2024- Mad River Valley Real Estate's Annual Market Recap

Can you believe we are already well into 2025?  Time flies! Following is our annual Mad River Valley Real Estate recap of the real estate market for 2024.

 

Well 2024 continued to be an extraordinarily busy year for real estate in the Mad River Valley, and amazingly it was just as fast paced as the year before. Whatever great stories you have been sharing about 2024 we at Mad River Valley Real Estate MRVRE hope your 2025 is off to a great start! 

 

And speaking of start, the ski season in Vermont has been off to a great start! There’s been lots of consistent and steady snowfall, and at this point I think it’s safe to say there will be no January thaw. Even still it’s always good this time of year to exclaim “Bring on the snow!” And if your New Year’s resolution was to ski or ride more then you are probably already off to a good start.

2024 was another exciting and action-packed year at Mad River Valley Real Estate, and not just in the real estate realm. MRVRE continues to sponsor WiFi service to the public in the Bridge Street Marketplace, Mad River Valley Recreation Field, and Warren Village. MRVRE also continues to sponsor the Mad River Glen Webcam which is the place to go for what the weather is doing at Mad River Glen.  Three webcam locations throughout the mountain give you a great look at what things look like in real time.

We are especially thankful for the way Sugarbush Resort and Mad River Glen are taking such great care of their customers this season.  So many friendly and smiling faces!  Thanks also go to the many local businesses who have been warmly welcoming the many guests this winter season, and especially to Shaws and Mehurons markets for keeping the shelves stocked with groceries. And as always a big thanks to Waitsfield Telecom for providing us with always reliable internet service.

If hindsight is 2020 then despite the pandemic (or perhaps because of it) Mad River Valley Real Estate could not have been busier, nor better prepared! Overall real estate values rose quite rapidly over the past four years and staying on top of it was no easy feat.  When the numbers finally settle out 2024 will be slightly down from the 2021 record volume of real estate sales in the Mad River Valley, but still a very strong showing and with a few eye-popping sales.

Agents at MRVRE have a long history of participating in extraordinary real estate transactions (and adventures!) and 2024 was no exception. Following are a few highlights:

 

Partner Steve Robbins posted a record year in real estate sales including two sales over $1mm. We were also lucky to see Steve’s Backyard Red artisanal beer back on the shelves at Lawson’s Finest Liquids in October. This is arguably the finest red ale on the market today. Well at least by this author’s standards! 

Partner Erik Reiser brokered a blistering 40 transaction sides totaling over $29 mm in dollar volume of real estate sold in Vermont making him the number one producing agent from the Mad River Valley and Washington County, Vermont. Erik also continued his extra-ordinary contribution to the MRV community by serving as a tireless volunteer first responder for the Mad River Valley Ambulance Service. Erik has been with MRVAS for 17 years now. A huge thanks to Erik, (and his supportive family too!) for contributing his hugely valuable and critically needed volunteerism.

 

Partner David Dion keeps the “back of the house” running smoothly at MRVRE while continuing to participate in select real estate projects. Despite claiming to be retired it’s hard to say no when a loyal past client calls. When not selling real estate, David continues to make great progress on his farm and eco-lodge in the Turrubares Mountains of Costa Rica called Finca Monte Galan. Among the over 40 food crops include banana, coffee and mango groves! 

Most importantly, we at MRVRE were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2024. To all who helped MRVRE along the way, a huge THANK YOU!

Following is a recap of the 2024 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, (source: Northern New England Real Estate Network, Inc. for the period 01/01/24 – 12/31/24). Please call or write if you are interested in a recap of real estate data and trends in specific areas outside of the Mad River Valley.

 

In 2024 there were a total of 112 MLS reported real estate sales (down from 148 sales in 2023, 197 sales in 2022, 277 sales in 2021, and 284 sales in 2020). Clearly the overall real estate market in the Mad River Valley is on the backside of the 2020 peak as relates to number of sales.  However, that should be no surprise given the unprecedented run-up in sales prices over the past four years.  But it’s also the result of simply not having enough inventory on the market at any given point in time.

Drilling into the specifics, there were 52 single family residential sales ranging from $203,500 to $3,000,000 (down from 59 sales in 2023, 74 sales in 2022, 104 sales in 2021, 117 sales in 2020).

 

00 @   < $100,000 (00 sales in 2023, 01 sales in 2022, 01 sales in 2021, 01 sales in 2020) 

00 @      $100,000 - $199,000 (03 sales in 2023, 01 sales in 2022, 03 sales in 2021, 04 sales in 2020)

04 @      $200,000 - $299,000 (02 sales in 2023, 03 sales in 2022, 15 sales in 2021, 18 sales in 2020)

02 @      $300,000 - $399,000 (02 sales in 2023, 06 sales in 2022, 17 sales in 2021, 33 sales in 2020)

12 @      $400,000 - $499,000 (05 sales in 2023, 13 sales in 2022, 12 sales in 2021, 17 sales in 2020)

07 @      $500,000 - $599,000 (06 sales in 2023, 14 sales in 2022, 15 sales in 2021, 09 sales in 2020)

04 @      $600,000 - $699,000 (09 sales in 2023, 10 sales in 2022, 09 sales in 2021, 07 sales in 2020)

06 @      $700,000 - $799,000 (08 sales in 2023, 05 sales in 2022, 05 sales in 2021, 10 sales in 2020)

