(Reprinted courtesy of Mad River Valley Real Estate.)
We’re feeling cooler temperatures and the leaves are starting to change color as we approach one of the most beautiful times of year here in the Mad River Valley. What has not seemed too cool at all is the real estate market. Inventory continues to be at historic low levels and when properties get listed there is generally a mad rush to get in and compete from buyers near and far.
Now onto the market update:
Currently there are 25 single-family homes under contract or pending sale in the price range of $79,900 - $3,950,000 (up from 24 last month and 22 two months ago), 21 condominiums under contract or pending sale priced from $75,000 - $595,000 (up from 13 last month, and 15 two months ago), 12 undeveloped land parcels under contract or pending sale from $50,000 - $575,000 (up from 11 last month, and six two months ago), and two commercial properties under contract or pending sale from $750,000 - $975,000 (down from three last month, as well as two months ago).
There were 10 single-family home sales in June 2021 from $52,400 - $2,099,906 (up from six sales in May). There were 10 condominium sales from $125,000 - $543,000 (down from 15 sales in May). There were seven undeveloped land sales in June of 2021 from $80,000 - $875,000 (up from three sales in May). There were zero commercial sales in June 2021 (zero sales in May as well).
Our Take on the Central Vermont Real Estate Market:
We’re still seeing inventory coming onto the market here and there, but not fast enough to keep up with the current demand. For the most part, single-family homes, condos and even some land parcels are scooped up in a matter of hours or days. Properties that are priced within reason are often getting multiple offers driving the prices even higher.
The current inventory in the Mad River Valley is down to 11 single-family homes (14 this time last month), six whole-ownership condos (seven this time last month), and 19 undeveloped land parcels (20 last month). In contrast, in the past calendar year there have been 115 single-family home sales, 131 condo sales and 69 land sales.
If you are a buyer actively searching in this ultra-competitive market, be sure to have your ducks in a row with your financing and down-payment. Or have some “creative” solutions to be able to waive a financing contingency. Also, be sure to be connected with an agent who is ready, willing and able to keep you in the loop as properties come to market.
If you own property and are contemplating selling, this is literally the best time ever to bring your property to market.
Historical Mad River Valley Real Estate to June 30, 2021:
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 June 30, 2021.
This blog post will be updated on a monthly basis to track year-to-date real estate sales in the Mad River Valley. The data is gathered from the State Property Tax Transfer records and includes all sales above $20,000. Vermont Property Transfer Tax data is typically +/- three months behind as it takes time for all the towns to file the returns with the state. Therefore, we are reporting here on accurate sales data from three-months prior.