2024 September - Mad River Valley Real Estate Driven by Data
Posted on 9/16/2024 by Erik H. Reisner
In Brief:
Ahh, mid-September, the nights are getting colder, and the leaves are starting to turn, a sure sign that autumn is here, and winter is soon to follow. Retailers and lodging facilities are gearing up for one of the busiest few weeks of the year when leaf-peepers come from near and far to witness nature’s incredible technicolor transformation. Is the real estate market cooling off at the same time as the temperatures drop? It sure feels like it. More color on that subject below!
Recreation and the forecast:
The Mad River Valley Recreation Hub just took a monumental step forward with the much-anticipated bridge that now crosses the Mill Brook in Waitsfield behind the Chamber of Commerce, Stark Mountain Bike Works and across the street from the Mad River Valley Real Estate Office! The massive steel structure was put into place with a crane and some dedicated volunteers. It was an impressive sight to see, and the culmination of years of planning, hard work, and fundraising. Kudos to everyone that helped make this happen! This is probably the coolest time of year to be out on the trails (pun intended) as the leaves are turning, and the ongoing maintenance and improvements are making the Mad River Valley a destination for mountain biking adventure seekers. There is still plenty of time to get out there and explore before the snowflakes start to fall as we anticipate the arrival of ski and ride season.
Now onto the market update:
Currently there are 9 single family homes under contract or pending sale in the price range of $79,900 - $1,425,000 (down from 15 last month, and 13 two months ago), 5 whole-ownership condominiums under contract or pending sale priced from $160,000 - $505,000 (5 last month too and 9 two months ago), 3 undeveloped land parcels under contract priced from $237,000 -$250,000 (2 last month as well, 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, 2 of the 5 condos and 4 of the 9 single family homes were listed after August 1, 2024. So, while fewer properties are under contract this month, over 40% were on the market for less than 30 day.
Based on information from PrimeMLS, Inc. for the period 7/1/2024 through 9/15/2024.
There were 8 single family home sales in August 2024 from $395,000 - $1,600,000 (up from 7 sales in July). There were 4 whole-ownership condominium sales from $199,000 - $560,000 (down from 5 sales in July). There was 1undeveloped land sales in August for $145,000 (also 1 sale in July). There were ZERO commercial sales in August (ZERO sales in July as well).
Based on information from PrimeMLS, Inc. for the period 7/1/2024 through 9/15/2024.
Our Take on the Central Vermont Real Estate Market:
The current inventory in the Mad River Valley is up to 18 single family homes (15 this time last month), there are 7 whole-ownership condominiums (9 this time last month), there are 21 undeveloped land parcels (25 this time last month), and 5 commercial properties (7 last month). The trend for the past few months shows that we are starting to see more inventory linger on the market.
Based on information from PrimeMLS, Inc. for the period 7/1/2024 through 9/15/2024.
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: (https://www.mrvre.com/area-resources/lending)
Historical Mad River Valley Real Estate to August 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 August 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.
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Based on information from PrimeMLS, Inc. for the period 7/1/2024 through 9/15/2024.
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.