Earlier this week on the Today Show, Barbara Corcoran, Real Estate Correspondent, said Sarasota, Florida is the number one place in the NATION to buy a home today!
We Wanted to Share this Video From The Broadcast of The Today Show, For Those Who Have Visited Sarasota Before, This is no Surprise. We were one of the hottest narkets during the boom for valid reasons. Now that prices have dropped so dramatically, it is now a good time to buy again.
WATCH THE VIDEO HERE!
According to the interview, Sarasota prices have stabilized and are heading back up, and the community attributes (as we all know) - the beaches, the weather, the culture, the homes and the people - are too good to pass up.
Thursday, October 08, 2009
Thursday, September 24, 2009
Sarasota Home Sales Up Sharply in August
Sales in Sarasota-Bradenton increased 23% in August, compared to the same month a year ago. At the same time, the medium price fell 25% during that time. it now stands at $164,200 for the Sarasota & Bradenton area.
Throughout Florida, the same trend of increased sales and lower prices prevailed. Statewide, the median price fell 22% while sales increased 28%.
As predicted by many of us, lower prices are leading to higher sales volume. Buyers once priced out of the super-heated real estate market are returning to claim their place in the sun!
Throughout Florida, the same trend of increased sales and lower prices prevailed. Statewide, the median price fell 22% while sales increased 28%.
As predicted by many of us, lower prices are leading to higher sales volume. Buyers once priced out of the super-heated real estate market are returning to claim their place in the sun!
Thursday, September 10, 2009
Good News continues for Sarasota's real estate market
It is becoming increasingly obvious that Sarasota is becoming a hot place to buy property again. Numerous national articles, along with "word on the street" point to a sustainable recovery well under way. There are many well priced properties on the market among many over-priced properties. It is very important to enlist the services of a local Realtor who knows the area and has the experience to guide you in your search.
In some neighborhoods, the bottom has been here and gone and your best opportunity was actually winter and spring of this year. A case in point; A fellow Realtor listed a house last month in Southgate and based her price recommendation on comparable sales from May. The list price of $116,000 brought over 30 showings in less than a week, along with five offers over the list price. This is a basic 2/2 in need of updating. I showed it myself and it was nothing special. The good news for the seller is, instead of a short sale as they had expected, the property will be sold for enough to pay off all liens and avoid the need to short sale. Good news for all parties involved.
- Michael James
In some neighborhoods, the bottom has been here and gone and your best opportunity was actually winter and spring of this year. A case in point; A fellow Realtor listed a house last month in Southgate and based her price recommendation on comparable sales from May. The list price of $116,000 brought over 30 showings in less than a week, along with five offers over the list price. This is a basic 2/2 in need of updating. I showed it myself and it was nothing special. The good news for the seller is, instead of a short sale as they had expected, the property will be sold for enough to pay off all liens and avoid the need to short sale. Good news for all parties involved.
- Michael James
Wednesday, August 12, 2009
Baltimore Orioles are coming to Sarasota
February 2010 the Baltimore Orioles will begin their spring training at Ed Smith Stadium in Sarasota.
The Sarasota Chamber of Commerce estimates the move of the Baltimore Orioles and the establishment of a Ripken Baseball Academy would create 700 jobs and generate $52 million in the local economy. The baseball academy will run all year-round, as opposed to only six weeks of spring training.
The Sarasota Chamber of Commerce estimates the move of the Baltimore Orioles and the establishment of a Ripken Baseball Academy would create 700 jobs and generate $52 million in the local economy. The baseball academy will run all year-round, as opposed to only six weeks of spring training.
Monday, July 20, 2009
Sarasota Waterfront / Beach front homes selling
Longboat Key, Lido Key, Siesta Key and Casey Key....
Sales have picked up for beach front homes 2 million and under. We have seen 5 sales and 10 pendings since May. Sellers are getting the message that there is value in todays current market place. And many are getting the feeling if we haven't hit bottom we are very close.
