Vacation Home Sales Boomed in 2014 in the US
National Association of Realtors® have reported that "Vacation-Home" sales boomed in 2014. The last peak was back in 2006 but 2014 stats were even higher.
NAR’s '2015 Investment and Vacation Home Buyers Survey' covering existing- and new-home transactions in 2014, shows vacation-home sales successfully rose to an estimated 1.13 million last year, the highest amount since NAR began the survey in 2003. Vacation sales were up 57.4 percent from 717,000 in 2013.
NAR chief economist, Lawrence Yun, reported that vacation sales in 2014 showed a huge growth, nearly doubling the combined total of the previous two years. “Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment." Yun further said last year’s increase reflected long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.
Vacation-home sales accounted for 21 percent of all transactions in 2014, their highest market share since the survey was first conducted in 2003.
Breakdown of areas in US: South 46%, West 25%, Mid-West 14% and North-East 15%.
Most resort home were financed in 2014 as in the past a large majority had been purchased with cash.
Here is my listing, a resort home located in Big Bear Lake for sale at $170,000.
515 Waynoka Lane, Big Bear Lake, CA 92315 (click to view)
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