Edina, Minn.— May 28, 2015 – The peak sales months for buying lakefront or vacation properties are now upon us, say Edina Realty housing experts. Even homeowners previously impacted by the downturn are looking, and many are driving across the river to take advantage of what western Wisconsin has to offer.
Kay McDonough, manager of the St. Croix and Siren Edina Realty offices, says it’s still a buyer’s market, making it a great time to buy a waterfront property.
“If prices seem low, that’s because they still are, relatively speaking,” McDonough said. “While we’re recovering from the downturn, it’s still a buyer’s market. There are still wonderful opportunities to make your dreams come true and get into an affordable waterfront property.”
Currently, there are more than 3,500 waterfront properties for sale in western Wisconsin, from a fishing cabin near the White River for $10,000 to a five-bedroom mansion on the St. Croix River offered at $4.5 million.
Waterfront homes are traditionally more expensive than non-waterfront homes. For example, a waterfront property in western Wisconsin is selling at an average price of $236,198, according to the Northwestern Wisconsin Multiple Listing Service (NWMLS)*. This compares to the average sales price for all homes, which is significantly lower at $149,005. Pent-up demand for waterfront properties will likely increase this gap even further.
McDonough said many Edina Realty Realtors specialize in lakeshore homes, with some of the more popular lakes in Wisconsin being Balsam Lake, Deer Lake, Bone Lake, North Sand Lake, Devil’s Lake and Yellow Lakes.
Since no two waterfront homes are exactly alike, McDonough advised interested buyers to figure out what activities they want to enjoy there – swimming, boating, waterskiing, fishing, hunting, etc. – before starting their search for a vacation or waterfront property.
Closed sales in Northwestern Wisconsin were up 46 percent according to NWMLS. While new listings are also up 17 percent, McDonough said they’re hoping to get more sellers to consider listing their homes.
Nationwide, vacation homes saw a massive surge in sales, rising 57 percent in 2014 over the year before, according to a survey of vacation and investment home buyers by the National Association of REALTORS® (NAR). The NAR survey showed that vacation homes accounted for 21 percent of all home sales in 2014, the largest share since the survey was first conducted in 2003.
Edina Realty’s “Lakeshore” section enables consumers to view every waterfront property that’s listed with the MLS®. Consumers can search for lakeshore properties by lake name and can view all available MLS® listings for any type of waterfront, including lakes, rivers, creeks, ponds and channels as well as properties with a water view.
For more information on buying a waterfront property in western Wisconsin, call the Edina Realty Saint Croix Falls office at 715-483-3833 or the Edina Realty Siren office at 715-349-7035 or visit www.edinarealty.com.
*Based on information from the Northwestern Wisconsin Multiple Listing Service for the period April 2014 through April 2015.
Edina Realty is a Berkshire Hathaway affiliate and a wholly-owned subsidiary of HomeServices of America, Inc. It is one of the nation’s largest real estate companies with approximately 60 real estate offices and 2,300 REALTORS® throughout Minnesota and western Wisconsin. Edina Realty's family of companies includes Edina Realty, Edina Realty Title, and Edina Realty mortgage. Edina Realty closed nearly 29,000 real estate transactions and more than $6.9 billion in sales volume in 2014. For more information, visit www.edinarealty.com or find us on Facebook: facebook.com/EdinaRealty; and Twitter: twitter.com/Edina_Realty
