the price range of $79,900 - $2,290,000 (up from 7 last month, and down from 13 two months ago), 7 whole-ownership condominiums under contract or pending sale priced from $180,000 - $620,000 (up from 5 last month and down from 8 two months ago), 2 undeveloped land parcels under contract from $250,000-$979,000 (1 last month, and 1 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, 2 of the 7 condos and 4 of the 8 single family homes were listed after December 1st. It’s a slower time of year for sales, but there are clearly still active buyers in the marketplace ready to make their move.
There were 4 single family home sales in December 2023 from $400,000 - $890,000 (down from 7 sales in November). There were 2 condominium sales from $195,000 - $1,225,000 (down from 6 sales in November). There were ZERO undeveloped land sale in December of 2023 for $299,000 (1 sale in November). There were ZERO commercial sales in December 2023 (One sale in November).
Our Take on the Central Vermont Real Estate Market:
New year, new market? We predict that inventory will be sparse for the next few years. That coupled with continued demand suggests that prices may continue to rise, but likely at a more modest rate. There is a chance that interest rates will drop slightly which may allow more sellers to move on and purchase their next home whether that be in Vermont, or elsewhere. Of course, lower interest rates also help buyers. There are more people moving into Vermont than out, which further strains the low inventory issue. Some say that election years can make the real estate market turn for the worse, but I’ll stay out of political analysis… Our expertise is in assisting buyers and sellers to make informed real estate and financial decisions. Wishing you prosperity, happiness, and success in 2024!
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 9 single family homes (13 this time last month), whole-ownership condominiums are down to 2 (3 this time last month), there are 16 undeveloped land parcels (16 this time last month as well), and 4 commercial properties (6 last month). That is 33 active listings across all sectors, down from 38 this time last month. In contrast, in the past calendar year there have been 56 single family home sales, 67 condominium sales, and 21 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 December 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 December 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.
Insert Graphs Here
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.