Vacation Home Market Surges In 2013

The vacation home market was hot last year with 717,000 vacation-home sales during the year in the U.S., an increase of 29.7% from the year before, according to the National Association of REALTOR’s (NAR) 2014 Vacation Home Buyers Survey.   In spite of the large increase last year, vacation home sales are still down about one-third from the peak of vacation home sales activity seen in 2006.

What did vacation homes sell for in 2013?

The median price paid for a vacation home in 2013 was $168,700, an increase of 12.5% from 2012 when the median price was $150,000.  In 2013, vacation home sales were responsible for 13% of all home sales, the highest share of the market seen by vacation homes since 2006, according to the NAR survey.  Not surprising is the fact that 38% of the vacation home buyers paid cash for the homes with the remainder financing the purchase with a median downpayment of 30%.

Who is buying vacation homes?

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Vacation home sales hit four-year high

  • st-louis-realtor-dennis-norman-vacation-homesAccording to a report just released by Homeaway, sales of vacation homes in 2011 reached a four-year high, fueled by the lowest median sales price in eight years, cheap mortgage rates, and the desire for a family retreat. The research found 33 percent of vacation home buyers purchased a vacation property last year primarily because of low real estate prices, while another 30 percent cited the desire for a family retreat. According to data from a National Association of REALTORS survey, the median sales prices for vacation properties at $121,300, putting ownership within greater reach of more consumers. Continue reading “Vacation home sales hit four-year high