Vacation Home Sales Up 10 Percent, "Tight" Inventory
There's been a 10 percent increase in vacation home sales in 2012 from the year before. That's the word from an annual survey by the national association of realtors.
The survey on Investment and Vacation Home Buyers says the median price of a vacation home last year was $150,000. That number was about $30,000 less in 2011.
Spokeswoman for the Florida Realtor's Association Marla Martin said Florida is a hot spot for vacation homes and that means inventory is "tight."
"Some prices are rising and inventory is shrinking particularly here in Florida and other states that folks like to retire to," she said.
Martin also says a majority of investors are paying cash. Many first time buyers who may not be able to pay with cash aren't able to compete.