2023 December - Mad River Valley Real Estate Driven by Data
Posted on 12/14/2023 by Erik H. Reisner
In Brief:
Winter is here! Someone sure gave the Mad River Valley Snow Globe a good shake. We’re experiencing one of the better early ski/ride seasons in recent memory! I personally don’t recall when Sugarbush had Lincoln Peak 100% open this early. Let’s hope this is just the beginning of a stellar winter season for all types of snow related recreation. The real estate market generally sees a bit of a lull as we approach the holidays. It’s a great time to focus on quality time with family and friends and celebrating everything we are thankful for. The team at MRVRE is thankful for you and all our loyal customers and clients. Cheers to a happy and healthy holiday season!
Recreation and the forecast:
While we will surely see some warmer weather and some “embryonic snow” in the coming weeks, now is a great time to get out and play whether it be at Sugarbush Resort, Mad River Glen, or out in the back country on your snowshoes. No time like the present to strengthen your ski legs! The Mad River Valley is ready for the holiday season, and this weekend is the Waitsfield Holiday Walkabout which is a great time to do some shopping to support our local businesses, get in the holiday spirit, and spread good cheer. Keep your eye out for Santa, we’re pretty sure he’ll be paying everyone a visit!
Now onto the market update:
Currently there are 7 single family homes under contract or pending sale in the price range of $79,900 - $1,499,900 (down from 13 last month, and 15 two months ago), 5 whole-ownership condominiums under contract or pending sale priced from $180,000 - $539,000 (down from 8 last month and 9 two months ago), 1 undeveloped land parcel under contract for $250,000 (1 last month as well, and 3 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, 3 of the 5 condos and 1 of the 7 single family homes were listed after October 1st. It’s a slower time of year for sales, but there are clearly still active buyers in the marketplace.
There were 7 single family home sales in November 2023 from $295,000 - $725,000 (down from 10 sales in October). There were 6 condominium sales from $157,800 - $700,000 (5 sales in October). There was one undeveloped land sale in November of 2023 for $299,000 (1 sale in October as well). There was one commercial sales in November 2023 (ZERO sales in October as well).
Our Take on the Central Vermont Real Estate Market:
The holiday season is historically a slow time for real estate sales in the Mad River Valley and Central Vermont. That coupled with low inventory throughout the region may result in an extended lull in the real estate market. Higher interest rates continue to be a concern as potential sellers that would need to then purchase a new home don’t want to give up their current lower interest rate. Typically, less inventory comes to the market during the winter season. That may be compounded by the interest rate issue for potential sellers. So, motivated buyers may have to concede and pick from a smaller pool of inventory. When will more inventory become available? We will see properties come to market in drips and drabs, but realistically we may not see much until spring of 2024. So hunker down and enjoy the winter!
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 (13 this time last month as well), whole-ownership condominiums are down to 3 (4 this time last month), there are 16 undeveloped land parcels (16 this time last month as well), and 6 commercial properties (3 last month). That is 38 active listings across all sectors, up from 36 this time last month. In contrast, in the past calendar year there have been 59 single family home sales, 68 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 November 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 November 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.