Second Home Market Shows Signs of Overheating
According to Realtor.com, many markets for second homes are tight, as buyers are unable to find new inventory and are buying tear-downs, dropping the area’s median sales price.
But some markets are an exception, such as San Juan Islands off of Washington’s Pacific coast. An annual survey tracking second-home markets by financial news company Barron found that the 2014 median sale price for $1 million-plus homes was up 3.6 percent.
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