2012 was a truly lackluster winter weather-wise, but sales during the first quarter slightly beat the strong activity during the same period last year. Thirteen properties sold this year compared to twelve sales in the 1st quarter last year. Of even greater significance is that 21 properties were under agreement on March 31st, surpassing the 20 pending sales on March 31st, 2011. Clearly, buyers appreciated the good values presented in today's real estate market and are feeling positive about the future of Killington.
Market activity was strongest during the month of March which will result in strong 2nd quarter sales figures. However, new sales traffic is likely to decrease significantly during the 2nd quarter, leading to weak 3rd quarter sales figures. This is the pattern that occurred in 2012. In years past, the Killington resort remained open through Memorial Day weekend, providing a reason for visitors to continue to come to the area in April and May. Last year, the resort closed in early May and this year, due to low snowfall, we anticipate that the ski season will end even earlier. We anticipate that visitors won't return until summer activities are in full swing in June or July. We expect a very quiet second quarter in terms of new offers being presented.
Although we predict a slow upcoming quarter in terms of new activity, we have several reasons to believe that 2012 will come back as strong in the final quarter as last year. Real estate prices are holding at very attractive levels, and interest rates are low. Inventory is holding steady or decreasing in some property categories. Last, but not least, investment in the development of the village in Killington is moving forward indicating significant confidence in the future of the area.