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.


This two bedroom condo sold in the first half of 2020 for $244,000.

     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.

Best Lakefront Value - 1617 Cedar Point Drive, Delavan Lake, WI

     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.


Comments

Post a Comment

Popular posts from this blog

Delavan Lake Sales Fall in First Half of 2022

Image
  The first half of 2022 showed a drop in Delavan Lake real estate sales from the prior year due to a lack of inventory. For the first six months of 2022, there was only one lakefront sale compared to eight in 2021.   For lake access properties, there were 19 homes sold in 2022 while there were 25 sold the prior year. The only lakefront property to change hands was a five bedroom home on the South Shore that sold for $2,261,000.   The property had 95 feet of lake frontage and eight garage stalls. The only sale for the first half of 2022 was located on the South Shore of Delavan Lake The sales of lake access properties ranged from $96,000 for a two-bedroom cottage in the Delmar Subdivision on the south side of the water to $580,000 for a large two-bedroom home in Assembly Park on the north side of the lake with expansive views and deck space. For Delavan Lake condos, there were 20 units sold in the first half of 2022 compared to 17 units last year.   Prices rang...
Read more

Delavan Lake, WI 3Q Update

Image
  Real estate sales around Delavan Lake were higher for the first three quarters of 2024 compared to last year.   For the first nine months of the year there were 44 lake access homes sold compared to 33 in 2023. The increase was entirely due to sales of new construction homes in the Lake Lawn Harbor Club development.   There were only six lakefront properties sold this year compared to eight last year. In the condo market, there were 15 lake access condos sold year-to-date compared to 22 last year. Prices of lake access homes ranged from $70,000 for a tear-down in the Delmar Subdivision to $1,348,480 for a four-bedroom new construction in the Lake Lawn Harbor Club.   Lakefront homes sale prices started at $832,500 for a four-bedroom on the Delavan Outlet and rose to $2,039,725 for a five-bedroom Colonial on 60 feet of North Shore frontage. 2140 Blue Heron Drive recently sold for $832,500 Currently there are 17 lake access homes listed for sale with seven being in ...
Read more

Top Five Lakefronts On Delavan Lake, WI

Image
     As the season changes to fall, it is interesting to see what are the five most expensive homes listed for sale on Delavan Lake.  With over 2,000 acres of recreation space, Delavan Lake is an all-sport lake in Walworth County, WI that is less than two hours from Chicago, Milwaukee, and Madison, WI.      #1 - The most expensive listing currently available on Delavan Lake is located at 2938 North Shore Drive.  Listed at $3.3 million, the home sits on 410 feet of steep frontage and boasts one of the most elaborate wine cellars in North America. 2938 North Shore Drive, Delavan Lake View from the Master Suite at 2938 North Shore Drive      #2 - Coming in at number 2 is 3307 South Shore Drive.  Almost directly across the lake from the first home, this 10,000 square foot estate is listed for $2.95 million and includes six bedrooms, eight bathrooms and 200 feet of lakefront. 3307 South Shore Drive, Delavan Lake Loo...
Read more