Want to know if Watefront home values in Annapolis, Maryland are about to take off?
Anne Arundel County has over 150 miles of waterfront along the Chesapeake Bay, much of it right here in Annapolis, Maryland. Bordered on one side by the Chesapeake Bay and sliced by the Magothy River, Severn River and South River, Annapolishas much to offer someone seeking to purchase a waterfront home. Buyers can find condominiums, townhomes and single family homes located along the waterfront. Waterfront homes can be both riparian and non-riparian (meaning you do or don't own the exclusive rights control access to the water from your property). The "front" of the house for waterfront homes is the side that faces the water - the "back" will be the side that faces the street. Many waterfront properties will have piers and the water depth along side the dock can vary widely from location to location - anywhere from "zero" when the tide is out to very deep water suitable for deep draft keel sailboats. Exposures are as varied as the number of creeks and rivers the feed the Chesapeake Bay. Settings can be open with deep vistas or obstructed by vegetation.
When considering purchasing waterfront propertyyou'll want to consider how far it is to open water and any bridge height restrictions between those two points. The Severn River and South River both have fixed height bridges that any boater will want to consider. Consult the online charts provided by NOAA for the area to determine height restrictions by clicking here!
Another consideration when purchasing any waterfront home is whether or not your lender will require you to carry flood insurance in addition to hazard coverage. One of the key documents you might want to ask for when exploring waterfront property is the elevation certificate. The elevation certificate states the flood zone status of the house and land and will assist you and your lender in determining if flood insurance is necessary. While many waterfront homes will require flood insurance, depending on the elevation of the home above the water, flood insurance on the main structure of the property could be unnecessary. For more information on elevation certificates click here! Always check with you lender.
There are currently 27 waterfront properties for sale in Annapolis priced below $500,000. For a list click here. There are 56 waterfront homes for sale priced between $500,000 and $1,000,000. For a list of mid-priced homes click here. And Annapolis offers 78 properties for sale with asking prices above $1,000,000. For a list of luxury waterfront homes currently for sale, click here.
The are currently 18 waterfront homes under contract around Annapolis. The average asking price for those homes is $1,443,939. They have been reduced an avearge of 11% since being listed. And that have been on the market on average 167 days.
Thee were 12 waterfront homes sold in Annapolis in the last 90 days. The avearge list price for those homes was $1,498,825 and were reduced an avearge 22.5% from their original list price. The average sold price was $1,316,646 with an average days on market of 334 days.
With only four waterfront homes selling per month for the last three months and and with 156 active listings, the months-of-inventory stands at 39-plus months.
You can get my activity report by e-mail for waterfront homes in Annapolis or for your very own street so you can see exactly what the market is doing along the waterfront or at your own home. Goto www.MarylandMarketConditions.com to sign-up today.
If you have a waterfront home to sell in Annapolis and want a professional consultation on current market conditions or if you are interested in purchasing a watefront home in Annapolis and want to tour any home currently on the market, please contact me at 410-923-3217 or e-mail me at showell@cbmove.com or visit my website at LiveInAnnapolis.com.
Comments(0)