Vacation Home Market on the Rebound

Stuart firm concludes harsh winter might have helped
By: Sunshine State News | Posted: March 19, 2011 3:55 AM

After several years of negative trends in the real estate industry, finally a sign of life: A market study just out by a Stuart real estate marketing firm shows budding consumer confidence in the second- or vacation-home market.

"It's no exaggeration to say that four years ago -- unless you count commercial buyers grabbing up ultra-cheap foreclosures -- the second-home market was dead as a doornail," said Rolly Marsh, a market analyst with Washington, D.C.-based National Association of Realtors.

The good news comes via the third annual Cotton Report, which reports a polling of more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. It included participants from 39 states, Canada, Europe and Latin America.

While no direct correlation was made to the harsh winter temperatures, the research survey did point to a significant increase in the number of homebuyers looking to buy a vacation home -- in fact, a year-over-year increase of 800 percent.

Read the full article here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

November 2010 Real Estate Market Update - Sales Stats

A typical November real estate market in Garrett County? That's what the number are saying. There were 22 homes that sold (versus 22 in November 2009). There are 36 homes under contract (down 13 from last month), but the holidays have a way of detracting people's attention from home buying. There are just too many other things going on this time of year for most folks.

We have snow on the ground and the ski season is kicking off, so our winter season for vacation home purchasing is just starting off. There are fewer primary home sales this time of year in Garrett County because of the obstacles that the weather presents. I recall moving in December during a snowstorm one night, and it wasn't fun. Moving trucks stuck in the snow, cold weather, blustery winds...most people prefer to wait for more accommodating weather.

The average list vs. ORIGINAL sales price was 80.69%, down from last month (85.31%).

The ADJUSTED list vs sale price was 91.02%, down slightly from last month (91.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 684, down from last months 654. This number will drop dramatically by next month. Many owners listing contracts expire Dec 31, and there are a fair number who remove their home during the winter. We have a 31 month supply of homes available based solely on the lower November sales numbers. This number will sound a lot better next month, I'm sure.

Random observations:

• 1 'newer' home sold in November (less than 5 years old)
• 1 timeshare sold
• It appears that 9 or so of these sales were vacation homes
• 14 homes sold under $300,000 (last month was 13)
• 15 homes sold under $400,000
• 0 houses sold over $1million
• 4 homes sold for full price
• Two properties sold for 80% of asking price
• A 71 year old house on 3rd St sold (for 100% of asking)
• The average age of the homes that sold was 28 years
• A Wisp Hotel unit sold for $50,000 - those prices have fluctuated A LOT over the past 10 years.
• 3 condo's/townhouse properties sold, (5 last month)

Here are the statistical breakdowns:

Average Sale Price: $293,264 (last month $398,117)

Average Days on Market: 244/281 (last month 127/167) (days on market with current broker/total days on market) This number really jumps out to me - this was clearly a batch of homes that were on the market for a while.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Vacation Home Sales Up But Investment Home Sales Down

Resort Life Blog:

While they dominated the housing market in 2009, first time home buyers weren’t the only ones taking advantage of low mortgage rates and affordable home prices.

According to recent survey by the National Association of Realtors®, the number of people buying second properties as vacation homes rose 7.9 percent to 553,000 in 2009 from 513,000 in 2008.

The market share for vacation homes rose to 10 percent, from 9 percent in 2008, and the median home price for a vacation home was 169,000 dollars in 2009, compared to 150,000 dollars in 2008.

NAR Chief Economist Lawrence Yun said the higher home prices reflects increased sales in higher priced markets like Florida and California, where home prices “became highly attractive for buyers over the past year.”

Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast.

Read the rest of the article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350