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 2022.
The first half of 2022 continued the record-setting sales that our area has experienced for the past two and half years with many more buyers than listings and new price records being set both in the greater Hanover, NH and Woodstock, VT “Upper Valley” market area. The overall number of properties selling was down slightly from the first half of 2021 (which was down slightly from 2020), but this is entirely explained by lack of available listings, not from buyer demand. Record prices are being set in both markets, and our firm was pleased to represent the buyer in the all-time record price sale of $5,187,500 for 29 Rope Ferry Road in Hanover and soon looks to set an all-time price record in the Woodstock area as well.
Despite the recent stock market volatility, the luxury segment of our market continues to see very strong demand. Thus far in 2022, our firm has assisted buyers or sellers in over thirty-six (36) properties that have sold or are under contract at a price over $1,000,0000. Activity around moderately priced homes has been and will likely remain strong in the coming months as well. We have had a number of listings in the $400,000-$800,000 price range that have drawn over 25 showings and multiple offers and were under contract within a few days of going on the market.
Snyder Donegan looks to have a record year again, as we have sold/closed or have under contract over $130 million in 2022 as of this writing in mid-July. We have closed 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. We are thrilled to have earned a reputation of skill and professionalism through each of our transactions with buyers and sellers, and could not be prouder, or more supportive, of our eleven (11) superb agents and wonderful support team.
In the Greater Woodstock Vermont market area, the residential real estate market registered one of its strongest years on record in the first half of 2022 with 105 single-family homes sold, down from a record-shattering 170 sold/closed in 2021. The town of Woodstock itself saw thirty-two (32) sales of single-family homes during the period, with the average price coming in just over a million at $1,056,000, nearly $300k more than the average price of sold/closed homes during the same period last year. Of the 105 homes sold in the Woodstock area, buyers paid at or above a seller’s asking price in sixty-six (66) of the transactions.
Buying activity in the luxury segment of the market in the Greater Woodstock market area was incredibly strong in the first half of 2022, with a record twenty-one (21) homes over $1 million sold/closed. Snyder Donegan was pleased to represent sixteen (16) of the buyers and/ or sellers of those luxury properties as we continue to excel at luxury property sales.
After several years of unusually high buying activity, however, inventory is now significantly depleted. As of July 1, there were just forty-six (46) active single-family homes on the market in the Greater Woodstock area, sixteen (16) of which were listed over $1 million. In Woodstock alone, a record-low twelve (12) homes were actively listed at the close of 2Q, half of which fall into the luxury bracket at over $1mm. Because the supply of moderately priced homes in the area, particularly in Woodstock itself, is at or near historic lows, the market will require an infusion of new listings of a variety of price ranges to meet continued high demand. If you are thinking of selling, call us! It is a great time to sell.
Though not necessarily boasting record-breaking sales figures– a feat difficult to accomplish in the wake of the buying frenzy of the past several years– buying activity in the Greater Hanover-Lebanon market area remained steady in the first half of 2022 with 151 sales of single-family homes compared to 171 in 2021. Of the 151 homes sold, buyers paid at or above a seller’s asking price in an astonishing 112 of the transactions with the average price climbing to $744,043. Additionally, in nearly every town represented in our data, the days on the market for those sold properties reached historic lows, which when combined with the fact that buyers are paying above ask and paying more than ever before underscores the urgency of buyers in the market.
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 alone registering seventeen (17). Snyder Donegan was pleased to represent four (4) of the buyers and/or sellers of those luxury properties, including the two highest priced sales in Hanover (29 Rope Ferry Road - $5,187,500 and 82 Lords Hill Lane - $3,500,000). The sale of 29 Rope Ferry Road was an all-time record for in-town Hanover, while the sale of 82 Lords Hill Lane was an all-time record for the Etna area of Hanover.
As with the GWA, inventory is now at a premium in the Hanover-Lebanon area market, as just forty-one (41) single-family homes were actively listed as of July 1. Hanover itself had a record-low five (5) single-family homes on the market, down from thirteen (13) in 2021 and precipitously from forty-six (46) in 2019. Considering this shortage, the GHLA market will also need a significant addition of new listings to keep pace with what all evidence suggests will be sustained buyer demand.
Looking forward to the second half of 2022, we expect much of the same– limited listings and far more buyers than sellers. However, it is not difficult to predict that with the recent stock market volatility and the sharp rise in interest rates (with the Fed poised for another 0.75% hike in short-term interest rates) that we will eventually see buying starting to cool down.
Regardless of the temperature of the market, our firm’s commitment to meeting the needs of our clients and the strategies we employ remain constant. Even in a rising market, our recommended pricing strategy for listings is to initially price a house at or slightly above the price at which a property will actually sell. This generates the greatest amount of activity and deal momentum, prevents a property from becoming “stale”, and very often creates a bidding war that produces a sales price that is well in excess of the expected selling price. Call us to chat about this. We would be happy to meet with you and provide an estimate of the current value of your property in today’s changing market environment.
Snyder Donegan Real Estate Group continues to grow its global digital marketing footprint and is investing heavily in innovative digital marketing strategies. We launched a newly updated main company website in June of this year and are always looking for ways to improve our services both as buyer brokers and in world-class property marketing for sellers. This is reflected in our growing web presence, social media following, and the increasing number of buyers who decide to choose our firm.
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, dedicated marketing support, 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 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 fastest growing real estate firm in the Upper Valley.