{"id":46963,"date":"2016-04-08T12:25:52","date_gmt":"2016-04-08T19:25:52","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=46963"},"modified":"2020-10-06T13:44:36","modified_gmt":"2020-10-06T20:44:36","slug":"for-sale-shortage-hits-the-beach-and-vacation-home-prices-soar","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/for-sale-shortage-hits-the-beach-and-vacation-home-prices-soar\/","title":{"rendered":"For-Sale Shortage Hits the Beach And Sends Vacation Home Prices Soaring"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Vacation home prices skyrocketed last year amid strong demand as a shortage of properties held back sales.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Beach houses, lakeside cabins and other getaways accounted for 16 percent of all transactions in 2015,\u00a0<\/span><span style=\"font-weight: 400\">down from 21 percent in 2014, according to a March <\/span><a href=\"http:\/\/www.realtor.org\/news-releases\/2016\/04\/vacation-home-sales-retreat-investment-sales-leap-in-2015\"><span style=\"font-weight: 400\">survey<\/span><\/a><span style=\"font-weight: 400\"> of homebuyers from the National Association of Realtors (NAR).<\/span><\/p>\n<p><span style=\"font-weight: 400\">The problem was supply &#8212; or the lack of it. Too many buyers chased too few properties for sale, sending the price of a typical vacation home soaring 28 percent from the year before, to $192,000, and pushing less-affluent house hunters <\/span><span style=\"font-weight: 400\">out of the market. <\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales and caused the price of vacation homes to rise,\u201d said NAR chief economist <\/span><a href=\"http:\/\/www.realtor.org\/bios\/lawrence-yun\"><span style=\"font-weight: 400\">Lawrence Yun<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<figure id=\"media-46965\" class=\"align-center\">\n<figure style=\"width: 768px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/04\/vacation-home-prices.jpg\" alt=\"housing market\" width=\"768\" height=\"480\" \/><figcaption class=\"wp-caption-text\">Source: National Association of Realtors<\/figcaption><\/figure>\n<\/figure>\n<h3>So what?<\/h3>\n<p><span style=\"font-weight: 400\">The entire housing market is being held back by <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/with-prices-so-high-why-no-supply.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">shortage of properties for sale<\/span><\/a><span style=\"font-weight: 400\">. Homebuilders aren\u2019t breaking ground fast enough to accommodate a growing population. <\/span><\/p>\n<p><span style=\"font-weight: 400\">More houses are being snapped up and held by long-term investors, too.\u00a0<\/span><span style=\"font-weight: 400\">As the recovery has gained traction, investors have made up a smaller share of the market and their purchases have slowed every year since 2011. But that trend reversed last year, when investors bought more houses than they did in 2014, NAR\u2019s survey found.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">With suitable houses few and far between, homeowners are staying put instead of trading up or down. That means even fewer lawns sprouting for-sale signs.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">When we <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/03\/q1-2016-redfin-agent-survey.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">surveyed Redfin agents<\/span><\/a><span style=\"font-weight: 400\"> last month, more than half said the lack of inventory was the market\u2019s biggest challenge. Nearly 63 percent of agents said would-be sellers feared they wouldn\u2019t be able to find a replacement house to buy. Buyers are forced to compete for the few houses available.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For vacation property, demographic trends are making the market even more challenging as baby boomers preparing for retirement shop for second homes.\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting away got pricier and sales slowed.<\/p>\n","protected":false},"author":13355,"featured_media":46964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,24],"tags":[32,80],"coauthors":[],"class_list":["post-46963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-luxury-market","tag-housing-market-tracker","tag-vacation-homes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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