1st Quarter 2024 was driven by condo sales!
Killington property sales volume was one and a half times greater than it was for the same time last year. The growth was driven predominantly by the condo sector. In addition to dominating the number of sales, the average sale price of condos increased 60% over last year for the same period.
Seventeen condos sold in the 1st quarter compared to five condo sales for the same period last year. The average sale price of condos increased from $377K to over $600K. For the first time ever in Killington, more than a third of the condos sold for more than $800K.
Comparatively, only three single-family homes sold in Killington in the first quarter. They were older homes, built in the 1970’s, and sold for an average price of $623K. There are currently ten homes in Killington listed for sale. Interestingly, there is a large price gap between half of those properties listed for under $1 million and the other half listed for over $2 million!
Although inventory is up significantly compared to the same time last year, the data can be misleading. Twenty six of the 33 condos currently on the market are at Mountain Green. It seems many owners there are hoping to sell to avoid costly fees and long term assessments necessary to address aging infrastructure such as roofs and siding.
All and all, total market revenue was strong, compared to last year and prices are continuing to rise.
