A robust stock market coupled with an aging baby boomer demographic that is seeking retirement or second-home lifestyle helps boost US vacation home sales. Over 1.1 million vacation homes were sold in 2014 (57% increase over 2013) – and the highest count since the survey was started in 2003.
On April 1, NAR released its annual Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2014. See highlights and select charts from the report below Another report by NAR showing that the majority of those nearing retirement will look to remote locales to buy a home.
“Three out of five Americans want to spend their retirement in another city or state from where they currently live, according to a Bankrate’s “Would you Move in Retirement?”survey of about 1,000 adults nationwide”.
Highlights of the 2015 Investment and Vacation Home Buyers Survey
- The share of buyers who purchased a primary residence dropped from 67% to 60%
- The share of vacation home buyers continued rising to 21% from 13%.
- This is a percentage change of 57.4% over 2013 and the highest share of vacation buyers recorded in this data set.
- 33% of vacation home buyers plan to use their property for vacations or as a family retreat
- 19% plan to convert their vacation home into their primary residence in the future
- 13% bought for potential price appreciation
- 13% purchased because of low real estate prices and the buyer found a good deal.
- 22% purchased in a resort area and 19% purchased in a small town
- 40% purchased in a beach area
- 19% purchased in the country
- 17% purchased a vacation home in the mountains
- The typical vacation property was from the buyers’ primary residence
- More than 80% of vacation buyers and investment buyers reported that now is a good time to purchase real estate
For the full report from the National Association of REALTORS®.
Crested Butte Colorado is a special place – and Crested Butte also offers a great value in real estate, especially compared with many of the alternative mountain towns with high prices, crowds, glitz and glamour, and long-lift lines. Coined “The last Great Colorado Ski Town” Crested Butte offers a visitors a safe fun place to vacation, and a wide variety in events, performing and visual arts, recreation, beauty, a historic downtown, a great ski resort, with the backdrop of a warm community.
If you have an interest in Crested Butte Real Estate and would like to start a conversation about vacation homes, condos or land in the Crested Butte area, give me a call. See the big picture and all the details of the Crested Butte CO Real Estate Market – monthly Crested Butte Real Estate Market Reports.
I appreciate the opportunity to be your Crested Butte Real Estate Agent.
Previews® Property Specialist
Coldwell Banker Bighorn Realty
Phone: (970) 209-5405