Based on some of the replies here, it may be that there is oversaturation of certain types of products in certain markets. For example, if you have a nice yet unoriginal property in Austin TX then that product in that market is probably experiencing declines in revenues. Increases in supply of particular products in any market accompanied with any of the following will create a new equilibrium price below previous levels: decline in demand, no change in demand, a smaller increase in demand than supply. With regard to your target market, how many substitute goods are there? Does your customer just need a decent place to stay for the night? If so, then in many markets there are a surplus of options that will result in similar satisfaction for the consumer, including hotels. If, however, you have a truly unique property with very little substitute goods, the price may be stickier. You have a scarce product in the market. Then again, these more unique, generally more expensive, products are still equally susceptible to broader macroeconomic trends that can change the demand for particular high-ticket listings.
The important distinction is probably not between airbnb and vacation homes so much as the particular supply and demand curves in a given market, number and quality of substitute goods, and the broader economic trends.
