The Minneapolis Area Association of REALTORS® (MAAR) reports that pending sales of private waterfront properties were up nearly six percent from February 2013 through January 2014 over the previous year.
This sales increase is occurring even as the inventory of private waterfront homes for sale is down 12 percent.
The high demand and low inventory of homes means that buyers interested in lakefront properties should move quickly – typically, January is when waterfront sales begin rising, and this year is no exception.
Additionally, buyers should expect to pay more for a waterfront property, whether they’re interested in a luxury lake home or a smaller cabin. As of January, the median sale price of a home on the waterfront is $382,000 compared to $188,000 for a nonwaterfront home.
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