- Heidi Bomengen
- October 4, 2024
- 4:17 pm
- 0 comments
Is the real estate market “normalizing”?
After four volatile years, it appears the Killington real estate market may be showing signs of normalizing, particularly in the single family home segment. In 2021, market activity rose dramatically, largely as a result of COVID. Properties were listed for sale and went under agreement in under a week. Average sale prices jumped 50% in a flash. It seemed no matter the price, properties got scooped up by eager buyers looking for a lifestyle option outside of the urban areas. Market activity continued at a feverish pace until 2023 when a total lack of inventory slowed the market to a crawl. Now,
- Inventory of homes and condos on the market is more than 3x what it was last year
- Average days on market for homes sold is more than 4x what it was last year
- Average sale price of homes has dropped steadily and is close to what it was in 2021 (~$660K)
The market for condos is somewhat more robust than for single family homes:
- 29 condos are currently on the market in Killington, but 1/2 are at Mountain Green, burdened by a large capital assessment
- Average days on market for condos is approximately 30 days as compared to 55 days for single family homes
- The average sale price of condos continues to rise, but seemingly at a sustainable pace
The bottom line is that the Killington real estate market seems reasonably “healthy”. Total market revenue is almost double what it was at this time
last year. Days on market is generally between a month and two months... considerably lower than pre-2019 years. Average sale prices have been tempered since the COVID days but are still higher than before 2020.
There are twelve properties currently under agreement for a median sale price of just over $650K.
These pending sales represent a healthy and seemingly sustainable mix of seven condos and five homes. Stay tuned to see if this is a sign of things to come.
You can also download YTD Killington Property transactions here.