One recent buyer searched the beaches of Hawaii, Mexico and the Caribbean for his family's beach vacation home. But once he discovered Siesta Key he was sold. Last week he closed on a home on Horizon View Dr. on Siesta's south end for $ 2,495 million. The home had just been reduced $ 800,000.
Sales have picked up for beach front homes 2 million and under. We have seen 5 sales and 10 pendings since May. Sellers are getting the message that there is value in todays current market place. And many are getting the feeling if we haven't hit bottom we are very close.
One recent buyer searched the beaches of Hawaii, Mexico and the Caribbean for his family's beach vacation home. But once he discovered Siesta Key he was sold. Last week he closed on a home on Horizon View Dr. on Siesta's south end for $ 2,495 million. The home had just been reduced $ 800,000.
Friday, May 22, 2009
Siesta Key Beach is # 2
The 10 best beaches ranked by Dr. Beach, a.k.a. Dr. Stephen Leatherman, director of Florida International University's Laboratory for Coastal Research.
1. Hanalei Bay, Hawaii
2. Siesta Key Beach, Sarasota, FL
3. Cooper Beach, Southhampton, NY
4. Coronado Beach, San Diego, CA
5. Hamoa Beach, Maui, Hawaii
6. Main Beach, Hampton, NY
7. Cape Hatteras, NC
8. Cape Florida Park, Key Biscayne, FL
9. Coast Guard Beach, MA
10.Beachwalker Park, SC
Here are some photos of Siesta Key Beach in Sarasota, FL
1. Hanalei Bay, Hawaii
2. Siesta Key Beach, Sarasota, FL
3. Cooper Beach, Southhampton, NY
4. Coronado Beach, San Diego, CA
5. Hamoa Beach, Maui, Hawaii
6. Main Beach, Hampton, NY
7. Cape Hatteras, NC
8. Cape Florida Park, Key Biscayne, FL
9. Coast Guard Beach, MA
10.Beachwalker Park, SC
Here are some photos of Siesta Key Beach in Sarasota, FL
Thursday, May 14, 2009
Return on Investment Comparison January 2000 - December 2008
Dow Jones - 19.8%
S & P - 35.2%
Nasdaq - 59.9%
Real Estate + 69.8%
Source: MSN Money.com Case Shiller
For example, had you invested $100 across a
broad index of the Dow, S&P, or Nasdaq securities;
versus applying the same amount toward a real
estate purchase back in 2000, your long-term
investment would now be worth…
$80.20 in the Dow
$64.80 in the S&P
$40.10 in the Nasdaq
$169.80 in real estate
In today’s climate of fear and uncertainty, people
fail to remember that even adjusting for its
cyclical ups and downs — and the occasional
bubble and burst — real estate remains among
the most profitable long-term investments.
Median home prices have fallen dramatically over
the past year, pushing affordability to its highest
peak in nearly 40 years! (Source: NAR projection
based on 5.2% mortgage interest rate)
When prices begin to rise again, affordability will
naturally decline.
Warren Buffett is never too tight-lipped to reveal the
secret to his phenomenal success:
“Be fearful when others are greedy,
and greedy when others are fearful.”
S & P - 35.2%
Nasdaq - 59.9%
Real Estate + 69.8%
Source: MSN Money.com Case Shiller
For example, had you invested $100 across a
broad index of the Dow, S&P, or Nasdaq securities;
versus applying the same amount toward a real
estate purchase back in 2000, your long-term
investment would now be worth…
$80.20 in the Dow
$64.80 in the S&P
$40.10 in the Nasdaq
$169.80 in real estate
In today’s climate of fear and uncertainty, people
fail to remember that even adjusting for its
cyclical ups and downs — and the occasional
bubble and burst — real estate remains among
the most profitable long-term investments.
