President's Day Vacation Week and Ski Report for Manchester and Southern Vermont

We had a delicious breakfast at Bob's Diner this morning. The parking lot was packed with a mix of Vermont and out of state plates. We had a brief wait before being seated. The crowd was a combination of locals and visitors to the area. Friday is definitely the new Saturday (I had a similar experience skiing at Stratton a few Friday's ago) and the holiday vacation week has begun.

The upcoming week is always one of the busiest of the ski season, along with the week between Christmas and New Years. This has not been one of the greatest winters in terms of snowfall, temperatures have remained stubbornly high all season (with the exception of the brief cold snap two weeks ago). The weather forecast looks like there may be some snow coming our way the second half of next week.

We are fortunate in Manchester to have many ski areas within a short drive. Here they are in order of proximity to Manchester, along with links to their current ski reports.

Bromley Mountain, 8 miles

Magic Mountain, 18 miles

Stratton Mountain, 20 miles

Okemo Mountain, 31 miles

Mount Snow, 31 miles

Pico Mountain, 41 miles

Killington Mountain, 47 miles

If you happen to hit the slopes this week, ski in control, always look uphill when entering a trail, be respectful of others and have a great time.

 

Manchester Condo Market Update

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.

  

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.

David and Julie Citron, co-owners of RE/MAX Four Seasons have partnered with Bill Laberge and Danielle Laberge of Grassroots Solar in Dorset, VT to install a 9.32kW solar array on the roof of the RE/MAX Four Seasons office located at 2897 Depot St in Manchester. The system will produce enough electricity to supply 100% of the office's energy needs. In addition, the system will produce excess energy that will be applied towards the Citron's residential bill for their home in Dorset, VT.

"The economics of solar power has reached a point where it is hard to find a reason not to do it," said Dave Citron. "The payback on the panels is approximately 7 years. They are warrantied for 25 years but the lifespan is probably closer to 40 years. There are also attractive financing options available. In addition, there is a Federal tax credit of up to 30% as well as a state tax credit of 7.2%."

"Solar has really taken off in Vermont. You can see it anytime you go out for a ride. We are lucky to have in Green Mountain Power one of the most forward thinking utility companies in the nation. Now that we have completed our first solar project we are excited to explore opportunities to install additional capacity to benefit our community and state."

Citron earned his National Association of Realtors Green Designation earlier this year. This training provides him with an understanding of what makes a property green in order to help clients evaluate the cost/benefits of resource-efficient features and practices including solar power. For more information please e-mail davecitron@remax.net or call 802-688-5556.

Bill Laberge is a NABCEP Certified PV Installation Professional™ having demonstrated technical knowledge to apply the appropriate professional skills necessary in the field of solar photovoltaic installation in accordance with the certification standards of established by the North American Board of Certified Energy Practitioners Board of Directors. For more information please e-mail bill@grassrootssolar.com or call 802-681-3579.

David and Julie Citron, co-owners of RE/MAX Four Seasons, are pleased to announce the addition of Deke August to our staff of licensed real estate agents.

In 1968, while an undergraduate at Trinity College (Hartford), Deke August became a Director of Snare Associates/Dorset Village Properties (DVP), his parents' company. He joined the office full time in 1990 following two decades as a corporate marketing executive with Ogilvy & Mather International. In 2001 Deke purchased the business and became principal broker/owner of DVP.

During his 28 years with the office, August specialized in marketing premium residential properties and large tract management throughout the Northshire. He has advised clients and customers on conservation, protection easements, Current Use programs, 1031 exchanges, sensitive sub-division, Charitable Remainder Trusts and other vehicles promoting investment and innovative oversight of area real estate.

Deke was a founding member of the Dorset Chamber of Commerce, served on the Board of the Dorset Theatre Festival and as food and feature columnist for Dorset Country Journal. He created marketing programs for area businesses and played “saloon piano” at restaurants, weddings, and events. – a hobby since eclipsed by technology and DJ's.

He lives in East Rupert with his sister, Suzanne, in a 1795 farmhouse that keeps them busy and happy.

“I am delighted to be joining RE/MAX Four Seasons”, August says. “Dave and Julie Citron's leadership and team provide the perfect mix of enlightened national exposure and commitment to the community. I will be able to concentrate on client and customer needs while they manage and grow the business.”    

With the addition of Deke, RE/MAX Four Seasons has grown to seven full time licensed agents with plans to add additional agents in the near future.

Contact RE/MAX Four Seasons for all of your Southern Vermont real estate needs!