2023 June - Mad River Valley Real Estate Driven by Data
Posted on 6/13/2023 by Erik H. Reisner
In Brief:
After a long stretch of dry weather, we’ve finally had some much needed rain, and there is more on the way. However, the stretch of low real estate inventory continues. We’re just a few weeks away from the official start to summer here in the Mad River Valley: July 4th. After that, it’s historically our busiest time for real estate sales. But with so little inventory, what will happen? Read on…
Recreation and the forecast:
The warm and dry spell dried out the hiking and biking trails nicely. If you’re ready to get out there, all of the trails are in prime shape and ready. Just remember to pack out what you bring into the woods, and please pick up after your dogs. The Sugarbush Golf course is open and looking great. Up at Mad River Glen, Stark’s Pub has expanded their hours and updated their menu. It’s a great spot for outdoor dining this summer.
Now onto the market update:
Currently there are 9 single family homes under contract or pending sale in the price range of $79,900 - $1,380,000 (up from 6 last month, and 4 two months ago), 7 condominiums under contract or pending sale priced from $195,000 - $462,000 (7 last month, and 8 two months ago), 5 undeveloped land parcels under contract from $130,000 - $405,000 (down from 8 last month, and 4 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, 5 of the 8 condos and 7 of the 9 single family homes were listed after May 1st. So, things are still moving at a record pace, and buyers are still jumping at most opportunities.
There were 4 single family home sales in March 2023 from $325,000 - $875,000 (zero sales in February). There were 2 condominium sales from $350,000 - $570,000 (down from 5 sales in February). There were 5 undeveloped land sales in March of 2023 from $81,550 - $355,000 (zero sales in February). There were zero commercial sales in March 2022 for $650,000 (zero sales in February).
Our Take on the Central Vermont Real Estate Market:
What should be our busiest season of selling is upon us. The biggest challenge is the lack of available inventory to show, and most of the inventory that comes on the market is gone in a matter of days. This trend is not unique to the Mad River Valley. We have buyers that have expanded their search far and wide throughout Vermont, and they are experiencing the same thing everywhere: typically, multiple offers with the list price being the starting point and sale price being somewhat higher, and sometimes dramatically higher.
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 6 single family homes (5 this time last month), whole-ownership condos are up to 6 (4 this time last month), there are 13 undeveloped land parcels (10 this time last month), and 5 commercial properties (4 last month). That is 30 active listings across all sectors, 23 this time last month. In contrast, in the past calendar year there have been 69 single family home sales, 66 condo sales, and 20 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 March 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 March 31, 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.