The beginning of 2013 has seen some interesting housing activity in Canyon Lake. Among the notable trends is the lack of homes for sale and the subsequent rise in prices. After 6 years of depressed prices and homeselling activity, we’ve suddenly awaken to find out that we’re in a housing shortage. There’s a couple things going on:
All of this has created a supply and demand problem which has caused a year over year price increase of 12-18% in most of Riverside County. The surge in housing prices have also caused vacant lots to be popular again as it’s starting to become cost effective to build again. Here are the numbers for the 1st quarter of 2013 in Canyon Lake:
*pending prices based on last listed price, actual sales price not known until sale closes
Information provided by:Justin Bevins | Century 21 Full Realty Services 951-326-0521 | DRE #01407424
Data provided by California Regional Multiple Listing Service and National Association of Realtors RPR
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