Greater Annapolis Waterfront Market Q3 2020
As many of you know, our team handles a lot of waterfront properties in the Greater Annapolis marketplace. While we travel all over, our primary areas we handle are Anne Arundel County, Queen Annes County, and Talbot County. We call this, Greater Annapolis.
In the last few months, really since May we've seen an incredible surge in our waterfront activity around Greater Annapolis. The 3rd Quarter of 2020 was particularly interesting with nearly $800M in activity! When you compare with the same quarter from just a year ago, you'll see an insane increase year-over-year in these retreats.
So what does it mean? Its the immediate effect of coronavirus limiting the city life many experience. Whether you work in or live in the big cities, COVID has forced many to re-assess their lifestyles. Buyers have sought more space, more amenities, places to work from home comfortably, places for children or grandchildren to spread out, and properties that offer a view that makes it worth the drive.
"Multiple factors are driving the interest in moving, including low mortgage rates that increase affordability for buyers; the ability of many people to work remotely; and concern that some city amenities will take years to be widely available again." - Michele Lerner, Washington Post
- Choosing the Suburbs Over City Life During the Pandemic
Many of the groups we've encountered during this time are purchasing these as second homes. Eventually they plan to transition these into full time residences but until retirement, they will use these homes as retreats. Many of these buyers also do not have boats, but it's their plan to purchase one in the coming years.
Buyers have been willing to pay the premiums on waterfront property in general, but turn-key properties not in need of renovations have sold in days. This is the most million dollar activity in a decade. Features that have really been in demand are waterside pools, big views, big kitchens, home offices, open floorplans, and home gym areas.
Take a look at the top 10 sales in this period:
26310 Saint Michaels Rd, Easton - $9,000,000
- 1 S Acton Pl, Annapolis - $4,650,000
964 Melvin Rd, Annapolis - $4,628,750
- 1514 Cedar Lane Farm Rd - $4,600,000
5419 Morgans Point Dr, Oxford - $4,600,000
833 Londontown Rd, Edgewater - $3,550,000
8941 Bozman Neavitt Road (Rt. 579) Rd, Saint Michaels - $3,500,000
4784 Ferry Neck Rd, Royal Oak - $3,400,000
5785 Hopkins Neck Rd, Easton - $3,350,000
700 Stillwater Rd, Gibson Island - $3,200,000
See what's for sale right now
If you're wondering what your waterfront property would command in this market, just reach out and we will be happy to provide a Comparative Market Analysis along with any pointers on increasing value.