Median home prices have fallen dramatically over
the past year, pushing affordability to its highest
peak in nearly 40 years! (Source: NAR projection
based on 5.2% mortgage interest rate)
When prices begin to rise again, affordability will
naturally decline.
Warren Buffett is never too tight-lipped to reveal the
secret to his phenomenal success:
“Be fearful when others are greedy,
and greedy when others are fearful.”
Tuesday, May 12, 2009
Breaking News
Reported Sarasota-Bradenton Price Drops Are Good News For Homebuyers and Sellers
May 12th, 2009
Headlines of an article posted online today from the Sarasota Herald Tribune website…
“Sarasota-Bradenton Posts Nation’s 7th Biggest Home Price Drop”
…and what good news it could be for the homebuyer!
Let’s take a closer look at some other “dropping” statistics, but positive ones. In April of 2008, Trendgraphix reported that Sarasota County had a 14.6 month supply of inventory based on current listings and pending properties. April of 2009 showed a drop of that number to a 7 month inventory or a 52% “drop.” What does this mean? It means that buyer confidence in the local real estate market is returning. It means that buyers are moving off that fence. They are taking advantage of pricing that is correcting itself from the runaway inflation of years like 2005 where the annual appreciation of homes exceeded 30% due to a lack of inventory and frenzied investor buying. This is the statistic that we need to be creating the buzz about. This change in inventory is a positive trend that every prospective buyer should know and heed. It is a true sign of a market that is in the process of a healthy correction.
Admittedly, we are cautiously optimistic that this trend continues. However, this should carry a word of caution to the contemplating buyer that he can’t wait too long to take his foot off the fence. The inventory of homes to choose from is dwindling! Consider these statistics:
The number of Sarasota homes that went under contract in January was 763 while the number of homes contracted in April was 1207…that’s a 58% increase in four months.
The number of Sarasota homes closed in January was 489 compared to 734 in April…that’s a 50% increase in four months.
And what’s happening to the pricing of those sales? Let’s go beyond comparing year to year and look at what’s happened year to date. Today’s Buyer should be aware that the sold prices are going up as evidenced in the first four months of this year in Sarasota County.
The average sold price has risen each month from January till April, from $197,000 to $221,000.
The average listing price has also risen each month from January till April from $515,000 to $545,000.
The median sold price has risen in January through April from $123,000 to $134,000.
The average square foot pricing has risen in January through April from $121.90 to $134.10.
It has been said that the only true way we will know if we have hit the bottom of the market is when prices and units of sale start to go up! Well, if you look at these stats…I’d say the bottom very well could be behind us and the Buyer needs to take his foot off the fence and hit the ground running to your nearest Realtor!
May 12th, 2009
Headlines of an article posted online today from the Sarasota Herald Tribune website…
“Sarasota-Bradenton Posts Nation’s 7th Biggest Home Price Drop”
…and what good news it could be for the homebuyer!
Let’s take a closer look at some other “dropping” statistics, but positive ones. In April of 2008, Trendgraphix reported that Sarasota County had a 14.6 month supply of inventory based on current listings and pending properties. April of 2009 showed a drop of that number to a 7 month inventory or a 52% “drop.” What does this mean? It means that buyer confidence in the local real estate market is returning. It means that buyers are moving off that fence. They are taking advantage of pricing that is correcting itself from the runaway inflation of years like 2005 where the annual appreciation of homes exceeded 30% due to a lack of inventory and frenzied investor buying. This is the statistic that we need to be creating the buzz about. This change in inventory is a positive trend that every prospective buyer should know and heed. It is a true sign of a market that is in the process of a healthy correction.
Admittedly, we are cautiously optimistic that this trend continues. However, this should carry a word of caution to the contemplating buyer that he can’t wait too long to take his foot off the fence. The inventory of homes to choose from is dwindling! Consider these statistics:
The number of Sarasota homes that went under contract in January was 763 while the number of homes contracted in April was 1207…that’s a 58% increase in four months.
