Sales of Delavan Lake homes took a pause in 2018 as frustrated buyers could not find properties available for sale. The low level of inventory pushed prices of poorly maintained properties above the fair market value while more informed buyers hung on to their investment dollars.
For the total year, there were 15 lakefront homes that changed ownership on Delavan Lake. This compares to 25 in 2017 and 10 in 2016. Prices of homes on the main body that sold in 2018 ranged from $520,000 for a small south shore cottage on 60 feet of frontage to $1.85 million for a spectacular 6585 sq. ft. two story on level north shore frontage.
Lake access homes were fairly steady with 45 sales in 2018 compared to 46 in 2017 and 52 in 2016. Low inventory levels again played a factor as there were more buyers than sellers. Prices of homes sold with lake access ranged from a three car garage in the Delmar Subdivision that had a one bedroom cottage on the same lot for $61,800 to $640,000 for a five bedroom, four bathroom home on the South Shore with lake views and a private boat slip.
Condominiums sales on Delavan Lake were flat when compared to prior years with 20 sales in 2018; 21 in 2017; and 19 in 2016. Prices ranged from $40,000 for a Delavan Lake Resort condo/hotel room to $310,000 for a three bedroom Delavan Gardens unit with a boat slip and pier.
Current Market Homes
The number of available homes with lake frontage or lake access continues to shrink with only 24 listed for sale at the start of the year. This compares to 33 in 2018 and 37 in 2017.
Prices for lake access homes range from $134,000 for a three bedroom ranch in the Delmar subdivision on the south shore to $399,000 for an older three bedroom ranch off of Glen Eyrie on the north shore.
Prices for lakefront properties start at $349,000 for 90 feet of frontage on the Delavan Inlet that has a three bedroom, two bath home and two separate garages to $2.4 million for 453 feet of north shore frontage that boasts a 8,500 sq.ft. home with six bedrooms, seven baths and 10 garage spaces.
Current Market Condos
There were only 10 lake access condos available at the start of the year compared to 13 at the start of 2018. Prices span from a two bedroom condo/hotel room in Lake Lawn Resort at $75,000 up to a two bedroom Geneva Landings lakefront for $274,000.
Best Value Lake Access
The best value for a lake access home is located at 2904 Jones Street. This three bedroom, one bath ranch is listed for $134,000 has lake rights that include a boat launch and swim pier. The property has a larger lot and a detached two car garage.
Best Value Lakefront
The best value for a lakefront home is located at 2724 Willow Point Drive. This older four bedroom, two story has 100 feet of north shore frontage a private pier and detached oversized garage. Listed at $795,000 the home has broad lake views and looks over a calm bay.
Best Value Condo
The best value for a condo on Delavan Lake is located at 1425 Delavan Club Drive. At only $135,000, this one bedroom walks right out to the water and has a great club house and large outdoor pool.