Killington Real Estate Blog

Home sales were down in Killington with ony 12 properties sold in 2007.  Although the average sale price was $521,000 up from  $391,000 in 2006, like Killington condominiums, the number of sales decreased, from 23 to 12. The lowest price paid for a home in Killington was $269,000 for a 2 bedroom home on Bart’s Hill Road.  The highest price paid was $1,275,000 for a newly built 4 bedroom home with over 5,000 square feet of living space.  There are currently 37 homes for sale in Killington with an average listing price of $659,000.  For the full story on 2007 Killington Real Estate in Review

2007 posted a new low for Killington condominium sales with only 51 sold.  The lowest priced sale was for a one bedroom/one bath Mountain Green Condominium for $75,000 and the  highest price was for a ski on/ski off duplex town home at Topridge for over $900,000.As of December 31, 2007 there were 127 condominiums for sale in Killington: 4 studio units; 42 one bedroom units; 41 two bedroom units; and 40 three bedroom units.  For the full story

Since our last formal update, at the end of the 3rd quarter of 2007, in Prestige Real Estate’s quarterly newsletter, 14 Killington condominiums, 3 Killington homes, and 1 parcel of Killington land have sold.  That is down fairly substantially in all three categories from the same period last year.  Killington condo sales year to date are down 18%, Killington house sales year to date are down 63% and land sales year to date are down from 15 parcels last year to just one this year.

I think this continued real estate market slide is attributable to:

1) National media continuously reporting that the real estate market is in serious trouble and has not seen the worst yet, causing potential buyers to hold off; and

2) Buyers exercising caution in light of new Killington Resort management.

One thing I do know is that foreign interest and investment in the Killington real estate market has increased in light of the decreased value of the US dollar.  The last three purchase & sale agreements that we have put together involve Brits buying Killington real estate.

Each quarter, as we gather and analyze data for our newsletter, we search for the silver lining in what appears to be a market continuing its downward spiral.  As we experience several consecutive quarters of slow market activity, that silver lining gets harder and harder to find.
Year to Date Sales 

Once again, the number of transactions is down compared to last year.  The number of condo sales year-to-date is down 18% compared to the same period last year and only eight homes have sold in Killington since the first of the year.  There has not been a single land transaction in 2007.
Current Inventory 

Consequently, it should come as no surprise, as sales volume drops, inventory continues to build.   As of September 30, 2007, condo inventory is up almost 20% over last year at this time with 143 condos actively listed on the market:
· 3 studios

· 47 one-bedroom units
· 49 two-bedroom units
· 44 three-bedroom units
Of  the units sold, they were on the market almost 9 months before going under agreement, almost twice as long as in 2006.

Prestige Real Estate of Killington has recently sold two more properties.  A beautiful 4 bedroom 3 bath home in Killington for $650,000 and a trailside town home for $765,000.  We have also just listed for sale two Sunrise condominiums, a 1-bedroom unit for $178,900 and a 2-bedroom unit for $225,000.  These units are both the lowest priced units of their kind, currently on the market in Sunrise Village and have direct ski in, ski out access.  For more information on these and other properties, visit Prestige Real Estate of Killington’s website. 

One single family ski in/ski out house and two condos sold during the month of April in Killington, VT.  In addition, seven Killington condos went under agreement during the month.  The activity this month equals the activity level in the entire first quarter of 2007.  Hopefully this signals an uptick in buyer interest in Killington but it may be premature to ring the “back on track” bell. 

The modest increase in activity may merely reflect the fact that Killington enjoyed one of the best spring skiing seasons in years and people just kept coming.  Conversely, for those of us who tend to be more optimistic and look at the glass as being “half-full”, this may be the beginning of a turnaround.  I guess we’ll have to wait and see what happens in the next few weeks.

The entire Killington community is anxiously awaiting some announcement from the impending new owners of the ski area.  What are you going to do and when?

Five Killington condo properties have gone under agreement in the past eight days.  This is in stark contrast to a total of 9 Killington real estate condo sales in the entire first quarter of 2007. 

One might speculate that the increase in activity is due to buyers’ speculation on the future potential of the Killington resort area and the local real estate market.  Everyone is anxiously awaiting the sale of Killington and Pico to be completed.  We are hoping to hear announcements from the new owners, SP Land and Powdr as to their plans.

Another reason could be that buyers perceive that real estate prices are as low as they are going to get.  We would love to hear what you think.  In the meantime, we will keep you informed as to the activity level.

Killington sales continued on a downward trend during the first quarter of 2007.  Only one house sold in the 1st quarter of this year (4 last year and 6 the year before) and 4 others are under contract.  There are 33 homes for sale in Killington ranging in price from $275,000 for a duplex to $2,300,000 for a home in Topridge. Last year at this time there were 29 homes listed for sale and only 20 on the market during this period in 2005.  9 condominiums have sold this year, the same number as last year but significantly down from the 20 that sold during the first quarter of 2005.  There are 5 condominiums pending at this time.  There are currently 131 condominiums for sale in Killington;

• 44 one-bedrooms,
• 47 two-bedrooms,
• 39 three-bedrooms and
• 1 four-bedroom. 

Last year at this time there were 116 condominiums listed for sale.  Of the 131 condominiums for sale just 5 complexes represent over 60% of these listings.  Typically there is little to no land activity during the winter months and 2007 was no exception.  There are 13 parcels of land on the market.  No land sold during the first three months of this year and only one lot is under contract.

For more details on most recent Killington real estate sales, click on the newsletter page of the Prestige Real Estate home page.

Prestige Real Estate of Killington closes on another Killington condominium.  Pinnacle D-1, a 2 bedroom 2 bath condominium just closed for $194,000—up from the last sale of $189,000.

Prestige Real Estate of Killington has also put 2 houses and 2 additional condominiums under contract with closings anticipated in the near future.  One of the two homes is a ski in/ski out property and both condominiums are ski in/ski out.

There are currently 3 homes, 2 condominiums and 1 parcel of land under contract and scheduled to close in the near future.  There are 37 homes, 133 condominiums and 15 parcels of land currently listed for sale in Killington Vermont.

Killington, VT ski conditions are fantastic with 83 miles of skiing on 197 trails serviced by 31 lifts.