POMFRET MARKET AREA
The Pomfret, Vermont real estate market had a record-breaking year in several statistical categories in 2020, registering an all-time high thirty-five (35) sales of single-family homes, up 60% from 2019.
Thanks in part to a record eight (8) homes sold/closed over the $1 million threshold in 2020, the average price of sold/closed homes rose to $713,638 from $387,450 in 2019, consequently driving the total dollar volume to a record high of $24,977,345. Snyder Donegan was pleased to represent the seller and buyer in the highest priced sale of 2020 in the Pomfret market, 3429 Cloudland Road/”Sleepy Hollow Farm” at $2.2 million.
On average, homes spent just 147 days on the market prior to sale opposed to 158 in 2019, down to its lowest mark since 2013.
Supply of single-family homes in Pomfret has been declining gradually since 2013 but fell precipitously to a record low by the end of 2020. As of December 31, there were just five (5) single-family homes actively listed on the market, down a staggering 74% from the same date in 2019. Additionally, the average price of those actively listed homes is at a near all-time high of $1,544,400, meaning that inventory of moderately priced homes in the market is significantly wanting. Though we remain optimistic about the 2021 market, Pomfret 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.
POMFRET FY 2020 BY THE NUMBERS
- 35 SOLD single-family homes
- Average Price: $713,638
- Median Price: $555,145
- Total Volume: $24,977,345
- Average Negotiating Discount: 5.24%
- Average Days on the Market: 147
- 3 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $388,667
- Median Price: $482,000
- Average Days on the Market: 178
- 5 ACTIVELY LISTED single-family homes
- Average Price: $1,544,400
- Median Price: $1,785,000
- Average Days on the Market: 140
Charts illustrating portions of the above information can be found below, followed by a list of all 35 properties that closed in Pomfret during FY 2020.
A list of all 35 properties that sold/closed in Pomfret during FY 2020 is below.