JULY 2021
REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY
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‘Realtors ... have indicated that buyers in a position to pay in all cash are doing just that.’ Florida (Lee and Collier); Maryland (Garrett and Worcester); and Missouri (Hickory and Camden), with one each also in Arizona (Coconino); Delaware (Sussex); Georgia (Hancock); Maine (Oxford); Minnesota (Itasca); New Jersey (Cape May); New Mexico (Colfax); and Oklahoma (Delaware). Among the nine U.S. divisions, the South Atlantic (comprised of Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia and the District of Columbia) witnessed the
strongest sales growth, with home sales up nearly 31 percent in 2020 in the vacation home counties. The second highest sales growth was in the Middle Atlantic division (New Jersey, New York and Pennsylvania), with home sales typically up 27.8 percent in 2020 in the vacation home counties. Third in line was the West South Central division (Arkansas, Louisiana, Oklahoma and Texas) where sales typically increased by 25.7 percent in 2020 in the vacation home counties.
In the New England division (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), sales generally climbed 25.3 percent in 2020 in the vacation home counties. In the midst of an ongoing supply shortage, Yun notes an increase in the number of buyers willing to pay for homes in all cash. The NAR report revealed that those who buy vacation homes are more likely to do an all-cash transaction at closing. From January through the end of April 2021, all-
cash sales increased to 53 percent of all vacation home purchases, up from under 50 percent in past years. In comparison, 22 percent of all existing-home sales over the same period were all-cash sales. “Realtors all over the country have indicated that buyers in a position to pay in all cash are doing just that,” said Yun. “From a seller’s perspective, paying in this manner makes for a much more attractive offer given the strong demand right now for vacation homes,” Yun added.
