Tuesday, April 08, 2008

Median Vacation Home Price Under $200K

Thanks to "lifestyle factors and strong demographics" the "underlying demand" for the vacation homes is strong despite last year's market slide, says National Association of Realtors chief economist Lawrence Yun, who notes that “a peak of population is moving through the prime years for buying recreational property." Buyers may pay less now than before the housing bubble burst. The median price of a vacation home was $195,000 in 2007, down 2.5 % from $200,000 in 2006. Another trend: more condos, fewer single homes.

In 2007, 59 % of vacation homes sold were detached single-family homes, 29 % condos, 7 % townhouses or rowhouses, and 5 % other. In 2006, single family homes accounted for 67 % of vacation home sales, while condos were 21 %. (Photo of Club at Crystal Lake, Ft. Myers, FL courtesy Goin2travel.com)

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