Some of the hardest-hit cities in the housing downturn were from vacation home areas, but now these areas are seeing a surge in sales.
Condo sales in Hawaii and Florida are inching upward, Housing Predictor reports. For example, in the first two months of 2011, existing condo sales in Oahu, Hawaii, increased nearly 21 percent and the median prices on these units jumped 7 percent higher than more than a year ago.
“We’re definitely seeing continual strengthening of the market as more buyers are taking advantage of low prices and low rates to buy second homes and vacation homes,” says Jeff Proster, president of Brookfield Homes in Hawaii.
Meanwhile, closed transactions of existing condos in Miami jumped 58 percent higher in February compared to a year ago.
“We are even seeing instances in certain neighborhoods with multiple offers above asking price,” says Jack Levine, the Miami REALTORS® chairman.
Florida has seen improvement in its sales across the state with sales jumping 29 percent on condos and 13 percent for single family homes. However, seven out of 10 sales in the state were either foreclosures or short sales. Half of all sales also were from cash buyers.
Source: “Vacation Home Sales Surge Higher,” Housing Predictor (March 23, 2011)