TRENDS IN REAL ESTATE
VACATION HOMES: A BOOMING TREND
(From the Star Tribune May 26, 2007)
- SALES
- Vacation home sales rose: 4.7 % last year.
- Vacation home sales represent: 14% of the real estate market (up from 12% in 2005).
- WHO
- Median age: 44 vs. 52 in 2005.
- Median household income: $102,200 vs $82,800 in 2005.
- WHERE
- Distance from primary residence: 215 miles.
- WHY
- Close to water: 66%.
- Water sports: 57%.
- Boating: 38%.
- Hunting and fishing: 32%.
- USEAGE
- Single family house: 67%.
- As a family retreat: 79%.
- Primary residence in the future: 28%.
- As rental: 18%.