It’s been a remarkably slow start for Killington real estate sales.
Only nine properties were sold in the 1st quarter of 2023. Never before, since tracking these data, have there been fewer sales. Cause and effect: when there is little listed, there is little sold.
Inventory has been minimal for the better part of a year now. The difference is that last year, properties came on the market and sold quickly. This year, few properties have even been listed for sale.
Demand has remained strong. When properties are listed, they sell quickly if priced for what buyers consider to be in line with their value. Although little has been available, buyers have been reluctant to pay prices they believe to be excessive. The buyers seem willing to wait. If a property does not go under agreement within three weeks of being listed and those sellers truly want to sell, the sellers should consider reevaluating their asking price.
Total market revenue for the 1st quarter of 2023 is down substantially because of the reduction in number of properties sold. The average sale price of condos ($377K) is higher than all other years except 2022. There were only two single-family homes sold in the 1st quarter, one of which sold for more than $3.4 million, a new record price for Killington.
