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Manchester Condo Update

Manchester Condo Market Update

Murray Hill unit 60 sold for $390,000Torbank unit 12A sold for $354,500

We recently shared the following information regarding the market with Manchester condominium owners.

The last three years in the Vermont real estate market have been a wild ride. The pandemic helped fuel a once in a lifetime sellers’ market as people sought a safe refuge in our state. Several trends including work from home and investment in vacation rentals would indicate that demand for Vermont real estate may remain strong in the coming years.

In the Manchester condo market we saw the number of properties sold and the average price and price per square foot increase significantly compared to pre-pandemic numbers. In 2019, 25 condos sold at an average price of $248,890 and an average price per square foot of $141. In 2020 (the first year of the pandemic), those numbers increased to 35 sold, $289,424 average price and $148 average price per square foot. In 2021 prices continued to increase with 37 units sold, $320,500 average price and $189 per square foot. Last year prices continued to grow while the supply of condos for sale dried up. Only 14 properties sold last year at an average price of $301,989 and an average price per square foot of $238. This represents an increase of 26% year-over-year and an increase of 69% since the start of the pandemic.

Over the past two years, record sale prices were reached at several of the condo complexes including $324,000 at Riverside Townhouses, $280,000 at Manchester East and $160,000 at Bourn Brook. At Murray Hill a unit sold for $390,000 and at Torbank a unit sold for $354,500 (both of which were our listings) – the highest prices since the last boom of 2005-06. Interestingly not a single Equinox on the Battenkill unit sold last year.

If you are thinking about selling your condo you may be wondering if it is too late, did you miss the boat. Certainly, the increase in interest rates may have dampened demand somewhat. However, as of this writing there are zero condos currently available for sale in Manchester (there is one EOB unit under contract). It is also worth noting that 10 out of 14 units that sold last year were cash deals. It is our opinion that there is still strong enough demand to continue supporting prices at the current if not higher levels. We should also mention that the average days on the market for the units that sold last year was 6 days, another indicator of how strong the demand has been. Bidding wars and offers over asking price have been the rule rather than the exception.

When you are ready to discuss your options give us a call at 802-688-6566 – Julie or 802-688-5556 – Dave. We have a combined 36+ years of experience selling Manchester condos. We look forward to hearing from you.

Sincerely,

Dave and Julie Citron

Owners, RE/MAX Four Seasons

Annual Market Performance

Year

Units

Sold

Average Price

Avg Price per

Sq Ft

2018

26

$238,779

$132

2019

25

$248,890

$141

2020

35

$289,424

$148

2021

37

$320,500

$189

2022

14

$301,989

$238

 

Sold 2022

Date Sold

Condo Development

Bedrooms

Baths

Square Feet

Selling Price

Price/Sq Ft

Days on Mkt

1/12/2022

Murray Hill

2

2

1,456

$300,000

$206.04

1

3/30/2022

Bourn Brook

1

1

644

$150,000

$232.92

6

4/29/2022

Manchester East

2

1

1,018

$230,000

$225.93

3

7/1/2022

Murray Hill

1

1

864

$248,000

$287.04

7

7/1/2022

Riverside Townhouses

2

2

1,066

$324,000

$303.94

7

8/12/2022

Manchester East

2

1

1,018

$234,000

$229.86

4

8/19/2022

Barnumville Rd

3

4

3,832

$670,000

$174.84

7

8/25/2022

Torbank

3

4

1,797

$354,500

$197.27

7

9/9/2022

Manchester East

2

2

1,018

$260,000

$255.40

12

9/9/2022

Riverside Townhouses

2

2

1,066

$262,350

$246.11

7

9/9/2022

Manchester East

2

1

1,018

$270,000

$265.23

7

9/21/2022

Manchester East

2

1

1,018

$280,000

$275.05

2

10/27/2022

Murray Hill

3

3

2,058

$390,000

$189.50

3

12/2/2022

Riverside Townhouses

2

2

1,066

$255,000

$239.21

6

 

Average 

 

 

 

$301,989

$237.74

6

 

Please note: all sales data has been obtained through the NEREN mls system. Information is deemed reliable but is not guaranteed to be accurate.

  

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    Happy New Year!

    Happy New Year! Welcome to the RE/MAX Four Seasons real estate blog. In our blog we will be sharing information regarding the real estate market in and around Manchester Vermont including Dorset, Arlington, and the local ski areas (Bromley, Stratton, Magic, etc.). We will also provide useful information for homeowners, buyers and sellers as well as interesting information regarding the local community including fun events, schools, restaurants, shopping, places to stay, etc.

    Our goal is to deliver consistent and timely information in a fun and interactive way. We hope our message will find an audience. You never know when you are sharing info online or through social media – it’s a leap of faith. We look forward to hearing from you, let us know what you think.

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      Southern Vermont Single-Family Residential Sales for Past Three Years

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      We find the more information you have a seller or buyer, the better prepared you are.

