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Lack of inventory is the limiting factor.

Except when compared with the anomaly of 2021, 1st quarter 2022 transaction volume has been strong and consistent with several previous years. The difference is, revenue ($) far exceeds all previous years other than 2021 because the average sale prices of homes and condos have increased dramatically.

Total 1st quarter revenue was $13.8 million, 2/3rds of last year but more than twice any other previous year. Six homes sold in Killington in the 1st quarter at an average price just over $1 million, up more than 30% even compared to the 1st quarter in 2021.

Seventeen condos sold at an average price of $413K, more than 67% higher than the average last year and the highest average price
ever. Land sales were strong as well which has been unusual for the winter season. Four parcels of land sold during the 1st quarter.

Inventory remains at all-time low levels with exception of a glut of Mt. Green condo listings spurred by an impending special assessment. There are currently six homes, 31 condos (26 of which are at Mt. Green), and eight parcels of land listed for sale (excluding two pre-construction projects).

It is reasonable to say that if there was more inventory available during the 1st quarter, sales volume would be greater as well. Demand far exceeded supply as evidenced by a drop in “days on market” and many situations of “bidding wars.” When properties are listed, there are frequently multiple offers within days unless they are questionably over priced for their condition.

There is no reason to believe market demand will wane. There are currently 6 homes, 8 condos, and 10 parcels of land under agreement. With so little property available, demand remains strong.

To read the full newsletter,  please download the Q1 2022 Killington Real Estate Sales as of March 31, 2021 (PDF download), click here

Article by Heidi Bomengen

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