People looking to buy a home on the waterfront are finding Canyon Lake more appealing after a spill gate failure drained one of the other area lakes.
Data from a LakeHomes.com’s Lake Real Estate Market Report shows 26% of all potential Texas lake real estate buyers, including those formerly shopping Lake Dunlap properties, come from outside the Lone Star State, with the highest concentration of potential buyers originating in the Los Angeles area.
After the dam failure that let most of Lake Dunlap’s water flow down the river, market predictors believe the attention of out-of-state lake house shoppers might shift to Canyon Lake — which could drive an influx of sales.
“Californians, in particular, have been flocking to Texas for its affordability in comparison to vacation and second home prices on the west coast,” said Tara Biesboer, Lake Homes realty agent.
Web-traffic data indicates Canyon Lake’s market will likely see increased interest from buyers in Los Angeles, Denver and New York, along with consumers in Houston, Dallas-Fort Worth, Austin, Odessa-Midland and the Waco-Temple-Bryan areas, said Dezirae McGee, media relations for LakeHomes.com.
“In the coming months, we predict Canyon Lake will see an influx of new potential buyers as former Lake Dunlap consumers turn their attention to the lake’s more ideal market conditions,” McGee said. “Web traffic data compiled from June 1, 2018 to June 1, 2019 shows Lake Dunlap saw high traffic from consumers in California.”
Favorable conditions for Canyon Lake show in the overall market value. Since spring, the Canyon Lake real estate market has increased in overall value by approximately 5%, up from $92.6 million, to $97.9 million this quarter, said
“Individually, the lake’s home and land market values increased, as well, its land market increasing most significantly,” said LakeHomes.com Director of Marketing Mark Griggs. “A 10% increase in land inventory resulted in a corresponding 12% increase in market value this summer.”
The lake’s 319 land listings combine for a total land market value of nearly $42 million, said Glenn S. Phillips, LakeHomes.com’s CEO.
“The lake’s average home price has remained virtually unchanged since spring 2018, down less than a percent to $414,000,” Phillips said. “However, the number of homes listed between $250,000 and $500,000 increased by 5%, now representing nearly 50% of all Canyon Lake homes on the market this summer.”
Homes priced below $250,000 represent 28% market share, and homes in the $500,000 to $700,000 range account for 14% of all current Canyon Lake homes for sale, said McGee.
“Inventory priced between $750,000 and $2 million represent a combined 8% market share,” McGee said. “And according to the 2019 Summer Lake Real Estate Market Report, there are no homes listed on Canyon Lake for more than $2 million.”