Snow is starting to fall at Sugarbush Resort and Mad River Glen as temperatures permit. The Mad River Valley is typically quiet at this time of year. We have also seen activity in the real estate market slow down a bit, which is very common historically.
There are currently 13 single-family homes under contract or pending sales ranging from $79,900 to $1,295,000 (down from 15 last month and 12 the month before the month before) and 8 condos priced from $140,000 to $1,195,000. Under contract or pending sale (down from 15 the month before last). There are 1 undeveloped parcel under contract for $250,000 (down from 3 last month and 5 two months ago), and 1 commercial property under contract for $250,000 (down from 3 last month and 5 two months ago). There were 0 cases (0 cases last month, 4 cases two months ago).
Of the properties currently under contract, 7 out of 8 condominiums and 5 out of 13 single-family homes were listed on or after October 1st. So for the most part, things are still moving quickly and some buyers are still jumping at the chance. .
There were four single-family home sales in September 2023, ranging from $195,000 to $3.75 million (down from seven in August). Six condos priced between $190,000 and $425,000 were sold (6 sold in August). In September 2023, there were three undeveloped land sales ranging from $40,000 to $294,000 (up from one sale in August). Commercial sales in September 2023 were zero (sales were also zero in August).
Over the past few years, the residential real estate industry has seen constant transaction activity with little downtime. Historically, this is the slow time of year for real estate sales in the Mad River Valley. It looks like we’re getting back to the “normal” slow time between fall foliage season and the holidays. Inventory remains low and may remain so for some time. Interest rates are higher than they have been in years, clearly having a cooling effect on many buyers. Will these rates start to cause changes in home values? Probably, but as inventory remains low, the adage of supply and demand will likely keep home values stable in the short term. Beyond that, we don’t have a crystal ball.
Mad River Valley’s current inventory is down to 13 single-family homes (17 this time last month), 4 wholly owned condominiums (5 this time last month), and 16 undeveloped land parcels. (This time there are 9 units). Last month), commercial facilities were his 3 projects (last month he had 2 projects). This brings him to 36 active listed stocks across all sectors, up from his 33 this time last month. In contrast, in the past calendar year, there were 65 single-family home sales, 67 condominium sales, and 22 land sales.
Reisner is a broker and managing partner of Mad River Valley Real Estate in Waitsfield.