On November 22, 2023
Killington

Property values soar, but overpricing proves costly 

Courtesy Nathan Mostroeni, Sotheby’s International Realty

A  home on Trailside Drive in Killington was listed for $2.49 million on Nov. 20, just after a home on Trailsdie Drive broke a record in Killington, when it sold for $3.75 million. 

 

 

By Katy Savage

Housing prices continue to break records in Killington.

In October, a five-bedroom home on the Trailside Drive in Killington sold for $3.75 million ­— the highest priced home ever sold in Killington.

The high price reflects the lack of homes caused by the buying frenzy of the pandemic. In all the years preceding 2021, there were just 20 sales in Killington over $1 million, but in 2021 and 2022 alone, there were 20 luxury sales above $1 million, including three sales in the mid-to-upper $2 million range. 

Bret Williamson, the owner/broker of Killington Valley Real Estate, who listed and sold the home, said with the lack of housing inventory, more people are interested in buying land. 

“The residential, single family home market is strong and inventory has been thin for a long time,” Williamson said. “As prices start to elevate, people are looking at land, which not too long ago was a slower market. Now, land prices are starting to increase and people are looking to build.”

Property values in the Killington area are experiencing a steady rise, defying the norm in the current real estate landscape. However, sales volume has taken a hit, dropping by 50% compared to the same period last year, according to a report from Prestige Real Estate’s quarter three market report.  

The repercussions of overpricing are becoming increasingly evident in the Killington real estate market. Homes that are priced ambitiously and fail to secure a buyer within a 10-day window are witnessing sale prices as much as 10% lower than those that were priced closer to the most recent comparable sale.

Despite the market’s fluctuating dynamics, inventory levels in Killington remain at or near record lows. As of Sept. 30, a mere 23 properties were available for prospective buyers, according to Prestige. 

“We’re still seeing a lot of buyers,” said Nathan Mastroeni, the broker of Sotheby’s International Realty. 

Mastroeni listed another high priced home in Killington — a $2.49 million property on Trailside Drive on Nov. 20 — anticipating the property would be popular among buyers. 

The high price reflects a trend. In the past six months, the median priced home in Killington was $735,000 — about double the $371,000 median-priced home in the same period in 2018. 

Mastroeni said mortgage rates, which are anticipated to drop, could impact the availability of housing, enticing homeowners to put their properties on the market. 

“That could drive people back to the market that had been holding out,” he said.

However, Mastroeni said the mortgage rates don’t impact Killington buyers, who mostly pay in cash.   

“I think the biggest driver right now is the talk of the village,” said Mastorni, alluding to talks of a pedestrian-friendly village, which has interested many home buyers. 

“I probably get asked 3-5 times a week what do you think the village is going to do for home values,” Mastroeni said.“My favorite line right now is, ‘we’re living a case study.’”

Mastroeni pointed to Stowe, which started building its village around 2006, eventually leading to a doubling of housing prices. 

From May 2018 to November 2018, the median home price in Stowe was $532,000. In the same period this year, the median home sold for $1.1 million, Mastroeni said.

“Killington most likely will go through the same uptick,” Mastroeni said. “It’s going to be new eyes on new construction.”

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