The number of Sarasota homes closed in January was 489 compared to 734 in April…that’s a 50% increase in four months.
And what’s happening to the pricing of those sales? Let’s go beyond comparing year to year and look at what’s happened year to date. Today’s Buyer should be aware that the sold prices are going up as evidenced in the first four months of this year in Sarasota County.
The average sold price has risen each month from January till April, from $197,000 to $221,000.
The average listing price has also risen each month from January till April from $515,000 to $545,000.
The median sold price has risen in January through April from $123,000 to $134,000.
The average square foot pricing has risen in January through April from $121.90 to $134.10.
It has been said that the only true way we will know if we have hit the bottom of the market is when prices and units of sale start to go up! Well, if you look at these stats…I’d say the bottom very well could be behind us and the Buyer needs to take his foot off the fence and hit the ground running to your nearest Realtor!
Monday, May 11, 2009
[Government] Sarasota Lands $2.1M from Stimulus
Sarasota city officials were awarded $2.1 million in stimulus grants through the American Recovery and Reinvestment Act. The money is earmarked for the following projects: more than $1.05 million for Siesta Key drainage; more than $598,000 for energy study and green jobs; more than $236,000 for police and justice; and nearly $152,000 for Newtown storefront rehabilitation.
Sarasota city officials were awarded $2.1 million in stimulus grants through the American Recovery and Reinvestment Act. The money is earmarked for the following projects: more than $1.05 million for Siesta Key drainage; more than $598,000 for energy study and green jobs; more than $236,000 for police and justice; and nearly $152,000 for Newtown storefront rehabilitation.
Thursday, April 16, 2009
April 16, 2009 - Sarasota Association of Realtors.
*The following press release was sent to local media on April 16
March 2009 sales up 33 percent over February;
single family median sale price rebounds
The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent. In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, and nearly equaled the level of 504 sales reported in March 2008. Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009, compared to only 471 homes and 208 condos in March 2008.
Pending sales have now exceeded the 500 level for the 15th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We believe the current climate of historically low interest rates, major incentives for first-time homebuyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said 2009 SAR President Bill Geller. "Every downturn is followed by an upturn - we know this to be true historically. We've been through a difficult time in the real estate industry, and hopefully we are seeing the beginnings of a new, dynamic era."
The recently enacted first-time homebuyers' tax credit of $8,000 will likely continue to boost sales this year, Geller said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
The median sale price for single family homes rose to $152,125 in March 2009 from $142,000 in February 2009 - a 7 percent increase. The median sales price for condominiums fell to $166,750 in March 2009 from $198,000 in February 2009, for a 15 percent drop.
The median price of all single family homes sold in the last 12 months was $217,000, compared to a median of $299,900 for the 12 months ending in March 2008. For condominiums sold in the last 12 months, the median sales price was $256,000, compared to last year's figure of $295,000.
Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.
For March 2009, the absorption rate for single family homes stood at 17.1 months, compared to 24.1 months the previous month and 25.1 months in March 2008. For condominiums, the absorption rate was at 21.2 months, lower than the 28.5 months in the previous month, and much lower than the 34.1 months reported in March 2008.
*A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.
*The following press release was sent to local media on April 16
March 2009 sales up 33 percent over February;
single family median sale price rebounds
The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent. In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, and nearly equaled the level of 504 sales reported in March 2008. Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009, compared to only 471 homes and 208 condos in March 2008.
Pending sales have now exceeded the 500 level for the 15th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We believe the current climate of historically low interest rates, major incentives for first-time homebuyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said 2009 SAR President Bill Geller. "Every downturn is followed by an upturn - we know this to be true historically. We've been through a difficult time in the real estate industry, and hopefully we are seeing the beginnings of a new, dynamic era."
