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 three quarters of 2021.
In the Greater Woodstock Vermont market area, the residential real estate market had a nearly record-breaking year in the first three quarters of 2021, with 253 single-family homes sold/closed, second only to the record of 261 sold/closed in 2020. The town of Woodstock itself saw sixty (60) sales of single-family homes during the period, up from fifty-five (55) during the same period in 2020. Of the 253 homes sold, buyers paid at or above a seller’s asking price in more than half of the transactions (130 of 253) with an average price of $569,378.
As to be expected, however, two years of record-breaking sales has produced an extreme shortage of available inventory. As of September 30, there were just fifty-one (51) active single-family homes listed on MLS in the Greater Woodstock area, down sharply from 114 at the same time in 2020. To put this in even greater perspective, the total number of active listings on MLS at the close of Q3 is down roughly 80% of that of pre-pandemic 2019.
Buying activity for luxury properties in the Greater Woodstock market area continued to be extremely strong in the first three quarters of 2021, with an historical record-breaking twenty-five (25) homes over $1 million sold/closed, up from twenty-two (22) in 2020. Snyder Donegan was pleased to represent thirteen (13) of the buyers and/or sellers of those luxury properties– including the highest priced sales in Woodstock, Barnard, and Hartland– underscoring our company’s success with transactions in the luxury market.
Similar trends were observed in the Greater Hanover-Lebanon market area in the first three quarters of 2021, with 306 sales of single-family homes, nearly on pace with the record-shattering 324 sales for the same period in 2020. Of the 306 homes sold, buyers paid at or above a seller’s asking price in a staggering 212 of the transactions with the average price reaching $622,193. On average, buyers paid more than asking price in all towns in the Greater Hanover Lebanon market area except for Strafford.
As with the Greater Woodstock area, inventory in the Hanover-Lebanon market area is now at an all-time low, with just forty-nine (49) single-family homes actively listed on MLS as of September 30, down from sixty-two (62) in 2020. Hanover itself had just seven (7) single-family homes on the market, two of which were above the luxury price point of $1 million and none of which were listed for below $725,000.
The market for luxury properties in the Greater Hanover-Lebanon market area shattered by a factor of 2x the all-time record (set in 2020) with forty-four (44) sales of homes that sold/closed for $1 million or more, with Hanover and Norwich leading at twenty-one (21) and sixteen (16) sales, respectively. Snyder Donegan was pleased to represent thirteen (13) of the buyers and/or sellers of those luxury properties, including the highest priced sales in Norwich and Strafford and the second-highest priced sale in Hanover. Snyder Donegan also represented the seller in the highest priced sale in Sharon (Eastaway Estate, $3,800,000).
We were also pleased to welcome Jenna McLaughlin to the Snyder Donegan team this past month. Jenna relocated to the Upper Valley in 2016 and lives in Hanover with her husband David (the head men’s basketball coach at Dartmouth College) and their three children. 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 firstname.lastname@example.org.
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 most successful boutique (non-franchise) real estate firm in the Woodstock-Hanover Upper Valley market area.