What can you say about a year like 2006? You've been listening to the national media tell you for a year now about the real estate market "correction" and that "the bubble was bound to burst!" Well, we, at Prestige Real Estate, have gained a reputation for telling it "like it is" so we are not going to try to "sugar-coat" the situation. The truth of the matter is that we did see a significant drop in the number of real estate sales in Killington. The number of condo sales was down more than 50% and hit a 10-year low at a total of 62. In addition, the number of home sales was down about 25%. That is the bad news (at least from the perspective of someone trying to sell a property in the last 12 months). The good news is that although the number of sales has dropped significantly, prices of properties that have sold have continued to rise, bucking the national trend. The average selling price of a Killington condominium rose 23%, primarily due to the continued new construction sales at Topridge. With these Topridge new construction sales factored in, average selling condominium prices hit an all-time high of $311,000. Without the Topridge sales, the average condominium sales prices increased by 5% to $229,000. The average selling price of a Killington home rose 13% to $391,000.
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