07 @      $800,000 - $999,000 (04 sales in 2023, 12 sales in 2022, 10 sales in 2021, 10 sales in 2020)

17 @ >$1,000,000 (09 sales in 2023, 09 sales in 2022, 17 sales in 2021, 08 sales in 2020)

76 condominium sales ranging from $100,000 to $1,100,000 up from 65 sales in 2023, but down from 81 sales in 2022, 109 in 2021, and 118 sales in 2020)

 

00 @    < $100,000 (01 sales in 2023, 05 sales in 2022, 08 sales in 2021, 12 sales in 2020)

14 @       $100,000 - $199,000 (14 sales in 2023, 21 sales in 2022, 40 sales in 2021, 45 sales in 2020)

16 @       $200,000 - $299,000 (17 sales in 2023, 10 sales in 2022, 32 sales in 2021, 25 sales in 2020)

21 @       $300,000 - $399,000 (10 sales in 2023, 10 sales in 2022, 11 sales in 2021, 19 sales in 2020)

09 @      $400,000 - $499,000 (09 sales in 2023, 10 sales in 2022, 08 sales in 2021, 06 sales in 2020)

14 @       $500,000 - $799,000 (11 sales in 2023, 21 sales in 2022, 07 sales in 2021, 09 sales in 2020)

01 @    > $800,000 (03 sales in 2023, 04 sales in 2022, 03 sales in 2021, 02 sales in 2020)

18 land sales ranging from $33,333 to $5,260,000 (down from 21 sales in 2023, 37 sales in 2022, 56 sales in 2021, and 49 sales in 2020.

 

 03 @   < $100,000 (03 sales in 2023, 04 sales in 2022, 18 sales in 2021, 23 sales in 2020)

 04 @      $100,000 - $199,000 (06 sales in 2023, 14 sales in 2022, 18 sales in 2021, 14 sales in 2020)

 07 @      $200,000 - $299,000 (05 sales in 2023, 08 sales in 2022, 11 sales in 2021, 03 sales in 2020)

 01 @      $300,000 - $399,000 (05 sales in 2023, 04 sales in 2022, 05 sales in 2021, 05 sales in 2020)

 00 @     $400,000 - $499,000 (02 sales in 2023, 04 sales in 2022, 01 sales in 2021, 02 sales in 2020)

 03 @     >$500,000 (00 sales in 2023, 03 sales in 2022, 04 sales in 2021, 02 sales in 2020)

1 commercial sale, (03 sales in 2023, 05 sales in 2022, 09 sales in 2021, and 01 sale in 2020).

Ok so here is our take on these statistics.  First, despite the decrease in number of sales the local real estate market in the Mad River Valley is still very active.  Yes, the number of overall sales has dipped, but this is simply a function of fewer properties coming on the market at any given point in time.  Indeed, the great majority of properties that do come on the market continue to enjoy a great deal of buyer interest. And we are continuing to experience very competitive multiple offer situations.

 

Second, the over $1MM market in 2024 was the most active in the history of keeping track of these statistics with 19 sales (17 residential sales, 1 condominium sale and 1 land sale). Historically, the number of residential sales at over $1mm (or even over $800,000) has been very low with as few as 3 sales in 2017 and 2018.  

 

Similarly, the number of condominium sales at over $500,000 has increased from only 06 sales in 2014 to 14 sales in 2024 (there were 14 sales in 2023 and 25 sales in 2022). This tells us the higher priced properties are becoming a more dominant segment of our market, and perhaps for the first time in the history of recorded real estate sales. What does this translate to? If you are the owner of a nicer property in the Mad River Valley, then there has never been a better time in history to be offering your home for sale.

 

The commercial and hospitality (lodge, B&B, Inn, restaurant) market is perhaps showing the greatest weakness in sales.  A recent sale at $1,475,000 is the exception. As a result, this segment of the market continues to offer some of the very best buying opportunities.    

We are also continuing to notice a curious trend over the past few years wherein many transactions are not including a financing contingency. Where is everyone getting all of this cash? 

Ok enough with the past. Now let’s talk about what is going on today.

Presently there are 34 single family residential properties for sale (up from 19 properties at this time last year, 05 in 2023, and 12 in 2022). 15 of those 34 properties are currently under contract of sale. This trend is a clear indication the inventory is growing. 

Today there are 16 condominiums for sale (up from 11 this time last year) and with 08 of those 16 units under contract of sale. So, inventory in this segment of the market is slowly growing.

There are currently 20 parcels of land for sale (up from 17 last year and 13 the year before) and with 04 parcels under contract. The inventory in this segment of the market is slowly growing.  

 

Our overall take on what’s happening today is both the inventory is growing, and the market times are increasing. Is it possible a retreat of the market is on the horizon? Give us a call and we will be happy to share our thoughts.

 

Whether it’s a seller’s market or a buyer’s market the best opportunities for sale include a desirable location, good overall condition, and realistic pricing.  By contrast if you are in a less desirable location, with a lot of deferred maintenance and you are asking a premium price, then in that event you should expect your property to be for sale for a very long while.

 

Clearly those who are best informed are making the most prudent buying and selling decisions in the Mad River Valley. And it’s no coincidence that at MRVRE our clients are realizing some of the best purchase and sale opportunities ever in the Mad River Valley.  

 

Please check out our website and click on “blog” to see more in-depth analyses and some very insightful graphs depicting the Mad River Valley real estate market.

 

From all of us at MRVRE best wishes for a happy, healthy, and prosperous 2025!