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

 

Dear clients, friends, and neighbors:

 

We are pleased to share with you our “Snyder Donegan Real Estate Market Report” summarizing real estate market activity in the greater Woodstock, Vermont and Hanover, New Hampshire market area for the full year of 2021.

 

We want to take this moment to thank our clients for our ongoing success and to express how proud we are of our incredible team of agents who have continued to meet the challenges and opportunities presented in our business over the past two years. Snyder Donegan completed over $340 million in sold/closed transaction over the past two years, including assisting over 574 buyers and sellers in sold/closed transactions, including eighty-three (83) buyers and sellers of luxury transactions (sold/closed over $1 million). Over these two years, Snyder Donegan was selected to represent the buyers or sellers in many of the top sales in Hanover, Lyme, Pomfret, Barnard, Bridgewater, Sharon, Cavendish, Mount Holly, West Windsor, Hartland, and Norwich. And again in 2021, Snyder Donegan represented the three most expensive properties to sell/close in Woodstock, two of the top five in Hanover, and three of the top five in Norwich (to name a few). For that, we are truly grateful.

 

The Greater Woodstock Vermont market area (Barnard, Bridgewater, Hartland, Plymouth, Pomfret, Quechee, Reading, West Windsor, Woodstock) had another banner year in 2021 with 345 sales of single-family homes. Because of declining inventory, this was down 12% from 2021 but still at its second-highest mark of all time. Individually, the towns of Barnard and Woodstock matched their all-time sales records of thirty-four (34) and eighty-five (85), respectively, while Bridgewater and Reading broke their previous sales records with twenty-five (25) and twenty-two (22). Of the 345 homes sold in the GWA, buyers paid at or above a seller’s asking price in 186 of the transactions, with the average price hitting a record-high $569,659.

 

After two years of unprecedented market action, it stands to reason that the market is now significantly lacking in available inventory. As of December 31, 2021, there were just twenty-two (22) actively listed single-family homes on the MLS in the Greater Woodstock area, down 68% from the same time in 2021 and a down a staggering 85% from pre-pandemic 2019. Of the 22 active listings, thirteen (13) were priced over $1 million, making the average price of available homes $1,815,295.

 

As with the rest of the market, buying activity in the luxury market in the Greater Woodstock market area was very strong in 2021, with thirty-five (35) sales of homes over $1 million, a total second only to 2020’s thirty-eight (38) luxury sales. Snyder Donegan was pleased to represent fifteen (15) of the buyers and/or sellers of those luxury properties– including the highest priced sales in Barnard (182 North Road –$1.3 million), Hartland (32 Horton Hill Road –$1.8 million), and Woodstock (2574 Garvin Hill Road –$2.5125 million)– underscoring our company’s success with transactions in the luxury market.

 

Like the GWA market, the Greater Hanover-Lebanon market area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) registered its second-highest total number of transactions in history with 401 sales of single-family homes, shy of 2020’s record of 439. Buyers paid either at or above a seller’s asking price in 266 of the 401 sales that transacted over the year, with the average price of a home reaching a record $620,277.

 

Not surprisingly, these record totals have left a vacuum in terms of available inventory, as there were just eighteen (18) single-family homes actively listed in the entire Greater-Hanover market area on December 31, 2021, down from twenty-eight (28) at the same point in 2020 and down sharply from the eighty-four (84) available at this time in 2019.

 

In regard to luxury sales, the Greater Hanover-Lebanon market area saw a record fifty-seven (57) sales of homes that sold/closed for $1 million or more, shattering the previous record of thirty-six (36) set in 2020. The town of Hanover alone recorded thirty (30) luxury sales, its highest total in history.  Snyder Donegan was pleased to represent nineteen (19) of the buyers and/or sellers of those luxury properties, including the highest priced sale in Norwich 2020 (180 Birch Hill Lane –$3.375 million).

 

After yet another successful year, we are proud to call ourselves the leading boutique real estate firm in the region. Many of our agents achieved personal bests in sales for 2021. And our top four agents sold more than $125 million in property, averaging a staggering $31 million in sales per agent. By comparison, in our area the average annual sales per agent was $6 million. With new inquiries and additional listings every day, we remain optimistic about the future of the real estate market and excited for what’s to come in 2022. As of this writing in mid-January, our firm already has nearly $35 million in deals under contract.

 

We were also pleased to welcome two additional agents in 2021– Jenna McLaughlin and Josh Hunt– who bring a wealth of life and professional experience to the table and will contribute greatly to our already outstanding team of agents.  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 beautiful homes 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 for specific towns 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.

 

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