2024 May - Mad River Valley Real Estate Driven by Data

Posted on 5/14/2024 by Erik H. Reisner

In Brief:

Ski and Ride season came to an official end the first weekend in May. There was just enough snow to navigate, and enough grass that the Sugarbush Golf Course was able to open! It was a long, strange winter with many thaws, and a few larger storms towards the end of the season to extend the winter recreation just a bit. Spring is definitely in the air, and so are the bugs and pollen. The summer “busy” season for real estate sales doesn’t historically kick off for another month or so, but we’re ready to see some new inventory, hopefully… This low inventory situation is likely to continue for some time, but with any luck, as the grass and leaves grow, may the real estate inventory follow suit!

Recreation and the forecast:

It's time for the seasonal change of recreation gear. Put the skis, boards, and snowshoes away and break out the bikes, clubs, boats, and hiking boots! The trails have dried out nicely and are ready for your enjoyment. Last spring/summer was incredibly wet with multiple flooding events throughout the state. Looking at the Farmers’ Almanac, the general outlook is “Sultry and Soggy” for New England. And others are predicting another record-breaking year with even hotter temperatures on the horizon. Here’s hoping these prognosticators are off the mark and we have a beautiful and somewhat dry summer with moderate temperatures.

Now onto the market update:

Currently there are 6 single family homes under contract or pending sale in the price range of $79,900 - $1,600,000 (down from 9 last month, up from 11 two months ago), 11 whole-ownership condominiums under contract or pending sale priced from $97,500 - $1,169,000 (up from 10 last month and 8 two months ago), 4 undeveloped land parcels under contract priced from $99,000 -$225,000 (4 last month as well, 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 11 condos and 1 of the 6 single family homes were listed after April 1, 2024. So while this is historically a slow time of year for real estate sales, there are still many active buyers in the marketplace.

There were 6 single family home sales in April 2024 from $220,000 - $1,201,000 (up from 4 sales in March). There were 6 condominium sales from $275,000 - $700,000 (6 sales in March as well). There were 2 undeveloped land sale in April from $925,000 - $5,260,000 (2 sales in March as well). There were ZERO commercial sales in April (ZERO sales in March as well).

Our Take on the Central Vermont Real Estate Market:

Spring has sprung, the grass is green, and the leaves are starting to fill in. Our classic “selling season” generally runs mid-June through October. With that in mind, the landscaping is just starting to grow in enough for good exterior photography. First impressions are huge, and having an inferior lead photo on your property’s listing is not ideal. If you are a seller, there will be plenty of time to get your property sold this summer, and we expect continued high demand. If you are a buyer, try to be patient, but then when something comes on that piques your interest, don’t lollygag! Contact us immediately and be ready to act fast.

Are you in the market for a property here in the Mad River Valley and beyond? If so, the pros at MRVRE are here to help you stay informed with our fingers on the pulse of the real estate market. We hope to see more inventory as summer approaches. But don’t wait to contact us! Call, email, or text now so that we can learn about your property search and help you stay informed.

The current inventory in the Mad River Valley is down to 8 single family homes (9 this time last month), whole-ownership condominiums are down to 6 (9 this time last month), there are 14 undeveloped land parcels (15 this time last month), and 4 commercial properties (4 last month as well). That is 32 active listings across all sectors, down from 37 this time last month. In contrast, in the past calendar year there have been 67 single family home sales, 61 condominium sales, and 21 land sales.

Have you been on the fence wondering when the best time might be to sell your Vermont property? That time has come my friend! Reach out to us and we’ll help you get a premium price for your property.

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 April 30, 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 April 30, 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 about these graphs, or anything real estate related, give Mad River Valley Real Estate a call or send us an email.