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Following is the written portion of our Snyder Bassette Residential Real Estate Market Report for December 2011:
February 2012,
Friends and neighbors:
We are happy to share with you our “Snyder Bassette Real Estate Market Report” summarizing the market in 2011.
It is clear that the flames of recovery that had begun to crackle during the first half of 2011 were snuffed out – at least temporarily -‐ due to the Irene Flood, stock market volatility (over European problems) and renewed economic uncertainty during the Fall. Was there a leaf season? With the area in shock, shut down and in rebuilding mode -‐ the actual number of home sales in the final quarter of the year was off only slightly from the 3rd quarter, but most of these sales were in the lower price ranges. For example, the average price of homes sold in the 4th quarter was $271,000 compared with the full year average of $670,000. And the last high-‐end (> $1 million) closing was in mid-‐August.
Despite the strong start, 2011 ended up basically being a repeat of 2010. 2011 was the fourth year in a row of slower-‐than-‐average home sales. Specifically, in Woodstock and the six surrounding towns (the “Greater Woodstock Area”), eighty-‐five (85) homes sold in 2011, which is roughly similar to the annual sales levels for 2008-‐2010. This compares with sales in the peak years of 2004-‐2007, when 131 homes sold on average. Thus, the inventory of homes for sales is still high. Twenty-‐two (22) homes sold in the 4th quarter, yet thirty-‐five (35) new homes came on the market. The area continues to have a generous supply of homes for sale, and 2012 will be another “buyer’s market”. Again, competitive pricing continues to be important if sellers are truly motivated to sell.
Because of the quality of homes in the greater Woodstock area and the deep financial strength of our community, overall prices are holding steady. For example, Woodstock sellers on average conceded a final 12% off their listing price to move on in their lives, which is only slightly lower than the long term average of approximately 9%. (Said differently, the ratio of sold to last-‐listed price was 88% for all of 2011).
The market for homes priced over $1 million went quiet after the stock market volatility in August and the Irene Flood. Zero (0) homes sold over $1 million during the 4th quarter compared with four (4) high-‐end sales during 4Q2010. Yet with some high-‐end homes being withdrawn for the winter, we ended the year with 37 homes priced over $1 million for sale in the Greater Woodstock area, compared with 45 homes > $1 million at the end of the third quarter. Overall, eight (8) homes priced over $1 million sold in the area during 2011 vs. only six (6) in 2010. We expect the appetite for high-‐end homes will resume the pick-‐up that had started before the Irene/Stock Market disruption in the 2nd half of 2011.
The greater Woodstock area has a wonderful history, New England charm, deep pockets and staying power. That is why it has always been the most stable / secure long-‐term real estate market in Vermont.
You can download a PDF of this full report from our website at snyderbassette.com.
On a personal note, John and I are happy to report that our firm had a very successful year in 2011, with over $12 million in closed sales. Adjusting for the fact that there were only two of us in our office, we were #1 in average per-‐agent sales out of all the Woodstock brokerage offices for 2012. And out of more than 20 individual agents in town, we both finished among the top three slots. Yet we are not sitting on our haunches, and have a long list of improvements and investments – to better position us to get it done in 2012. We do think our growing success validates our business approach -‐ which seeks to combine personal competence and old-‐fashioned networking with excellence in online web marketing and plain hard work.
We are also very pleased to announce that Mary Ellen McCue has joined our firm as an Associate Broker. Mary Ellen is an experienced and competent broker, having lived and worked in the greater Woodstock area for many years. She is also bringing a depth of knowledge, a wealth of friends and contacts, and some very attractive listings -‐ ranging from a lovely cape house priced at $345,000 to a $2.95 million estate property. Please give Mary Ellen a call to congratulate her (and us) on her new association. Her cellphone is 802-‐291-‐1814 and her email is MaryEllen@SnyderBassette.com. We are delighted to have her aboard.
Please contact any of us at any time. John Snyder’s cellphone is 802.280.5406 and his email is JohnS@SnyderBassette.com. John Bassette’s cellphone is 802.280.5977 and his email is JohnB@SnyderBassette.com. Our office phone is 802 457-‐2600. We are happy to consult on any real estate related matter.
