One year ago, Canyon Lake was the ninth-largest lake real estate market in Texas, with listings valued at more than $123 million.
But this summer, Canyon Lake moved up to become Texas’ eighth-largest lake real estate market despite an approximately six-percent decrease in market value since summer 2017.
According to a new report posted on LakeHomes.com, a multi-state real estate brokerage, this year-over-year comparison also shows decreases in Canyon Lake’s home and land markets by about three percent and seven percent, respectively.
Dezirae Burnett, a spokesperson for LakeHomes.com, said total inventory in the Canyon Lake market declined slightly, by less than two percent since last summer. This drop is primarily due to fewer land listings, which decreased by about 18.
Home inventory, however, increased by close to five percent on the year, up from 145 to 158 listings.
“As this increase did not also result in an increase in Canyon Lake’s home market value, it is reasonable to conclude that either these new properties were priced lower than those homes already listed or homes at a higher price point went off the market,” she said.
In the summer 2017 quarter, the average home price on Canyon Lake was about $444,000, roughly 7.6 percent higher than the current price of $410,000. As home inventory increases, average price typically declines.
Spring to Summer Comparison
The fluctuations in Canyon Lake’s lake real estate market track with data published in April 2018.
However, 2018 Summer Lake Market Report data indicates the Canyon Lake market may be showing signs of picking up.
The lake’s overall market value has increased by nearly eight percent over Spring 2018, with listings now totaling more than $115 million. Canyon Lake’s land listings increased by 10 listings, or about 2.5 percent, over last quarter. This market’s current inventory totals 412 land listings, the third-most in the state.
The fifth-ranked land market in Texas, the Canyon Lake land market value remained virtually unchanged in summer 2018, representing about $52 million in listings.
“The most significant movement since spring 2018 was an almost 15 percent jump in Canyon Lake’s home market value, probably in correlation to a 3.3 percent increase in home listings,” Burnett said.
At approximately $62 million, Canyon Lake is the ninth-largest home market in Texas.
LakeHomes.com defines lake property as “lake homes and lake land are any home or land/lot listing adjacent to a recognized inland body of water, has a view of any of these lakes, has designated access to a lake, or is within a community that considers itself a lake-focused community or development.” Its report does not reflect the value of every existing property and defines market value as currently available properties.