Shrinking Inventory Drive Up Delavan Lake Prices
Sales of Delavan Lake properties slowed and prices rose during the first half of 2020 compared to last year due to a lack of inventory and increased demand. Many buyers are frustrated that they cannot find suitable homes to purchase which is driving up the price of ones that are for sale.
For the first half of the year, there were five lakefront sales compared to seven last year. Lake access homes showed 20 sales compared to 22 last year. Lake condo sales fell to five for the first part of 2020 compared to 16 sales in 2019. Sales for the lakefront properties ranged from $395,000 for a one bedroom cottage on the South Shore to $1,475,000 for a custom built five bedroom home on 120 feet of South Shore frontage.
The range for lake access homes was $99,000 for a two bedroom home in the Delmar subdivision that needed some repair work to an incredible $427,000 for a four bedroom Delmar home that sold for $150,000 over the assessed value.
Lake access condos ranged from $187,000 for a two bedroom in the Delavan Club complex to $244,000 for a two bedroom in the Geneva Landings Association. The Geneva Landings unit had a desirable first floor master suite.
Current inventories of lakefront and lake access homes continue to shrink. There are only 28 homes to choose from compared to 41 last year and 49 in 2018. If you want a lakefront property, there are only two on the main body that do not have accepted offers. Prices of lakefronts range from $299,000 for a two bedroom on Browns Channel to $3.7 million for a four bedroom on North Shore with 1056 feet of lakefront. Lake access homes range from $89,900 for a three bedroom in the Delmar Subdivision to $469,000 for a three bedroom in Assembly Park that is selling for 82% more than its fair market value. Condo units are up from last year only because a number of units in the Lake Lawn Resort have been put on the market. There are 22 lake access condos available compared to 10 last year and 18 in 2018. Without the condo/hotel units, there would be only eight units available. Offerings range from a $47,900 condo/hotel room to $425,000 for a three bedroom unit that was purchased for $310,000 less than two years ago.
The best value for a lakefront home is located at 1617 Cedar Point Drive. This five bedroom, three bath home sits on 66 feet of North Shore frontage and features English gardens, spacious sun room and an oversized pier. The home is listed for $1,095,000.
The best value lake access condo is located at 2137 Landings Lane. This is a one bedroom unit with lake views, boat launch and outdoor swimming pool. It is listed for $157,500. The best value lake access home is… there isn’t one.