      Below is a chart we compiled of the area's single-family residential sales for the past three years. You will find the total number of single-family homes sold, average list price, the average selling price, the median sold price, average days on market, and the average sold price per square foot.  

      The "previous year change" line shows the increase or decreases from the year 2018 to 2019 only. 

      Manchester Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 49 $438,555 $403,224 $380,000 247 $158.53
      2018 83 $496,844 $456,129 $358,000 177 $168.55
      2019 57 $527,996 $487,505 $360,000 247 $181.63
      Previous Year Change -45.61% 6.27% 6.88% 0.56% 39.55% 7.76%
                   
      Dorset Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 42 $466,273 $431,872 $381,250 278 $166.67
      2018 36 $599,688 $552,436 $429,500 298 $195.03
      2019 52 $542,811 $498,888 $431,400 194 $209.42
      Previous Year Change 30.77% -9.48% -9.69% 0.44% -34.90% 7.38%
      Arlington Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 26 $228,211 $218,677 $212,500 222 $127.04
      2018 39 $234,271 $221,176 $215,000 224 $115.82
      2019 36 $267,641 $255,689 $240,500 253 $130.62
      Previous Year Change -8.33% 14.24% 15.60% 11.86% 12.95% 12.78%
                   
      Sandgate Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 7 $159,900 $152,571 $112,000 548 $114.22
      2018 3 $179,333 $154,333 $130,000 334 $173.74
      2019 5 $281,200 $253,600 $216,000 349 $122.10
      Previous Year Change 40.00% 56.80% 64.32% 66.15% 4.49% -29.72%
                   
      Sunderland Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 12 $283,533 $260,241 $268,750 255 $155.71
      2018 13 $195,030 $185,440 $186,725 438 $140.23
      2019 17 $238,311 $228,167 $237,500 261 $125.05
      Previous Year Change 23.53% 22.19% 23.04% 27.19% -40.41% -10.83%
      Winhall Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 46 $452,882 $417,880 $372,500 322 $170.90
      2018 42 $432,775 $387,333 $310,000 272 $169.15
      2019 58 $451,441 $410,225 $325,500 221 $170.88
      Previous Year Change 38.10% 4.31% 5.91% 5.00% -18.75% 1.02%
                   
      Peru Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 9 $316,511 $297,877 $239,000 200 $157.40
      2018 15 $334,860 $307,479 $285,000 185 $158.74
      2019 12 $422,166 $394,208 $337,750 211 $160.34
      Previous Year Change -20.00% 26.07% 28.21% 18.51% 14.05% 1.01%
                   
      Londonderry Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 38 $336,947 $311,680 $221,000 38 $142.71
      2018 40 $413,132 $380,253 $215,000 214 $162.11
      2019 36 $351,088 $329,269 $207,000 177 $132.89
      Previous Year Change -10.00% -15.02% -13.41% -3.72% -17.29% -18.02%
      Rupert Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 8 $399,437 $373,281 $277,500 363 $196.39
      2018 11 $276,727 $261,409 $194,000 307 $94.45
      2019 17 $241,941 $230,794 $202,500 244 $118.12
      Previous Year Change 54.55% -12.57% -11.71% 4.38% -20.52% 25.06%
                   
      Pawlet Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 15 $238,940 $227,426 $187,000 182 $104.50
      2018 14 $220,178 $209,292 $163,500 229 $120.80
      2019 13 $184,000 $163,576 $150,000 138 $96.13
      Previous Year Change -7.14% -16.43% -21.84% -8.26% -39.74% -20.42%
                   
      Danby Units Sold Average List Price Average Sold Price Median Sold Price Avg Days on Market Average Price per SF
      2017 13 $289,385 $277,770 $230,000 243 $126.45
      2018 14 $304,100 $282,592 $215,000 370 $117.78
      2019 11 $178,118 $168,081 $167,500 227 $96.75
      Previous Year Change -21.43% -41.43% -40.52% -22.09% -38.65% -17.86%

      Schools in the Manchester Southern Vermont Area

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      • Posted

      If you're considering moving to the Manchester/Southern Vermont area and have school-aged children, this list should help you in your search of local schools in the area. Whether you are looking for public or private schools, Manchester Vermont should provide many choices for you. 

      RE/MAX Four Seasons does not recommend any schools in particular. We are only providing a source of information for you to view. 

                                                                                                                                                                                                                                   

      The Bennington-Rutland Supervisory Union (BRSU) is a public school system located in southwestern Vermont. The BRSU includes school districts in four Vermont counties and three Vermont technical center regions. The BRSU is the second-largest Vermont supervisory union with a total area of approximately 460 square miles. In 2018, BRSU districts have a total combined enrollment of 2,200 students.

      A unique feature of the BRSU is that none of its districts operate a high school. All BRSU districts have high school choice. BRSU districts send students to over 30 public and independent high schools with a large number of BRSU students choosing to attend Burr and Burton Academy in Manchester.

