Lakefront Market Size Dwindles
A seven-percent decrease in total market value moved Canyon Lake down a spot from being Texas’ seventh-largest overall market last quarter to its eighth-largest in Spring, according to a new report by Birmingham, Alabama-based Lake Homes Realty.
Canyon Lake is currently a $107-million market, with 551 properties for sale along its 80 miles of shoreline, with 145 home listings and 402 land listings.
The lake’s decrease in total market size is likely a result of a drop in the number of home listings, which fell by 92 listings this quarter. Land listings also decreased by 10 percent, says Dezirae Burnett, work in media relations for Lake Homes Realty.
Canyon Lake currently has $54.4 million in home listings and $51.6 million in land listings, making it Texas’ ninth-largest home market and fourth-largest land market, respectively.
Despite a decrease in available inventory this quarter, the average home price in Canyon Lake dropped by approximately 11 percent to $374,000. Winter report data shows Canyon Lake’s average home price at around $418,000.
“This average is determined by LakeHome.com’s propriety algorithms, which filter out non-lake properties, defined as non-waterfront, water access or water view properties,” says Brian Cauble, Lake Home Realty’s director of market engagement. “These algorithms then add the listing values of these properties and divide them by the number of active home listings to get the average price of a home on Canyon Lake.
“One possible explanation for this change in average price is that more higher-end listings have sold in the last quarter, which caused the inventory to decrease as well as the average price,” he says.
However, local realtor Phyllis Brunner with RE/MAX (who also manages advertising for mycanyonlake.com) says she questions the accuracy of the data, which only factors in lakefront/waterview properties.
To see the report, click here.
Who’s Shopping Canyon Lake:
Site traffic analytics on LakeHomes.com reveal most Canyon Lake buyers come from Houston, San Antonio and Dallas.
The number-one metro area shopping this lake is Houston, which accounts for nearly 24-percent of Canyon Lake page traffic between Spring 2017 and Spring 2018.
San Antonio shoppers account for 14.5-percent of the lake’s web traffic while Dallas-Forth Worth buyers represent about 12 percent of page traffic. Austin-area traffic is responsible for about 10 percent.
“Though these areas are all within easy driving distances of some of Texas’ other major lake real estate markets, Canyon Lake’s average home price makes it attractive to many shoppers, especially when compared to Houston’s Lake Conroe, whose average home price is about $646K and the average price of a home on Lake Travis, near Austin, which is more than $1 million,” Cauble says.
Rounding out the list of top-ten metropolitan areas shopping Canyon Lake are Los Angeles, California; Denver, Colorado; Odessa-Midland, Corpus Christi and Waco-Temple-Bryan, Texas.
The biggest age demographic buying lake property on Canyon Lake are people between the ages of 55 and 64. This age group represents more than 30 percent of area shoppers.
This group is followed by shoppers between the ages of 45 and 55 (21.6 percent) and buyers over the age of 65 (17.3 percent).
Shoppers between the ages of 18 and 24 (5.3 percent) and those between the ages of 25 and 34 are the smallest demographics shopping Canyon Lake.
There is almost an even split between the percentage of men and women looking for property on this body of water, accounting for 49.3 percent and 50.6 percent, respectively.