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WCAX TV Feature on Vermont Real Estate Sales in the Pandemic Era

 

RUTLAND, Vt. (WCAX) Spring and summer are usually busy for real estate agents. And we've learned most have been even busier than usual. Our Olivia Lyons explains why the coronavirus pandemic has a lot to do with the increase in sales.

Real estate agents I spoke with say the demand for houses is incredibly high across the state.

Reporter Olivia Lyons: How has the real estate business been lately?
Joan Watson/Watson Realty & Associates Joan: It's like a house on fire!

Real estate agents all over Vermont say there aren't enough houses to keep up with the abnormally high demand. Interest rates are low for buyers and out of staters are fleeing pandemic hot zones for Vermont after realizing they can work remotely from anywhere.

"As soon as we reopened again for real estate, it just seemed as if the flood gates had opened and buyers were just at an all-time high," said Mark Montross of the Catamount Realty Group. Montross is working with multiple clients leaving larger cities to retire in Northern Vermont. He also sees many millennials opting to buy instead of rent.

But it's not just homes in touristy areas. Real estate agents tell me people are buying primary and secondary homes all across the state.

"I listed a house in Mendon today and within three hours I had seven showings scheduled for it," Kershner said.

Many locals are realizing they need to upsize or downsize after being home for so long.

"As soon as a property comes on, I'm always quick to get in there to show them and we'll write an offer up and then next thing you know, there's four or five other offers on the table," Montross said.

Many buyers are paying over asking price and taking big chances. "People are buying houses without even seeing them. And not just locally, but long-distance," Watson said.

Kershner says those buying houses sight unseen aren't unemployed and while this brings money to the economy now, it can hurt future home sales. "I do think we're going to see a long run of high demand and probably considerable price appreciation, and that's going to have a sort of detrimental effect on affordable housing," he said. Kershner told me Vermont has had a negative outflow of people for years. But he predicts that gap will close and Vermont will see more people moving into the state, than out.

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    Covid 19 and the Killington Real Estate Market

    These last few weeks have been unlike anything we have experienced before. Taking good care of yourself and your loved ones has never been more important, and we sincerely wish you the very best of health and well-being in these difficult and challenging times.

    Impact on Real Estate

    What impact the coronavirus threat and economic downturn will have on real estate in Killington and the surrounding communities is unknown at this time. We can certainly expect a “pause” of some duration in both buyer and seller activity. Respecting social distancing protocols, many homeowners will restrict showings, buyers may not be able to travel to see properties, and home inspections, appraisals, title searches, bank closings and legal services may all be limited, if not completely unavailable.

    Operational Changes

    Killington Pico Realty remains committed to serving our customers and clients. For the health and well-being of our customers, clients, staff and agents, we have closed our physical office until further notice, but our agents and staff are working remotely to provide the best service possible under the current conditions. Feel free to contact any of us with questions, comments or concerns. While you may not be able to view properties in person at this time, all Killington Pico Realty listings include professional photography and videography, and you can view our complete inventory online at:

    www.killingtonpicorealty.com/our-listings

    or you can take a virtual tour of any of our properties on our dedicated YouTube real estate channel:

    www.YouTube.com/KillingtonPicoRealty

    Our Thanks To You

    As always, we appreciate your business and are grateful for your loyalty and support. We are confident that by working together, our economy and our communities will come through this challenge and be stronger than ever.

    Stay positive, be well and keep safe.

     

    Kyle Kersher

    Broker/Owner

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      Killington Real Estate Sales - 2019

      Total Number of Sales in Killington - All Property Types: 184 (up 14% from 161 in 2018)

      Total Single-Family Home Sales in Killington: 34 (down 3% from 35 in 2018) Median Price $424,000 (up 23% from $345,000 in 2018); avg days on market (DOM) 180 vs 181 DOM in 2018

      Total Multi-Family Homes: 6 (up 100% from 3 in 2018)

      Total Full Ownership Condos: 112 (up 15% from 97 in 2018) Median Price $157,500 (up 9% from $145,000 in 2018) avg DOM 52 vs 158 in 2018

      Total Interval Ownership Condos: 21 (down 5% from 22 in 2018) Median Price $40,000 (up 43% from $28,050 in 2018); avg DOM 53 vs 264 in 2018

      Total Land Sales: 9 (up from 3 in 2018) Median Price $95,000 (up from $19,999 in 2018); avg DOM 95

      Total Commercial Sales: 2 (up from 1 in 2018) Median Price $325,000 (down from $1,000,000 in 2018); avg DOM 457 down from 985 in 2018

       

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        Killington Real Estate Sales - 2018

        Total Number of Sales in Killington - All Property Types: 161 (up 7% from 151 in 2017)

        Total Single Family Home Sales in Killington: 35 (up 9% from 32 in 2017) Median Price $345,000 (up 14% from $303,750 in 2017); avg days on market (DOM) 181 vs 243 DOM in 2017

        Total Multi-Family Homes: 3 (up from 2 in 2017)

        Total Full Ownership Condos: 97 (up 15% from 84 in 2017) Median Price $145,000 (up 16% from $124,500 in 2017) avg DOM 158 vs 240 in 2017

        Total Interval Ownership Condos: 22 (down 15% from 26 in 2017) Median Price $28,050 (down 5% from $29,500 in 2017); avg DOM 264 vs 344 in 2017

        Total Land Sales: 3 (down from 5 in 2017) Median Price $19,999 (up from $15,000 in 2017); avg DOM 16

        Total Commercial Sales: 1 (unchanged from 1 in 2017) Median Price $1,000,000 (up from $495,000 in 2017); avg DOM 985