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written by Ken Smith
Vacation Home Market Surges
Sales of vacation homes were up 10.1% last year, accounting for 11% of all home sales,
according to the National Association of Realtors. The surge in demand helped lift medianvacation home prices by 24% year over year to $150,000. Granted that much of this increase was the result of the tremendous interest investors have had indistress sales in hot markets in Arizona, Las Vegas, and Florida which they have turned in toprofitable rentals.In addition, though, there has been an increase in people buying vacation homes for their ownpersonal use.Since Maui is one of the most sought after vacation destinations in the world, we have also beenthe beneficiary of this increased interest in vacation homes.As the inventories have been dropping and demand remains strong, we’ve seen some upwardpressure on prices during the last year. So long as the job situation continues to improve alongwith overall confidence in the economy, we see no reason why this trend won’t continue on.The Hawaii real estate market has historically followed the West Coast market, especiallyCalifornia with a 6 to 12 month lag. Given the reports we see coming out of many areas ofCalifornia, we suspect our market may rise even faster in the near future.Aloha,KenP.S. – One of the really fun events that happens each year is the Kapalua Wine & FoodFestival happening from June 7th to 9th.