2024 August - Mad River Valley Real Estate Driven by Data
Posted on 8/15/2024 by Erik H. Reisner
In Brief:
Wow, this summer is flying by! There are a few weeks left until schools are back in session and the temperatures start to slowly drop. Autumn in Vermont is always a fan-favorite for locals and visitors alike. The air gets a bit crisper, the leaves start to turn, and we start to look forward and prognosticate as to what kind of winter we will have. Everyone now has their 2024 Property Tax Bill, and no one is happy with the results. That coupled with the recent increase in the Property Transfer Tax (Purchase Tax) for second home purchasers may have a cooling effect on the market as temperatures simultaneously drop. We have seen a bit more inventory staying on the market, especially in the land sector. Has there been a downward shift in the market? Only time will tell…
Recreation and the forecast:
We’re now experiencing a very pleasant stretch of weather. It’s no longer oppressively hot, and the humidity has tamed a bit. It’s still warm enough to enjoy the multiple swimming holes, but PLEASE BE VERY CATIOUS no matter how familiar you are with your favorite spot. There have been two drownings in as many weeks, and three total so far this summer. The combination of a lot of rain and shifting debris can make a formerly somewhat-tame spot lethal. If there have been recent heavy rains, please stay away from any swift water for 5-7 days. Also, even the slower moving water can have some new unwanted bacteria, yuck! Vermont is well known for its glorious swimming holes, but locals and visitors alike need to respect the power of water, and be educated on when it’s safe to jump in.
Now onto the market update:
Currently there are 15 single family homes under contract or pending sale in the price range of $79,900 - $1,895,000 (up from 13 last month, and 9 two months ago), 5 whole-ownership condominiums under contract or pending sale priced from $216,000 - $580,000 (down from 9 last month and 7 two months ago), 2 undeveloped land parcels under contract priced from $145,000 -$179,000 (2 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 6 condos and 8 of the 15 single family homes were listed after July 1, 2024. Sellers dictate list price and buyers dictate sale price. So, if it’s priced right, it will probably go under contract quickly.
Based on information from PrimeMLS, Inc. for the period 6/1/2024 through 8/15/2024.
There were 7 single family home sales in July 2024 from $430,000 - $3,000,000 (up from 3 sales in June). There were 5 whole-ownership condominium sales from $225,000 - $635,000 (down from 8 sales in June). There was 1undeveloped land sales in July for $185,000 (also 1 sale in June). There were ZERO commercial sales in July (ZERO sales in June as well).
Based on information from PrimeMLS, Inc. for the period 5/1/2024 through 7/31/2024.
Our Take on the Central Vermont Real Estate Market:
The current inventory in the Mad River Valley is down to 15 single family homes (17 this time last month), there are 9 whole-ownership condominiums (8 this time last month), there are 25 undeveloped land parcels (24 this time last month), and 7 commercial properties (7 last month as well). A few months of double-digit inventory in the single-family home and land sectors. That’s not a “lot” of inventory, but more than we’ve seen in quite some time.
Based on information from PrimeMLS, Inc. for the period 6/1/2024 through 8/15/2024.
Are you in the market for a property here in the Mad River Valley and beyond? If so, the partners at MRVRE have more than 80 years of combined experience in helping buyers and sellers navigate the local real estate market, Call, email, or text now so that we can learn about your property search and help you stay informed.
Have you been on the fence wondering when the best time might be to sell your Vermont property? Allow us to provide you with a complimentary market analysis to see if it makes sense for you. No pressure!
If you are a potential buyer, make sure you are tracking activity, or better yet contact us at (802) 496-5000 or info@mrvre.com and we can help you do that! Also make sure your finances are in order so that you can be poised to make a competitive offer, with or without financing. We can also help you find the right lender if needed. Check out our Lender
Resources Page.
Historical Mad River Valley Real Estate to July 31, 2024:
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, 2024.
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 of Vermont Property Tax Transfer records and includes all sales above $20,000.
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, real estate related or otherwise, give Mad River Valley Real Estate a call or send us an email.