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Real Estate Market Report - Greater Woodstock and Hanover-Lebanon Market Area - 1H 2021

 

Dear clients, friends and neighbors:

 

We are excited to share with you our “Snyder Donegan Real Estate Market Report” summarizing market activity for the first half of 2021.

 

While our firm and our agents fully expected to “catch a breather” in 2021 after the breakneck pace of 2020 sales, we are seeing no such slowdown despite record-low inventory. New buyers continue to arrive week after week as the appeal of this special part of the world– safe, relatively unpopulated communities, beautiful clean air and water, and our amazingly unspoiled outdoor playground– has stronger and stronger appeal for those in other parts of the country and world who are experiencing water shortages, heat waves, civic and political unrest, and wildfires. While real estate prices have risen over the past 18 months, our area still offers incredible value compared to prices in other parts of the country.

 

Snyder Donegan Real Estate Group looks to have a record year again, as we have sold/closed or have under contract $116 million so far in 2021 as of this writing in mid-July, well on the way to the $183 million we sold/closed in 2020. We have done deals across the price spectrum for raw land, multi-family housing, moderately priced residential homes, and particularly in second homes and luxury properties where our boutique, independent/non-franchise firm has established itself as a leader among peers for buyers and sellers of luxury properties. We could not be prouder, or more supportive, of our 10 (ten) superb agents and our wonderful support team.

 

In the Greater Woodstock Vermont market area, the residential real estate market had its strongest year on record in the first half of 2021 with 170 single-family homes sold, shattering its previous record of 118 set in 2017. In fact, every single town in the Great Woodstock market area save for Plymouth either tied or broke its previous record of 1H sales. The town of Woodstock itself saw forty-two (42) sales of single-family homes during the period, up 36% from the same period in 2020 and exceeding a previous record of thirty-nine (39) sales set in 2019 and 2017. Of the 170 homes sold, buyers paid at or above a seller’s asking price in eighty (80) of the transactions with an average price of $535,165.

 

With record sales, however, comes a shortage of available inventory. As of July 1, there were just fifty-three (53) active single-family homes on the market in the Greater Woodstock area, up from forty-three (43) in 2020 but still down from historical figures. As the balance continues to tilt toward heavy demand, the supply of moderately priced homes in the area, particularly in Woodstock Village itself, has become extraordinarily scant. In fact, at the close of 1H, the average price of an actively listed Greater Woodstock area home was $1,018,038.

 

Buying activity in the luxury market in the Greater Woodstock market area was incredibly strong in the first half of 2021, with eighteen (18) homes over $1 million sold/closed, up 80% from 2020.  Snyder Donegan was pleased to represent twelve (12) of the buyers and/or sellers of those luxury properties, as we continue to excel at luxury property sales.

 

The Greater Hanover-Lebanon market area was also strong in the first half of 2021, exceeding last year’s figures with 171 sales of single-family homes, up from 165 in 2020. Though not boasting the same individual town increases as the Greater Woodstock market, Hanover, Lebanon, and Norwich each saw an increase of sales from 2020, with Norwich having a banner year thus far with twenty-three (23) sales, up from fourteen (14) last year. Of the 171 homes sold, buyers paid at or above a seller’s asking price in a whopping 106 of the transactions with the average price reaching $650,725.

 

As with the GWA, inventory is now at a premium in the Hanover-Lebanon area market, as just forty-eight (48) single-family homes were actively listed as of July 1. Hanover itself had only thirteen (13) single-family homes on the market, down from nineteen (19) in 2020 and down precipitously from forty-six (46) in 2019.

 

In regard to luxury sales, the Greater Hanover-Lebanon market area saw twenty-seven (27) sales of homes that sold/closed for $1 million or more, with Hanover and Norwich leading the charge at thirteen (13) and ten (10) sales, respectively. Snyder Donegan was pleased to represent eight (8) of the buyers and/or sellers of those luxury properties, including the highest priced sale in Norwich (180 Birch Hill Lane, $3,375,000) and second highest in Hanover (9 Downing Road, $2,495,000). At the time of this writing, we had four (4) additional luxury properties under contract and two (2) actively listed.

 

We will be selectively adding one or two more experienced agents in the coming year. Snyder Donegan offers a cordial, professional working environment in a boutique firm with a shared floorday system for new leads, a dedicated marketing support team member, and millions worth of inventory in beautiful and luxury listings, both publicly (MLS) and privately listed. If you or your team are interested in joining our firm, please contact either of our partners, David Donegan and John Snyder.

 

Please see the accompanying charts and table for more historical context and data on our market areas.  Market reports discussed in this report can be found on our blog http://www.snyderdonegan.com/blog or by emailing us at team@snyderdonegan.com

 

We thank our many clients who have chosen Snyder Donegan Real Estate Group to represent them in their real estate matters and for helping make Snyder Donegan Real Estate Group the fastest growing real estate firm in the Upper Valley.

 

With warm regards,

Dail Frates Mary Mayhew
Karol Gomes Dan Noble
Holly Hall Tami Sullivan
Susan Hickey Bess Watson
Susan Hickey Zoe Hathorn Washburn
John Snyder David Donegan

 

 

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