The recently enacted first-time homebuyers' tax credit of $8,000 will likely continue to boost sales this year, Geller said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
The median sale price for single family homes rose to $152,125 in March 2009 from $142,000 in February 2009 - a 7 percent increase. The median sales price for condominiums fell to $166,750 in March 2009 from $198,000 in February 2009, for a 15 percent drop.
The median price of all single family homes sold in the last 12 months was $217,000, compared to a median of $299,900 for the 12 months ending in March 2008. For condominiums sold in the last 12 months, the median sales price was $256,000, compared to last year's figure of $295,000.
Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.
For March 2009, the absorption rate for single family homes stood at 17.1 months, compared to 24.1 months the previous month and 25.1 months in March 2008. For condominiums, the absorption rate was at 21.2 months, lower than the 28.5 months in the previous month, and much lower than the 34.1 months reported in March 2008.
*A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.
Thursday, April 09, 2009
Stats show..sales and pendings are up, listings down
For Sale Feb. 2008 - 13047 vs Feb. 2009 - 9400
Sold Feb. 2008 - 475 vs Feb. 2009 - 532
Pended Feb. 2008 - 614 vs Feb. 2009 - 954
Could this mean we have hit bottom...
Many say yes...
Tuesday, March 31, 2009
Second-home sales dip reflects national trend
By Tom Bayles Sarasota Herald Tribune
Published: Tuesday, March 31, 2009 at 1:00 a.m.
Sales of vacation and investment homes -- traditionally a key component of the real estate business in Southwest Florida -- slid 22 percent across the nation last year, a sign of the deep recession and of tight credit.
The National Association of Realtors reported that sales of second homes comprised 30 percent of the entire housing market last year, down from a peak of 40 percent in 2005, at the height of the housing boom and when loans were plentiful.
Florida and the South remained the undisputed leader geographically in second-home purchases, accounting for 45 percent of vacation homes sales and 40 percent of investment properties, the NAR report showed.
But Southwest Florida has been no exception in seeing a drop in sales of those properties.
Of the 12 home sales pending for Realtor Tammy Garner, only two are second homes, which has not been typical amount during Garner's 18-year tenure in the region.
"What's selling right now are primary homes because of the financing that is available right now for primary homes," said Garner, who works for Michael Saunders & Co. "In season, I typically have more second home and vacation home buyers, but the reality is unless they get an exceptional value they get on the plane and leave and try and find an exceptional value the next year."
Things are looking better for some in 2009, said Carla Rayman, who heads up the international sales division at Sarasota's Prudential Palms Realty.
"We are starting to see an uptick in the market in people either coming over to investigate -- to look and/or buy," Rayman said. "I wouldn't say we've released the floodgates, but our area is starting to see some investment in second and vacation homes."
Buyers are interested in properties at all price points, but the $300,000-and-under market is where most investors are looking, she said.
Even the big drop in mortgage rates of the last several months has not yet sparked a significant rebound, said Geoff Allison of Bradenton's Gulf Atlantic Mortgage.
"We're down significantly," Allison said. "Second home purchases have dried up and investment-homes purchases are gone, too, even with the interest rates down where they are."
The National Association of Realtors found that wealth and age are strong factors in second home sales. Nearly half of vacation home buyers and two-fifths of investment home buyers had a household income of more than $100,000. The median age for vacation home buyers was 46, nine years older than buyers of primary homes.
Cash played a big role in second home deals. Forty percent of people who bought investment homes told the Realtors group that they did so with cash; it was 30 percent with vacation home buyers.
Overall, second home sales dropped from about 2.09 million in 2007 to 1.63 million last year. Vacation home sales dropped 31 percent to 512,000, while sales of investment properties fell 17 percent to 1.12 million.
Deeply discounted foreclosures and home builders' efforts to unload inventory led median sales prices of vacation homes and investment properties to drop 23 percent and 28 percent respectively.
The median sales price of vacation homes fell to $150,000. Sales prices of investment properties dropped to $108,000.
