PLYMOUTH MARKET AREA
The Plymouth, Vermont real estate market experienced its most successful year in 2020, with a record-breaking forty-nine (49) sales of single-family homes, up from a then-record of thirty-five (35) in 2019.
With the average price of homes rising to an all-time high of $402,195– up 15% from last year– those sales translated into another all-time high of $19,707,550 in total dollar volume. The market saw one (1) sale over $1 million on the year (303 Frog City Road – $1,150,000), a transaction in which Snyder Donegan was pleased to represent the seller.
On average, buyers paid closer to sellers’ asking prices in 2020 than since before the 2008 recession, as the average negotiating discount– percent difference between a home’s list price and a home’s sale price– dropped to 3.22% from 6.34% in 2019. In fact, buyers paid at or above asking price in fourteen (14) of all closed transactions. Additionally, at an average of 172 days, houses spent less time on the market prior to sale in 2020 than in the 12 previous years. Each of these metrics clearly underscore the high demand from and motivation of buyers in the extraordinarily busy 2020 market.
Increased buying activity has significantly depleted available inventory, however, as there were just eight (8) single-family homes actively listed in Plymouth as of December 31, down nearly 76% from the same point in 2019. Though we remain optimistic about the 2021 market, Plymouth will need a considerable infusion of new listings to keep up with what we expect to be continued strong buyer demand.
GREATER WOODSTOCK MARKET AREA
In total, 391 single-family homes sold in 2020 in the Greater Woodstock Vermont market area (Barnard, Bridgewater, Hartland, Plymouth, Pomfret, Quechee, Reading, West Windsor, Woodstock) up 62% from 242 in 2019. In fact, not only did every single town in the Greater Woodstock market experience an increase in total $ sales for the year, but nearly every town closed an all-time record number of homes. Of the 391 homes sold, buyers paid at or above a seller’s asking price in 118 of the transactions, with the average price hitting $558,347 (up from roughly $424,000 in 2019). Because of this boom, it stands to reason that inventory in the market is now significantly depleted, with just sixty-nine (69) single-family homes on the market at the close of the year compared to 179 at the same point in 2019.
As with the rest of the market, buying activity in the luxury market in the Greater Woodstock market area was very strong in 2020, with thirty-eight (38) sales of homes over $1 million sold/closed compared to thirteen (13) in all of 2019. Snyder Donegan was pleased to represent the buyers, sellers, or both in the highest priced 2020 individual home sales in Barnard (3147 Mount Hunger Road – $2.55 million), Bridgewater (403 North Bridgewater Road – $1.125 million), Pomfret (3429 Cloudland Road/”Sleepy Hollow Farm” – $2.2 million), and Plymouth (303 Frog City Road – $1.15 million).
Inventory is now genuinely tight at most price points up to about $1.5 million, and prices clearly rose, particularly in moderate price points and in properties closer to well-known towns like Woodstock and Hanover. Because of this, we are starting to see buyers move both outwards in location from traditional “centers” and upwards in price. And more rural, even “remote” properties have special appeal to those seeking more permanent safety from the COVID storm or a simpler way of life.
PLYMOUTH FY 2020 BY THE NUMBERS
- 49 SOLD single-family homes
- Average Price: $402,195
- Median Price: $329,000
- Total Volume: $19,707,550
- Average Negotiating Discount: 3.22%
- Average Days on the Market: 172
- 3 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $411,833
- Median Price: $369,000
- Average Days on the Market: 41
- 8 ACTIVELY LISTED single-family homes
- Average Price: $682,625
- Median Price: $519,500
- Average Days on the Market: 86
Charts illustrating portions of the above information can be found below, followed by a complete list of all 49 properties that sold during FY 2020.
A list of all 49 single-family properties that sold/closed in Plymouth during FY 2020 is below.