By Erik Reisner, Mad River Valley Real Estate
Currently, there are 12 single-family homes under contract or pending sale in the price range of $79,900 - $3,750,000 (up from five last month, and matching the 12 two months ago), seven condominiums under contract or pending sale priced from $195,000 - $350,000 (down from eight last month and 11 two months ago), five undeveloped land parcels under contract from $250,000 - $485,000 (down from six last month, and up from three two months ago), and four commercial properties under contract from $649,000 - $2,350,000 (zero last month, and zero two months ago).
Regarding the properties that are currently under contract, three of the seven condos and seven of the 12 single-family homes were listed after August 1. So, in general things are still moving briskly, and many buyers are still jumping at opportunities.
The market continues to be strong as evidenced by a 60% jump in single-family homes under contract in the past month here in the Mad River Valley. For the most part the inventory numbers have been upside-down this summer. That is, most of the time there was more inventory under contract than available for purchase. That has changed ever so slightly for single-family homes with 13 on the market, and 12 under contract or pending sale. We will likely see a decline in the number of new listings as we approach winter as mentioned above. However, demand is still stronger than the current supply, and we don’t see how that will change anytime soon as there is very little speculative building happening in the local market.
The current inventory in the Mad River Valley is up to 13 single-family homes (10 this time last month), whole-ownership condominiums are down to two (five this time last month), there are 10 undeveloped land parcels (11 this time last month), and three commercial properties (seven last month). That is 28 active listings across all sectors, 33 this time last month. In contrast, in the past calendar year there have been 65 single-family home sales, 65 condominium sales, and 23 land sales.