The number of property sales in Killington in the 1st quarter of 2006 was down significantly from the same period last year with the greatest decrease in the condo market. The average selling prices, however, rose in all sales categories, lessening the total market revenue impact. The total market value of condo sales took the greatest hit (down 40%) while the value of home sales remained at about the same level as last year and the value of land sales increased (about 130%).
April and May are traditionally strong for new listings in Killington and that trend is continuing this year. Already there are many more properties available to the buyer than in previous years and we believe that there could be an inventory of 150 or more properties listed in Killington when the summer selling season commences. Therefore it is absolutely critical to list all properties in the most competitive manner possible. Unlike the past several years, buyers may now have several properties to choose from. Specific details concerning the property become more critical. For example, if there are three similar size condos listed for sale in the same development, the buyer will focus on points like relative location, parking, and unit condition. If differences are not perceivable, the lowest priced unit gets the offer first. The Realtor's job is to get the seller the best price possible in the shortest period of time. That starts by recommending how to best prepare the property for sale. Then, establishing the right asking price is key. Improperly (i.e., overly ambitious) priced properties are likely to sit on the market and become stale. Choosing the right Realtor becomes most critical in challenging markets. Beware -- the right Realtor may not be the one that flatters you by recommending the highest asking price!