Although property sales did not compare with the “boom times” of 2003 through 2005, overall Killington real estate sales volume was better than in the first quarters of 2006 and 2007. Sales revenues of $4.5 million for the quarter were up 27% over the same period last year.
Twelve condominiums sold during the first quarter of this year compared to nine each in the previous two years. In almost all cases, prices decreased, but only by a small percentage. Condominium inventory continues to rise with 150 condos on the market on March 31st compared to 131 in 2007 and 116 in 2006.
One home sold in Killington during January through March 2008. This home was located at The Woods and sold for $375,000. Unlike last year, there are no homes under contract (4 were pending at the end of March 2007). The home inventory is also rising. Thirty three homes were listed at this time last year ranging in price from $275,000 to $2,300,000. On March 31, 2008 there were 42 homes listed, ranging in price from $209,000 to $1,950,000, including eight multi-family homes.
One parcel of land sold this quarter, the same as last year. This lot was a ski on/ski off parcel with a 6 bedroom permit located at Topridge and sold for $700,000. There are 24 parcels for sale, almost twice the inventory of last year, ranging from a 1 acre lot listed for $60,000 to a 37.45 acre commercial listing for $2,950,000. It should be noted that the septic rules changed in Vermont this past year, in some cases, making it easier for land to “perc”. Because of this we anticipate seeing more land for sale in the spring of 2008 and land values should be going up.