"As in the market for primary residences, it appears that many sales of deeply discounted distressed homes are pulling down the median price in the second-home market," said Lawrence Yun, the Realtors group's chief economist.
After the South, the highest percentage of vacation homes were in the West, the Northeast and the Midwest.
The report suggested that future demand for second homes might be waning. Asked if they were very or somewhat likely to buy a vacation home within the next two years, 30 percent of respondents said yes. That was down from 44 percent in the previous year's survey.
The 2008 report also showed that 46 percent of investment buyers said they were likely to buy within two years, down from 57 percent the year before.
Information from the Associated Press was used in this report.
By Tom Bayles Sarasota Herald Tribune
Published: Tuesday, March 31, 2009 at 1:00 a.m.
Sales of vacation and investment homes -- traditionally a key component of the real estate business in Southwest Florida -- slid 22 percent across the nation last year, a sign of the deep recession and of tight credit.
The National Association of Realtors reported that sales of second homes comprised 30 percent of the entire housing market last year, down from a peak of 40 percent in 2005, at the height of the housing boom and when loans were plentiful.
Florida and the South remained the undisputed leader geographically in second-home purchases, accounting for 45 percent of vacation homes sales and 40 percent of investment properties, the NAR report showed.
But Southwest Florida has been no exception in seeing a drop in sales of those properties.
Of the 12 home sales pending for Realtor Tammy Garner, only two are second homes, which has not been typical amount during Garner's 18-year tenure in the region.
"What's selling right now are primary homes because of the financing that is available right now for primary homes," said Garner, who works for Michael Saunders & Co. "In season, I typically have more second home and vacation home buyers, but the reality is unless they get an exceptional value they get on the plane and leave and try and find an exceptional value the next year."
Things are looking better for some in 2009, said Carla Rayman, who heads up the international sales division at Sarasota's Prudential Palms Realty.
"We are starting to see an uptick in the market in people either coming over to investigate -- to look and/or buy," Rayman said. "I wouldn't say we've released the floodgates, but our area is starting to see some investment in second and vacation homes."
Buyers are interested in properties at all price points, but the $300,000-and-under market is where most investors are looking, she said.
Even the big drop in mortgage rates of the last several months has not yet sparked a significant rebound, said Geoff Allison of Bradenton's Gulf Atlantic Mortgage.
"We're down significantly," Allison said. "Second home purchases have dried up and investment-homes purchases are gone, too, even with the interest rates down where they are."
The National Association of Realtors found that wealth and age are strong factors in second home sales. Nearly half of vacation home buyers and two-fifths of investment home buyers had a household income of more than $100,000. The median age for vacation home buyers was 46, nine years older than buyers of primary homes.
Cash played a big role in second home deals. Forty percent of people who bought investment homes told the Realtors group that they did so with cash; it was 30 percent with vacation home buyers.
Overall, second home sales dropped from about 2.09 million in 2007 to 1.63 million last year. Vacation home sales dropped 31 percent to 512,000, while sales of investment properties fell 17 percent to 1.12 million.
Deeply discounted foreclosures and home builders' efforts to unload inventory led median sales prices of vacation homes and investment properties to drop 23 percent and 28 percent respectively.
The median sales price of vacation homes fell to $150,000. Sales prices of investment properties dropped to $108,000.
"As in the market for primary residences, it appears that many sales of deeply discounted distressed homes are pulling down the median price in the second-home market," said Lawrence Yun, the Realtors group's chief economist.
After the South, the highest percentage of vacation homes were in the West, the Northeast and the Midwest.
The report suggested that future demand for second homes might be waning. Asked if they were very or somewhat likely to buy a vacation home within the next two years, 30 percent of respondents said yes. That was down from 44 percent in the previous year's survey.
The 2008 report also showed that 46 percent of investment buyers said they were likely to buy within two years, down from 57 percent the year before.
Information from the Associated Press was used in this report.
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