The NAR reported lower vacation home sales in 2015, however, the numbers were the second-highest in 10 years.
What does this mean? There were about 920,000 vacation home sales nationally compared to 1.13 million in 2014. The median vacation-home price was $192,000. Vacation homes accounted for 16% of all real estate transactions in 2015. 38% of the vacation home sales are paid for with cash. Buyers typically own the vacation homes for an average of 7 years. Surprisingly to me, single-family homes outpaced condos by a margin of 58% compared to condos at 25% and townhouses at 14%. 40% of vacation home buyers purchased in beach areas (LIKE NAPLES) followed by mountain and lake areas. 47% of the vacation homes were bought in the South followed by the West at 25%.