2024 March - Mad River Valley Real Estate Driven by Data
Posted on 3/14/2024 by Erik H. Reisner
In Brief:
Just a few days ago there was hardly any snow on the ground with the exception of ski trails at Sugarbush Resort and Mad River Glen. It really felt like an early spring had arrived. I was getting woken up by birds chirping at 5:50 AM, and we were in full-on Mud Season. As they say, “If you don’t like the weather in Vermont, wait 5 minutes.” Foiled by “Fake Spring” yet again! The entire valley experienced blizzard like conditions and widespread power outages throughout the state. Will the real spring come at some point? Absolutely. Should we remind ourselves that March can be the snowiest month of the winter, you betcha! Joking aside, it’s nice to see that the ski and ride season has been extended. If only we could get a deluge of new real estate inventory!
Recreation and the forecast:
The recent two-staged snowstorm started with over a foot of wet and heavy snow. So heavy that almost the entire Mad River Valley lost power, including the ski resorts. Part two of this massive snow event brought lower temperatures, light and fluffy snow, and high winds. So, in a matter of two days it went from pretty bleak skiing/riding conditions to rather epic conditions. Mad River Glen reported 30” total! A return to warmer temperatures will re-start the snow melt, but this is a shout out to get up here while the gettin’ is good!
Now onto the market update:
Currently there are 13 single family homes under contract or pending sale in the price range of $79,900 - $2,595,000 (up from 6 last month, 9 two months ago), 9 whole-ownership condominiums under contract or pending sale priced from $300,000 - $700,000 (up from 7 last month and 7 two months ago), 5 undeveloped land parcels under contract priced from $225,000 -$10,000,000 (Zero last month, and 2 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 9 condos and 3 of the 13 single family homes were listed after February 1, 2024. While it’s historically a slower time of year for sales, there are clearly still active buyers in the marketplace, and many are acting quickly.
There were 4 single family home sales in February 2024 from $625,000 - $2,540,000 (4 sales in January as well). There were 3 condominium sales from $189,000 - $575,000 (down from 6 sales in January). There was one undeveloped land sale in February for $855,000 (1 sale in January as well). There were ZERO commercial sales in February (ZERO sales in January as well).
Our Take on the Central Vermont Real Estate Market:
A slump in sales is common for this time of year. Overall volume will continue to be down as long as we have low inventory. There continues to be a lack of supply in the Mad River Valley and across the State. There are currently 838 single family homes for sale in the entire state of Vermont. In the last year there have been 5,375 single family home sales! In a "normal" market, there should be a 3-month's supply of homes. That is a sobering statistic for anyone seeking to purchase a home right now.
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. And that pulse is tachycardic! So, reach out by phone or email and we can help you navigate these rough waters.
The current inventory in the Mad River Valley is down to 10 single family homes (13 this time last month), whole-ownership condominiums are up to 13 (5 this time last month), there are 14 undeveloped land parcels (17 this time last month), and 4 commercial properties (4 last month as well). That is 41 active listings across all sectors, up from 39 this time last month. In contrast, in the past calendar year there have been 62 single family home sales, 57 condominium sales, and 23 land sales.
Have you been on the fence wondering when the best time might be to sell your Vermont property? Our “selling season” used to be mostly June through October, but it has evolved into a year-round prime-time-to-sell. If you’re ready, so are we! Give us a call.
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: https://www.mrvre.com/area-resources/lending.
Historical Mad River Valley Real Estate to February 29, 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 February 29, 2024.
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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 about these graphs, or anything real estate related, give Mad River Valley Real Estate a call or send us an email.