QUECHEE MARKET AREA
The Quechee, Vermont real estate market had an exceptional year in 2020, setting a number of new records for both single-family and condominium sales.
There were an all-time high eighty-three (83) sales of single-family homes in Quechee in 2020, up from sixty-two (62) in 2019. With the average price of homes rising nearly 30% from 2019 to $477,701, these record sales translated into $39,649,176 in total dollar volume, the largest amount on record.
On average, homes spent just 111 days on the market prior to sale, down from 143 in 2019 to its lowest point since Snyder Donegan began tracking the statistic in 2004. Additionally, after four consecutive years of the average negotiating discount– percent difference between a home’s list price and sale price– remaining steady at an average of 5.26%, that figure dropped considerably to 3.11% in 2020, meaning that buyers were much more likely to pay closer to sellers’ asking prices than in years past. In fact, of the 83 total sales, buyers paid at or above asking price in thirty-four (34) transactions.
With record-breaking sales, however, came a record low of inventory left on the market, as there were just seven (7) single-family homes actively listed in Quechee as of December 31, down 74% from the same point in 2019.
In regard to condominium sales, 2020 proved to be Quechee’s most successful year on record, following the same trends as those of the single-family market. An all-time high sixty-one (61) sales transacted compared to fifty (50) in 2019, resulting in the highest total dollar volume ($12,660,715) since before the 2008 recession. With a highly motivated buyer pool, the average negotiating discount and average days on the market both hit record lows of 2.63% and 76 days, respectively. This surge of buying activity once again left inventory at a premium, as there were just three (3) condos actively listed as of December 31, down 75% from 2019 and 86% from 2018.
While we remain optimistic about sales in 2021, Quechee will likely require an infusion of new listings to meet what we expect to be continued high demand in the area.
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.
QUECHEE FY 2020 BY THE NUMBERS
- 83 SOLD single-family homes
- Average Price: $477,701
- Median Price: $354,000
- Total Volume: $39,694,176
- Average Negotiating Discount: 3.11%
- Average Days on the Market: 111
- 10 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $433,000
- Median Price: $392,000
- Average Days on the Market: 67
- 7 ACTIVELY LISTED single-family homes
- Average Price: $1,023,286
- Median Price: $625,000
- Average Days on the Market: 180
- 61 SOLD condominiums
- Average Price: $207,553
- Median Price: $163,000
- Total Volume: $12,660,715
- Average Negotiating Discount: 2.63%
- Average Days on the Market: 76
- 2 ACTIVE UNDER CONTRACT/PENDING condominiums
- Average Price: $156,750
- Median Price: $156,750
- Average Days on the Market: 4.5
- 3 ACTIVELY LISTED condominiums
- Average Price: $346,333
- Median Price: $395,000
- Average Days on the Market: 120
Charts illustrating portions of the above information can be found below, followed by a complete list of all the 83 single-family homes and 61 condominiums that sold in Quechee in FY 2020.
A list of all 83 single-family homes that sold/closed in Quechee during FY 2020 is below.
|
|
A list of all 61 condominiums that sold/closed in Quechee during FY 2020 is below.
|
|
Social Media Widget