2017 Mad River Valley Real Estate Market Recap
Posted on 1/17/2018 by David M. Dion
At Mad River Valley Real Estate MRVRE we hope your 2018 is off to a great start! The very good news is all three ski mountains (Lincoln Peak, Mount Ellen, and Mad River Glen have a solid base of snowpack to work with. Despite the obligatory January a few nor’easters over the next month will make for some exceptional skiing.
2017 was a very exciting year at Mad River Valley Real Estate (formerly David M. Dion Real Estate). We continue to grace the back cover of the always popular Waitsfield Telecom telephone book and continue to sponsor the Mad River Glen Webcam. We also have a web cam strategically placed on the eastern side of the Mad River Valley and looking toward the Green Mountains. Now you can see real live up to the moment weather from your computer or smartphone. Check it out here MRVRE Webcam
Agents at MRVRE have had a long history of participating in extra-ordinary real estate transactions and 2017 was no exception. Following are a few highlights:
MRVRE represented either the buyer or seller in three of the five highest sales in the Mad River Valley. This continues a long tradition of representing outstanding properties in the community.
MRVRE represented purchasers in two transactions wherein contract prices were over 40% below the original asking price! This is a great example of how MRVRE representation as a buyer’s agent can significantly influence the buyer’s side of the transaction!
Partner Steve Robbins enjoyed a busy year of sales while also representing Lawson's Finest Liquids in the very high-profile purchase of a commercial property in Waitsfield. Awesome work Steve and much gratitude for Karen and Sean Lawson giving MRVRE the opportunity to represent their real estate needs. Now we’re all waiting with great anticipation for the next batch of Steve’s Backyard Red Ale to come online.
Partner Erik Reisner brokered a blistering 30 transactions totaling over $4,000,000 in sales and rentals. Not bad for the youngest broker/owner in the region. Erik also continues his extra-ordinary contribution to the community by serving as a tireless volunteer for the Mad River Valley Ambulance Service . A huge thanks to Erik, and to his family for supporting this valuable volunteerism. The next time you see Erik ask how he gets to drive cars so fast without breaking the law...
Partner David Dion continues to enjoy both the most units sold and highest dollar volume of sales in the Mad River Valley since statistics started being recorded (based on information from the New England Real Estate Network, Inc. for the period 1997 – 2017). When not selling real estate he continues to make great progress with his Costa Rican Partner in the development of Finca Monte Galan, an eco-ranch in the Turrubares Mountains of Costa Rica.
Office Manager Brent Adams keeps the daily affairs of MRVRE running smoothly and also has his real estate license. With a few transactions under his belt we look forward to Brent breaking real estate sales records soon. When not in the office Brent can be seen volunteering at the local food shelf or acting as porter for his wife and two daughters who play Celtic Harp .
Most importantly, we were blessed with our many loyal and supportive clients and forged many wonderful new relationships in 2017. To all who helped MRVRE along the way, a huge THANK YOU!
Following is a recap of the 2017 real estate market based on MLS reported real estate sales in the Mad River Valley towns of Fayston, Moretown, Waitsfield and Warren, (information from the Northern New England Real Estate Network, Inc. for the period 01/01/17 – 12/31/17). 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 2017 there were a total of 217 MLS reported real estate sales (up from 175 sales in 2016, 171 sales in 2015 and 156 sales in 2014).
88 residential sales ranging from $62,000 to $1,150,000 (79 sales in 2016, 86 sales in 2015 and 75 sales in 2014).
02 @ < $100,000 (04 sales in 2016, 04 sales in 2015 and 02 sales in 2014)
11 @ $100,000 - $199,000 (16 sales in 2016, 09 sales in 2015 and 14 sales in 2014)
31 @ $200,000 - $299,000 (25 sales in 2016, 29 sales in 2015 and 26 sales in 2014)
24 @ $300,000 - $399,000 (13 sales in 2016, 19 sales in 2015 and 16 sales in 2014)
08 @ $400,000 - $499,000 (08 sales in 2016, 09 sales in 2015 and 10 sales in 2014)
06 @ $500,000 - $599,000 (05 sales in 2016, 04 sales in 2015 and 03 sales in 2014)
01 @ $600,000 - $699,000 (04 sales in 2016, 06 sales in 2015 and 03 sales in 2014)
02 @ $700,000 - $799,000 (01 sales in 2016, 01 sales in 2015 and 01 sales in 2014)
03 @ > $800,000 (03 sales in 2016, 05 sales in 2015 and 00 sales in 2014)
109 condominium sales ranging from $28,000 to $825,000 (74 sales in 2016, 59 sales in 2015 and 57 sales in 2014)
35 @ < $100,000 (14 sales in 2015 and 22 sales in 2014)
41 @ $100,000 - $199,000 (27 sales in 2015 and 19 sales in 2014)
24 @ $200,000 - $299,000 (12 sales in 2015 and 11 sales in 2014)
08 @ $300,000 - $399,000 (04 sales in 2015 and 03 sales in 2014)
01 @ > $400,000 (02 sales in 2015 and 02 sales in 2014)
20 land sales ranging from $5,000 - $187,500 (20 sales in 2016, 23 sales in 2015 and 16 sales in 2014).
13 @ < $100,000 (15 sales in 2016, 08 sales in 2015 and 05 sales in 2014)
07 @ $100,000 - $199,000 (03 sales in 2016, 11 sales in 2015 and 06 sales in 2014)
00 @ $200,000 - $300,000 (04 sales in 2016, 01 sales in 2015 and 04 sales in 2014)
00 @ $300,000 - $400,000 (00 sales in 2016, 02 sales in 2015 and 00 sales in 2014)
00 @ $400,000 - $499,000 (00 sales in 2016, 01 sales in 2015 and 00 sales in 2014)
00 @ >$500,000 (00 sales in 2016, 00 sales in 2015 and 01 sales in 2014)
03 commercial sales (04 sales in 2016, 03 sales in 2015 and 01 sales in 2014)
Here are some very insightful graphs depicting the Mad River Valley real estate market. Graph 1 and Graph 2.
The luxury and hospitality (lodge, B&B, Inn, restaurant) markets continue to show the greatest weakness in sales. As a result, these areas offer some of the very best buying opportunities with some sales at close to 30% discount from 2005 values. Additionally, the land market continues to languish with only 20 sales (there should be 30 or more sales a year). As a result, there are many great land opportunities out there right now. Homes in the $100,000 - $400,000 price range and condominiums in the under $300,000 price range are seeing by far the greatest sale activity. This is the area of the Mad River Valley real estate market wherein property values are appreciating again.
Presently there are 82 single family residential properties for sale (down from 88 at this time last year 113 in 2016, 140 in 2015 and 147 in 2014) and with 04 of those properties under contract. This is a clear indication the inventory if finally getting down to more normal supply/demand levels. Today there are 86 condominiums for sale (110 at this time last year) with 8 under contract, and 94 parcels of land for sale (up from 83 last year) and with 3 under contract.
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.
From all of us at MRVRE best wishes for a happy, healthy and prosperous 2018!