More than 100 agents came together on May 27 for the monthly Windermere Premier breakfast to network and learn about the growing vacation/second home market. This month’s panel consisted of agents from popular second home markets in Cabo, Lake Chelan, Maui, Orcas Island, Kitsap Peninsula, and San Juan Island.
The overall message was that the second home market is still in recovery mode. Those areas located in the Pacific Northwest say that their proximity to Seattle and its growing economy is starting to have a positive impact in their markets. For example, the Kitsap Peninsula is seeing an uptick in second home owners wanting a reprieve from the city. The same is true on San Juan Island where 80% of the homes are vacation properties. San Juan has an abundance or waterfront homes for sale, many of which are well under a million dollars. On Orcas, 60% of their market is priced at $900,000 and above, and prices are expected to see double digit appreciation next year.
Maui is a different story; they actually have a shortage of inventory which is driving up prices. They’re seeing a lot of international and cash buyers, even for homes priced in the multi-millions. Los Cabos is still recovering from last year’s hurricane which brought the real estate market to a standstill. Theirs is a buyer’s market and 20% of their inventory is luxury listings priced at $1 million and above.
Windermere’s Premier breakfasts always draw the crème de la crème of agents and give us an opportunity to hear what’s taking place in the housing market throughout the region. Thank you to everyone who joined us this month!