Market revenue is up almost 60% over the first half of last year.
Eight homes were sold in Killington in the first half of 2024 compared to six homes sold during the same period in 2023. The average price of homes sold dropped almost 50%. Interestingly, of the 14 homes currently on the market, half of them are priced under $1 million and half of them are priced over $2 million, with nothing in between.
Conversely, 42 condos sold in Killington year to date compared to 27 during the same period last year. The average sale price of condos increased more than 32% to a little more than $455K.
Land sales were up considerably in the first half of 2024—seven parcels of land sold at an average sale price of just over $360K. The average sale price of land sold was heavily driven by the sale of a 28-acre parcel with ski-on ski-off access that closed for $1.35 million. That sale had been under agreement for almost three years pending Vermont Act 250 approval.
All in all, market revenue was up 58% over last year to almost $27 million. The market looks like it will continue to be strong through the summer.
There are currently 18 properties under agreement with an average listing price of about $515K.
The VT legislature approved a notable increase in the Property Transfer Tax to take effect on August 1st, 2024. The Property Transfer Tax is a tax charged to all buyers of real estate in VT at the time of closing. The change benefits the buyers of primary residences, however, the change has a negative impact on purchases of second homes and/or investment properties.
The tax rate on these categories of real estate will increase from 1.45% to 3.62% of the total purchase price. As an example, the tax on the purchase of a $500K property will increase from $5750 to $18,100. The impact on sales is yet to be determined.
