Value of Lake’s Real Estate Market Falls 14 Percent
The value of Canyon Lake’s real estate market is down 14 percent and total home inventory has fallen by roughly 23 percent since spring of last year, according to a new report by Alabama-based Lake Homes Realty.
The report focused on February 2019 listings of homes, lots and land adjacent to or with a view of Canyon Lake, including properties with designated access to the lake.
Dezirae McGee, who manages media relations for the company’s website, LakeHomes.com, said Canyon Lake is currently the 10th-biggest market for lake properties in Texas, with $92 million in value.
She said the decrease in inventory flagged by The Lake Report is due primarily to the bundling of lots for sale by developers on the north side of Canyon Lake. Before the market crash in 2008, developers chiseled out smaller lots for sale, effectively tying up revenue until the real estate market gradually stabilized. Now they’re looking to sell those properties while prices are still high.
The average price of homes around the lake increased by 11 percent since spring 2018, up from $347K to $415K.
“Because prices are so high, this is still a seller’s market,” Burnett said. “You’re going to get more for your house if you sell right now, but the downside is that you’re likely to buy a house that’s over-priced somewhere else.”
CEO Glenn Phillips said nationally, home prices have increased but that’s largely due to the sale of lower- and mid-priced homes. Higher-end homes aren’t selling as quickly.
“So the average increased, sometimes even with prices of remaining inventory dropping slightly. This is all about the mix of homes that make the average, not a market trend of rising prices.”
Canyon Lake Rankings at a Glance
- #10 Biggest Home Market – $52.8 million
- #7 Biggest Land Market – $37.2 million
- #6 Most Listings – 422 properties
- #8 Most Homes Available – 127 listings
- #4 Most Land Available – 289 properties
- #6 Most Expensive Per Acre (for properties with 10 or more acres) – $40,403
- 44-percent of properties valued between $250K and $500K
- 33-percent of properties valued under $250K
- 13-percent of properteis valued between $500K and $750K
- 5-percent of properties valued between $750K and $1 million
- 3-percent of properties valued between $1 and $2 million
- 1-percent of properties valued at more than $2 million.
Editor’s Note: This year, Lake Homes Realty decreased the number of reports it will release from four to three. Whereas last year’s Feb. 15 data was considered “Winter” data, this year it became “Spring” data.