We are taking new listings and look forward to hearing from you. With best regards,
John Snyder & John Bassette
Please note: If you are actively working with another brokerage firm, please disregard this report. It is neither our intention nor our wish to actively solicit the signed clients of our other broker friends in town. If you wish to be removed from our mailing list, please feel free to contact us and we will be happy to remove your name from the list.
[Following is the cover letter for our Snyder Bassette Residential Real Estate Market Report for December 2011.]
Friends and neighbors:
We are happy to share with you our “Snyder Bassette Real Estate Market Report” summarizing the market in 2011, enclosed.
Despite the ongoing difficulties in the real estate market during 2011 - given the start‐stop economy and fallout from the Irene flood ‐ our firm had an excellent year, closing more than $12 million in sales. On a per‐agent basis, Snyder Bassette Real Estate Group was the #1 agency of all Woodstock brokerage offices for 2011. 2011 validated our business approach, which combines cutting edge online/web marketing with old-school personal competence, networking and plain hard work.
We continue to be optimistic about the real estate market for 2012 and are already seeing a pickup in real estate activity. In fact, our top‐down view of the real estate market during the past year (2011) was this: a modest recovery had begun in the 1st half of the year, but was snuffed out by stock market volatility and then the Irene Flood in August. We fully expect more and more buyers to emerge during spring/summer 2012. And the best properties and values will sell first. If you are thinking of selling, give us a call.
We are also very pleased to announce that Mary Ellen McCue has joined our firm as an Associate Broker. Mary Ellen is an experienced and competent broker, having lived and worked in the greater Woodstock area for many years. She is also bringing a depth of knowledge, a wealth of friends and contacts, and some very attractive listings -‐ ranging from a cozy cabin retreat on 94 acres for $495,000 to a $2.95 million estate property. Please give Mary Ellen a call to congratulate her (and us) on her new association. Her cellphone is 802‐291‐1814 and her email is MaryEllen@SnyderBassette.com. We are delighted to have her aboard.
Please contact either of us at any time. John Snyder’s cellphone is 802.280.5406 and his email is JohnS@SnyderBassette.com. John Bassette’s cellphone is 802.280.5977 and his email is JohnB@SnyderBassette.com. Our office phone is 802 457-‐2600. We are happy to consult on any real estate related matter.
We are taking new listings. We look forward to hearing from you. With best regards,
John Snyder & John Bassette
Please note: If you are actively working with another brokerage firm, please disregard this report. It is neither our intention nor our wish to actively solicit the signed clients of our other broker friends in town. If you wish to be removed from our mailing list, please feel free to contact us and we will be happy to remove your name from the list.
I drive by this structure every day on the way to my real estate office in Woodstock and couldn’t resist digging up a video I created when Tropical Storm Irene came through. The flood was incredible so check out the photo and the water level in the video.
Taftsville Bridge Closed
It is sad to see what has become of the Taftsville Bridge and it will be 2014 before we see it again in all it’s glory. The photos below were taken just after the first of the year (January 13th 2012). A mad dash has taken place to remove, store, and preserve half the bridge so the footings don’t take it all down river in the Spring time thaw.
Missing Half the Taftsville Bridge
It is surprising to see how lack of access to a local bridge affects behavior. Road running has significantly declined along River Road, Quechee is far removed and poorly accessible, business at the Taftsville Country Store is negatively affected, and a general sadness occurs when most drive by this historic landmark.
For the next couple years we will continue to see a barren but stubborn bridge standing to the testament of rugged construction and equally rugged individualism. We look forward to better days for all in 2012 and the bridge in 2014.
Moving into the new year, we’ve produced a couple of short promotional videos. Here’s one that we just posted to our YouTube channel. Recognize anyone familiar?
