Market Update January 2014

While the holiday period can sometimes be slower as people are engaged with other pursuits, sales for land, homes and condos since December 1 were fairly strong.  Keep in mind, of course, that many of the recorded sales likely went Pending prior to Thanksgiving.

Our market update includes the communities of Newry, Bethel, Greenwood, Woodstock, Gilead, Albany Township, Riley Township, Hanover and Gilead.

Condominium sales are traditionally consistent as the ski and ride season gets underway, and this season is no different:  there were 10 recorded sales with listing prices ranges from $99k for a one-bedroom White Cap unit to $299k for a three-bedroom unit at Mountain Vista.  Eight of the sales were in Newry, the others included one-bedroom units at Brookside, Cascades and Merrill Brook, and two-bedroom units at South Ridge, North Peak and Brookside.  One sale was recorded at Eden Ridge in Bethel and another sale in Greenwood.

There are also nine Pending condominiums currently, from a $122k Cascades one-bedroom listing to a four-bedroom Tempest Ridge unit priced at $639k.  The latter was the first resale in the project to go on the market and it lasted just 25 days before going Pending.  The unit is being sold furnished.  Other Pending condominiums include one-bedroom units in White Cap and Sunrise, a two-bedroom unit in South Ridge and another Eden Ridge unit in Bethel Village.

Land sales continue to make a very strong comeback, as first outlined in the November market update.  Since December 1, nine parcels have sold, priced from $13,500 to $595k.  The latter was a 567-acre parcel off of the Bear River Road and above the Great Brook Preserve subdivision.  The Peaks and Peaks Village sales continue to sell, another Peaks Village lot priced at $129k recently closed.  Other parcels were priced below $100k and include parcels in Baker’s Acres (at the start of Powder Ridge) and other subdivisions outside of the access road.

The nine Pending land sales include another large parcel—a 622-acre piece also off the Bear River Road listed at $927k, a lot in slope side subdivision, The Glades, which is listed at $325k, and again, lots in smaller subdivisions outside of the access road.

Finally, single-family homes sales included a variety of locations and prices, with a couple in Greenwood, one in Woodstock and one in Gilead and list prices ranging from $84,900 to $800k.  Four of the sales were in Newry and of these, two were in Peaks Village, one in the Great Brook Preserve and one in a small subdivision off Bear River Road.  In Bethel, the list prices of homes that sold ranged from $84,900 to $369k, with the latter within the access road, in River Valley Acres, and another listed at $338,500 on Homestead Lane off of Intervale Road.

Pending single-family homes total 16 and list prices range from $14,900 (yes, that’s not a typo) to a build package in The Colony development listed at $450k.  One of the aforementioned spec homes in Locke Summit is also Pending and the others include seven homes in Bethel with a high list price of $239k, four homes in Woodstock with the highest list price at $179,900 and homes priced under $200k in Albany Township, Greenwood and Hanover.

The coming months are historically the busiest for showings.  Stay tuned for the next market update!