      Mettawee School District

      Click Here to View Site

      Mettawee School District is a unified school district governed by a six-person board for the resident towns of Pawlet and Rupert. Effective July 1, 2018, this district will operate the Mettawee Community School (K-6). Students in grades 7-12 have school choice. The District will pay public schools the announced tuition and approved independent schools the VT Announced State Average Tuition Rate. 

      In order for the district to pay tuition for students in grades 7-12, families must submit a tuition request form annually. New families must also submit the Declaration of Residency Form.

      Taconic & Green Regional School District

      Click Here to View Website

      The TGSD represents the Vermont towns of Danby, Dorset, Landgrove, Londonderry, Manchester, Mt. Tabor, Peru, Sunderland, and Weston. It is entrusted with operating the Currier Memorial School, The Dorset School, Flood Brook School, Manchester Elementary Middle School, and Sunderland Elementary School. Our board members are elected with an at-large Australian Ballot and each member is a representative of all nine towns within our district. We believe that within our nine town community that "All our children are all our children".

      Winhall School District

      Click Here to View Website

      The Winhall School District does not operate a school therefore the district will pay tuition to an approved school. Winhall will pay up to the VT Announced State Average. Winhall is a "sending town" for Burr & Burton Academy (BBA) and will pay them their announced tuition rate.

      In order for the district to pay tuition, families must submit a tuition request form and Declaration of Residency Form and supporting documents annually.

                                                                                                                                                                                                                                   

      We've mapped the schools out below so that it may help you geographically when looking at specific areas or properties. 

      Public Schools:

      Currier Memorial School - click here to view website

      Elementary School (K-6)

      234 North Main Street

      Danby, VT 05739

      (802) 293-5191

      The Dorset School - click here to view site

      Elementary and Middle School (K-8)

      130 School Dr

      Dorset, VT 

      (802) 362-2606

      Flood Brook School - click here to view site

      Elementary and Middle School (K-8)

      91 VT Route 11

      Londonderry, VT 05148

      (802) 824-6811

      Manchester Elementary/Middle School - click here to view site

      Elementary and Middle School (K-8)

      80 Memorial Ave

      Manchester Center, VT 05255

      (802) 362-1597

      Mettawee Community School - click here to view site

      Elementary School (K-6)

      5788 VT-153

      West Pawlet, VT 05775

      (802) 645-9009

      Sunderland Elementary School - click here to view site

      Elementary School (K-6)

      98 Bear Bridge Rd

      Sunderland, VT 05250

      (802) 375-6100

      Private Schools:

      Elementary Schools

      Red Fox Community School - click here to view site

      Elementary School (K-5)

      7205 Main St

      Manchester, VT 05255

      (802) 768-1288

      Maple Street School - click here to view site

      Elementary and Middle School (K-8)

      322 Maple St

      Manchester, VT 05255

      (802) 362-7137

      Manchester Village School - click here to view site

      Grades 1-12

      4002 Main St

      Manchester, VT 05254

      (802) 362-4898

      High Schools

      Burr & Burton Academy - click here to view site

      High School (9-12)

      57 Seminary Ave

      Manchester, VT 05254

      (802) 362-1775

      Long Trail School - click here to view site

      Middle and High School (6-12)

      1045 Kirby Hollow Rd

      Dorset, VT 05251

      (802) 867-5717

      Pre-K Schools:

      Northshire Day School - click here to view site

      5484 Main St

      Manchester Center, VT 05255

      (802) 362-1395

      Home Away From Home - no website available

      108 Equinox Terrace

      Manchester Center, VT 05255

      (802) 362-5823

      Lawrence School for Young Children - no website available

      29 Bowen Hill Rd

      East Dorset, VT 05253

      (802) 362-1992

      Stepping Stones Early Learning Center - no website available

      3757 Richville Rd

      Manchester Center, VT 05255

      (802) 226-7760

      Questions to Ask When Choosing a REALTORĀ®

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      QUESTIONS TO ASK

      When Choosing a REALTOR®

      How long have you been in residential real estate? Is it your full-time job?
      Like most professions, the experience is no guarantee of skill. But much of real estate is learned on the job.

      What’s your business philosophy?
      While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.

      How many buyers did you and your real estate brokerage represent last year?
      This will tell you how much experience they have and how up-to-date they are on the local market.

      What’s the average variation between your initial offers and the final sales price?
      This is one indication of a REALTOR®’s pricing and negotiating skills.

      Will you represent me exclusively, or might you choose to represent the seller as well?
      While it’s usually legal to represent both parties in a transaction, your REALTOR® should be able to explain his or her philosophy on client obligations and agency relationships. 

      Can you recommend service providers who can help me obtain a mortgage, make home repairs, and so on?
      Practitioners should be able to recommend more than one provider and let you know if they have any special relationship with any of the providers.

      How will you keep me informed about the progress of my transaction?
      The best answer here is a question. A real estate agent who pays close attention to the way you prefer to communicate and responds accordingly will make for the smoothest transaction.

      Source: National Association of  REALTORS