Both Sugarbush Resort and Mad River Glen have started making snow when temperatures have allowed. The Mad River Valley is quiet right now which is typical for this time of year. We have seen activity in the real estate market slow down a bit as well, which is historically very common.
Currently there are 13 single-family homes under contract or pending sale in the price range of $79,900 - $1,295,000 (down from 15 last month, and 12 two months ago), eight condominiums under contract or pending sale priced from $140,000 - $1,195,000 (down from nine last month and seven two months ago), one undeveloped land parcel under contract for $250,000 (down from three last month, and five two months ago), and zero commercial properties under contract (zero last month, and four two months ago).
Regarding the properties that are currently under contract, seven of the eight condos and five of the 13 single-family homes were listed after October 1. So, for the most part, things are still moving fast, and some buyers are still jumping at opportunities.
There were four single-family home sales in September 2023 from $195,000 - $3,750,000 (down from seven sales in August). There were six condominium sales from $190,000 - $425,000 (six sales in August as well). There were three undeveloped land sales in September of 2023 from $40,000 - $294,000 (up from one sale in August). There were zero commercial sales in September 2023 (zero sales in August as well).
The last few years there has been a constant flow of transactions with very few periods of rest for the residential real estate industry. Historically this is a slow time of year for real estate sales in the Mad River Valley. It appears we are returning to that “normal” slow time between foliage season and the holidays. Inventory remains low and will likely continue to be the case for quite some time. Interest rates are higher than they have been in many years which is clearly having a cooling effect for many buyers. Will those interest rates start to provoke a change in home values? Possibly, but with continued low inventory we think that the adage of supply vs. demand will keep home values stable in the short term. Beyond that, we don’t have a crystal ball!
The current inventory in the Mad River Valley is down to 13 single-family homes (17 this time last month), whole-ownership condominiums are down to four (five this time last month), there are 16 undeveloped land parcels (nine this time last month), and three commercial properties (two last month). That is 36 active listings across all sectors, up from 33 this time last month. In contrast, in the past calendar year there have been 65 single-family home sales, 67 condominium sales, and 22 land sales.
Reisner is a broker and managing partner with Mad River Valley Real Estate in Waitsfield.
