WOODSTOCK MARKET AREA
The Woodstock, Vermont real estate market had its most successful year on record in nearly every statistical category related to sales, with an all-time high eighty-five (85) sales of single-family homes resulting in a record total dollar volume of $60,726,900. At the time of this writing, there were an additional twenty (20) homes active under contract or pending and likely to close within the coming months.
The average price of non-luxury homes in the 2020 market also rose to its highest mark on record ($714,434), and buyers were more likely than ever before to pay closer to sellers’ asking prices. Specifically, buyers paid at or above listing price in 31% of all transactions in 2020, with the average negotiating discount– percent difference between a home’s list price and sale price– falling to a record low 4.03%.
The luxury market– sales over $1 million– also reached a near all-time high in 2020, falling just one shy of the market record with thirteen (13) sold/closed transactions. (The record of fourteen (14) was set in 2017.) While inventory of luxury property has declined to its lowest point on record with 60% fewer actively listed luxury homes at the close of 2020 compared to 2019, there does exist a “shadow inventory” of properties available but not listed on MLS that serves to keep a lid on prices.
Supply of single-family homes in general in Woodstock has been on a steady decline for the past several years, and with record-breaking sales in 2020 comes a record low of inventory left on the market. As of December 31, there were just twenty-three (23) single-family homes actively listed, down over 50% from the same point in 2019. While we remain optimistic about sales in 2021, Woodstock will likely require a significant infusion of new listings to meet 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 dollar 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 most of the towns in the Woodstock area including Pomfret (3429 Cloudland Road/”Sleepy Hollow Farm” – $2.2 million), Barnard (3147 Mount Hunger Road – $2.55 million), Bridgewater (403 North Bridgewater Road – $1.125 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.
WOODSTOCK FY 2020 BY THE NUMBERS
- 85 SOLD single-family homes
- Average Price: $714,434
- Median Price: $530,000
- Total Volume: $60,726,900
- Average Negotiating Discount: 4.03%
- Average Days on the Market: 165
- 20 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $946,460
- Median Price: $574,450
- Average Days on the Market: 171
- 23 ACTIVELY LISTED single-family homes
- Average Price: $706,581
- Median Price: $447,500
- Average Days on the Market: 180
Charts illustrating portions of the above information can be found below, followed by a complete list of all 85 properties that closed during the full year of 2020.
A list of all 85 properties that sold/closed in Woodstock during FY 2020 is below.