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By Serena Russell | Agent in Hayward, CA

Vacation-Home Sales Up in 2009

April 1, 2010

WASHINGTON (March 31, 2010)—Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of Realtors®.

NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9% to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9% to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1% to 4.04 million in 2009 from 3.77 million in 2008.

“The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat,” said NAR Chief Economist Lawrence Yun. “Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home.”

Only one in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26% of vacation-home buyers and 8% of investment buyers intend to use the property as a primary residence in the future.

The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008.  “The higher vacation home price may reflect increased sales in higher-priced markets, particularly in areas of Florida and California where prices became highly attractive for buyers over the past year,” Yun said.

Half of vacation homes purchased last year were in the South, 21% in the West, 17% in the Midwest and 12% in the Northeast. Seven out of 10 were detached single-family homes.

Source: National Association of Realtors®

    

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