When should I sell? When should I buy? Have I missed the market? Will I be buying at the “peak of the market?” How will the increase in interest rates affect market demand?
These are the questions buyers and sellers ask every day. If we only had a crystal ball… What we can tell you is the 2nd quarter of 2022 saw a decrease in sales volume, largely driven by a lack of inventory. We saw the average sale price continue to increase, up more than 45% over last year which were the highest prices ever. Average and median days on market were the lowest ever. Most properties that were listed sold fast and at record high prices. Those properties that didn’t sell quickly were likely over priced.
So, what does this mean for the market going forward? The upcoming quarter should be a good indicator of what to expect for the foreseeable future. The 3rd quarter real estate market is generally strong in Killington. Traditionally, buyers reenergize their interest in the summer and purchase properties to close in time to use for the upcoming ski season.
Available inventory may be the controlling factor. If there is a slow and steady stream of property offered, we are likely to see a continuation of strong demand at current or moderately rising prices. If there is a glut of properties listed, it may cause a drop in property values. Time will tell!