When we look at hard data –and lookthrough the recent economic and stock market volatility and the turmoil from the Hurricane Irene flooding, it is clear that real estate sales activity is gradually improving. For example, in 3Q2011, twenty-three (23) residential properties sold in the Greater Woodstock area vs. seventeen (17) in 3Q2010, or a 35% improvement. This brings the YTD 2011 sold figure to sixty-two (62) residential properties vs. fifty-seven (57) in 2010, or a 9% improvement. Overall, we expect year-over-year sales will be up, yet remain roughly in line with the average of the past three year of 81 sales per year. This average is still down some 40% from the peak 3-years (2004-2006) when on average 134 residential properties sold in the area.
The market for homes priced over $1 million also showed renewed signs of life this quarter, with six (6) sales of homes in that price range. [Our firm had the buyer - and listing - for the most expensive home sold in Woodstock this quarter at $2.1 million, and the most expensive sale in Barnard this quarter.] It is worth noting, though, that many of these six high-end deals were “inked” in the spring and early summer. With the stock market first stumbling in early August and continuing to be volatile since then, activity on the high end has been more quiet. We do anticipate another buying spree between here and year-end IF the markets can settle down (for more than a week or two) and the brewing national political storm does not kick up too much dust. There are 45 beautiful high-end homes for sale in the area, so plenty of wonderful properties for buyers to choose from.
There are still a lot of homes for sale in the area in all price ranges. Specifically, there were 309 residential properties for sale across the seven towns, which is roughly in line with the number mid-summer. Even though sales are picking up, so is the number of new homes coming on the market. Thus, it continues to be a “buyers market”. We have been saying for more than a year that sellers must offer comparatively attractive pricing in order to get deals done. This is evidenced again by the ratio of Sold to Last-listed-price, which average 85% this quarter. Said differently, sellers conceded an additional 15% from their last list price vs. the long-term average concession of about 9%. Homes already priced well have sold fairly tight to last list price, so the average can be misleading. But overall, it is still a buyer’s market, so if you are a buyer, it is truly a great time to step up to the plate – with lots of great properties and attractive prices to choose from.
We saw an uptick in the sale of homes in Barnard, Pomfret and Hartland this quarter. Normally, more homes with a Woodstock address sell than in other towns, which is to be expected given that there is a larger population and more homes to begin with. On average, Woodstock accounts for approx. one-third (1/3) of the sales in the whole area. YTD 2011, this has been closer to 50% (30 out of 62 sales). Yet in the 3rd quarter, Woodstock accounted for only twenty-six percent (26%) of sales, or 6 of 23 sales. This is explained both by a temporary slowdown in the sale of Woodstock homes, and by an uptick of sales in Barnard, Pomfret and Hartland. Specifically, Barnard had only two (2) sales in the first half of the year, but had six (6) sales in the 3rd quarter. Similarly, Pomfret – which had zero (0) sales in the first half, had three (3) sales in the 3rd quarter. And Hartland had six (6) sales in the 3rd quarter, bringing the YTD total to twelve (12). By contrast, Woodstock, which had twenty-four (24) sales in the first half, had only six (6) sales in the 3rd quarter.
On a personal note, John and I are happy to report that our firm had a very successful quarter, and just crossed $11 million in closed sales this year for the two of us.During the third quarter, we had the buyer (and listing) for the most expensive homes sold in both Woodstock ($2,100,000) and in Barnard ($775,000). Interestingly, we also had the least expensive home sale in Woodstock ($300,000) during the quarter. We now have nearly 50 properties for sale in the Greater Woodstock area. Few of our sales have been straightforward…let’s just say we chalked up a few more war stories on what it took to get deals done. Our business approach seeks to combine cutting edge online/web marketing – nationally and internationally – with excellence in old-school relationship management, networking, deal/negotiations skills - and hard work.
Please contact either of us at any time. John Snyder’s cellphone is 802.280.5406 and his email is JohnS@SnyderBassette.com. John Bassette’s cellphone is 802.280.5977 and his email is JohnB@SnyderBassette.com. Our office phone is 802 457-2600. We are happy to consult on any real estate related matter.
We are taking new listings and look forward to hearing from you.
