The lake housing market is booming. This winter, Canyon Lake was the seventh largest lakeside real estate market in Texas, according to data collected from Lake Homes Realty.
The report reflects market standings as of Feb. 1.
Canyon Lake had the ninth largest home market and fourth largest land market in the state, valued at $60.6 million and $53.2 million respectively.
Dezirae Burnett, media relations for Lake Home Real Estate, said this is partly because of a slew of builders purchasing property on the northern side of Canyon Lake.
“Builders are popping up on the north side right and left,” Burnett said. “They are who is purchasing these properties, rather than individual residential buyers.”
This is the result of about a decade of market trends.
In the mid-2000s, residential buyers and builders bought much of the property around Canyon Lake to develop or flip and sell.
But during the market crash, home and property values remained low.
When prices became comparable with pre-crash levels around 2014 and 2015, many investors chose to sell.
“As land listings began to sell, more came on the market, which has kept the inventory relatively high into this year,” Burnett said.
In addition, Burnett said that many investors who planned to break up lots to develop small homes are putting adjoining lots on the market to attract buys looking for big lots.
Many of these lots are also hilly, wooded or rocky, making them expensive to build on and so attracting more builders than individual buyers.
Now, the Canyon Lake market is third in the state’s lake markets for number of listings.
Most of the listings in Canyon Lake are under $500,000 — with about 40 percent of listings under $250,000.
Burnett said a quarter of the buyers in the area come from the Houston metro area.
San Antonio shoppers account for 15 percent of the traffic and the Dallas/Fort Worth area make up about 12 percent of the buyers.
About 30 percent of the individuals shopping for Canyon Lake real estate are in the 55 to 64 age group.
People aged 45 to 55 make up 21 percent of the demographic and 17 percent are 65 and older.
Average home price at Canyon Lake is about $418,000.