I love the water, but when the temp hits anything over 90 I really love the water. This month we have recapped the real estate data surrounding waterfront homes in our local MLS. Dip your toes in the lake, pool or your kid’s inflatable pool and have a look at what’s selling.
The average sale price for waterfront properties is considerably higher ($262,964) than a typical home in the Champaign area. Not surprising given the added benefits, limited supply and increased demand for this type of real estate.
What can be surprising is that the List to Sale ratio is not as strong for waterfront homes versus standard home sales. Don’t get disappointed because it is still strong at 96.3% of asking price. Just not as strong as the overall average. One explanation comes from the pricing. Frequently these properties are more unique. This can translate to less accurate pricing and a larger amount of negotiations even though the ‘Days on Market’ stay low.
What constitutes waterfront? Lakes, ponds, rivers, streams and sometimes a bit of creativity from the listing agent! Take a look and let me know if you have a question.