Due to historically low inventory, Killington real estate sales in the first two quarters of 2023 were down considerably from 2022. Single-family home sales were down 60%, from 15 to 6; full-ownership condos were down 25% from 36 to 25 and interval ownership sales were down 40% from 20 to 12.
Median and average sale prices were also down somewhat, but due to the small sample sizes in each category, probably don't paint an accurate picture of real market conditions.
While the market has "normalized" to some extent, i.e. buyers can make offers with financing and inspection contingencies again, it remains a strong seller's market in which some properties are still receiving multiple offers and the average list-to-sell ratio remains at about 102% - meaning most properties are selling at or above asking price.
Across the country, sellers with mortgage interest rates around 3% on their existing homes are reluctant to sell, as they'd have to trade in their historically low rate for an interest rate near 7%. In the resort and second home market, however, most sellers will not be purchasing a replacement property, so it could be an excellent time to sell.
If you're thinking about selling or buying, our experienced brokers and agents are here to help you navigate this extraordinary market.