1st qtr 2020 Killington market revenue is down 12%
Even without the impact of COVID 19, the total Killington real estate market revenue was down 12% compared to the 1st quarter last year. Coronavirus did not affect the real estate market in town until the middle of March. For the first quarter, only two transaction cancellations can be attributed to the virus. It remains to be seen what the future, and longer term impact will be. So, if it wasn’t the virus, what happened?
A couple of factors have driven this downturn:
- Average sale price of single family homes dropped 40%. There wasn’t a single property sold in town for more than $396,000 during the 1st quarter. This cannot be attributed to a lack of higher priced properties available. In fact, the average list price of homes on the market is just over $850K. Only 4 homes, of 21 on the market, are listed for less than $400K.
- Although the average sale price of condominiums was up 15%, the number of condo sales dropped 19%
- The number of land sales during the 1st quarter helped to minimize the impact of the decrease in home and condo revenue
To read more, download the PDF newsletter below.