A Look at the Vacation Home Market
Sales of vacation homes dropped 30.8% across the country last year according to the 2008 National Association of REALTORS@ Investment and Vacation Homes Survey. This compares to only a 13.2% drop in sales for primary residences.
Second homes (including investment homes) accounted for 30% of all home transactions nationwide last year, down from 33% in 2007. Economists expected this drop given the impact of a declining economy on discretionary spending.
Demand for second homes looks favorable in the future because a large segment of the population is in the prime age group for buying a vacation or investment property.
Vacation homes make up the vast majority of the homes sold in Pinetop Lakes and our market will remain depressed until demand for vacation homes returns.