After soaring sales of vacation homes in 2014, the numbers had nowhere to go but down, and so far this year, that has been the case. In summer home markets across much of the nation, home sales have not been as robust this year, but dollar volumes are significantly higher.
"The fact that dollar volume has not declined commensurate with transactions reflects that high-end buyers are still actively putting their money to work in Nantucket real estate," wrote Jennifer Shalley, research director and broker associate with Windwalker William Raveis real estate in Nantucket, Massachusetts.
Single-family home sales in Nantucket were down 24 percent in the first half of 2015 compared with the same period in 2014, but total dollar volume was down just 3 percent. The relative strength in dollar volume was driven in part by improving property values, but mostly by higher-end home sales, particularly of those above $10 million, according to Shalley.
The same is true in the Hamptons, on New York's Long Island. Overall, single-family home sales rose just 3.5 percent in the second quarter from the first quarter, but in the luxury segment (the top 10 percent by value), sales rose by twice that, according to Miller Samuel Real Estate's report for Douglas Elliman. Sales, however, were down across all price ranges from a year ago.