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Real Estate Market Report - Greater Woodstock and Hanover-Lebanon Market Area - 1H 2023

 

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 2023.

 

The market remained solid in the Hanover-Woodstock market area during the first half of 2023 despite the lack of inventory available for sale.  The anticipated negative impact of the rise in interest rates has been offset by the strong jobs and economy and solid financial markets, combined with a lack of inventory. Overall volume of sales is down year-over-year, but mainly because of the lack of inventory. Record prices continue to be set in both markets, and Snyder Donegan has represented the buyers or sellers in many of these record-setting sales with more under contract as we go to press with this mid-year market update.

 

Buying of luxury properties continues to be solid but there are now a number of very high priced properties that have been on the market for months (or more) without selling. We are unsure if this is simply the normal mid-summer slowdown or something more.  (Autumn is generally the prime season for luxury home sales). Overall, it feels to us that the covid panic-buying is over and we are back to more normal times when it may take longer to sell luxury properties in the area.

 

Snyder Donegan looks to have a very strong year again as we approach $100 million in sales for the year– the fourth year we have topped $100 million in sales– so our hats are tipped to our incredible team of eleven (11) agents who exhibit the highest levels of integrity and work ethic, operating at the highest standards in the business.

 

In the Greater Woodstock Vermont market area, the residential real estate market appears at first glance to have quieted back down to “normal” levels, registering seventy-one (71) single family homes sold/closed, its lowest mark since 2015. The town of Woodstock itself saw thirty (30) sales of single-family homes during the period, with the average price coming in at $1,059, 353, roughly the same as 2022 but nearly $300k higher than the average price of sold/closed homes during the same period in 2021. Of the 71 homes sold in the Greater Woodstock area, buyers paid at or above a seller’s asking price in thirty-four (34) of the transactions.

 

Buying activity in the luxury segment of the market in the Greater Woodstock market area was strong in the first half of the year, with thirteen (13) homes over $1 million sold/closed. Snyder Donegan was pleased to represent eight (8) of the buyers and/or sellers of those luxury properties including the highest priced sale of 4 Bond Street which closed at $2,800,000.

 

While the market appears to have cooled after several years of unprecedented activity, a shortage of available, affordable inventory is likely the culprit as all evidence indicates that buyer demand remains incredibly high. As of July 1, there were just fifty (50) active single-family homes on the market in the Greater Woodstock area, twenty-one (21) of which were listed over $1 million. In Woodstock alone, twelve (12) of the actively listed eighteen (18) homes were over the $1mm threshold. Because the supply of moderately priced homes in the area is at or near historic lows, the market will require an infusion of new listings of a variety of price ranges to meet demand.

 

Buying activity in the Greater Hanover-Lebanon market area remained incredibly strong and on par with figures from the past several years, up slightly from 2022 with 154 sales of single-family homes. Of the 154 homes sold, buyers paid at or above a seller’s asking price in an astonishing 99 transactions, which combined with the fact that homes spent only roughly a month on the market prior to sale underscores the incredibly high demand from buyers in the GHLA 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 eighteen (18). Snyder Donegan was pleased to represent nine (9) of the buyers and/or sellers of those luxury properties, including two of the highest priced sales in the area: 11 Pleasant Street in Hanover for $2,100,000 and 128 Orfordville Road in Lyme for $2,185,000.

 

With sales continuing apace, however, inventory also continues to be at a premium in the Hanover-Lebanon area market, as just thirty-four (34) single-family homes were actively listed as of July 1, the average price for which was hovering just under a million. Considering this shortage, the GHLA market will also need a significant crop of new listings to keep up with what all evidence suggests will be sustained buyer demand.

 

Snyder Donegan's commitment to meeting the needs of our clients and the strategies we employ remain constant. 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 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,

 

The Snyder Donegan Team

 

 

 

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