Lake Dunlap’s pain could be Canyon Lake’s gain.
Lake Dunlap’s 100-year-old spillgate collapsed in mid-May, draining the lake and leaving property-owners pointing fingers at the Guadalupe-Blanco River Authority (GBRA), which runs the dam.
“It went back from Lake Dunlap to the Guadalupe River as it was,” J Harmon, president of the Preserve Lake Dunlap Association, told Fox 7 news. “Most people want their lake back. Most people want their way of life back.”
Lake Dunlap is unlikely to fill back up in the foreseeable future, potentially increasing Canyon Lake’s inventory by nearly eight-percent this summer, according to LakesHomes.com, an Alabama-based real estate company specializing in lakefront or lakefront-adjacent properties.
Buyers quite simply are looking elsewhere.
In the spring, LakeHomes.com web traffic data reported high search volumes for Lake Dunlap properties from consumers in Colorado, California, and New York state.
“While dam repairs are in development, it’s possible these consumers, along with buyers in Dallas-Ft. Worth, Houston, and Austin will turn their attention to Canyon Lake real estate,” said Dezirae McGee, a media relations representative for LakeHomes.com.
Canyon Lake continues to be among the most-affordable markets in the New Braunfels area, she said.
Last quarter, the average home price on Lake Dunlap was about $567,000 while this summer, listings priced near this average, in the $500,000 to $750,000 range, represent 14 percent of all homes currently for sale in Canyon Lake.
Homes presently for sale on Canyon Lake total 130 listings and have an average list price of about $414,000 by comparison.
Properties priced closer to the lake’s own average home price, between $250,000 and $500,000, represent a much larger portion of homes for sale at 49 percent.
Meanwhile, the summer forecast for Lake Dunlap remains very dry, according to LakeHomes.com.
“We have seen utter devastation in the wake of Lake Dunlap’s draining,” said Tara Biesboer, a real estate agent who specializes in both Lake Dunlap and Canyon Lake properties. “We are all sending up good thoughts that things return to normal as soon as possible, but as we wait to hear what the timeline for restoring the dam is, Dunlap community members are faced with a lot of uncertainty about the real estate market.”
Overall, the Canyon Lake real estate market is up by about five percent since spring, but this increase wasn’t large enough to keep the market from dropping off the Texas list of Top 10s for biggest overall market and biggest home market this summer. The biggest increases here were in the lake’s land market, where inventory increased by 10 percent and the market value increased by about 12 percent.
Also, inventory price distribution across the lake’s homes for sale shifted slightly. Whereas 44 percent of homes for sale in the spring were priced between $250,000 and $500,000, this summer homes in this price range represent 49 percent of all home listings. The percentage of homes listed for below $250,000 also shifted, with 28 percent of current listings in this price range compared to last quarter’s 33 percent.
According to LakeHomes.com’s 2019 Summer Lake Real Estate Market Report:
State of Texas
- 26-percent of all Texas lake real estate shoppers come from outside Texas
- 72-percent are over the age of 45
- Los Angeles is the #1 metro area, outside of Texas, searching for Texas lake property
To read the report in its entirety, click here.