Canyon Lake Real Estate Report - 1st Quarter 2013 - Canyon Lake California

Canyon Lake Real Estate Report – 1st Quarter 2013

By Justin Bevins | Canyon Lake Real Estate

canyon lake real estate report

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:

  1. Builders stopped building homes when the market crashed and as such, the housing supply has not kept pace with the growing population of California.
  2. We still have some of the lowest interest rates in history and we are coming off a period of extremely low house prices created by the housing crash – this has buyers out trying to snap up deals.
  3. Investors are snapping up the most deals (with cash in many cases).  Investors are buying homes by the hundreds and some hedge funds are buying them by the thousands.  Some of these home are flips, but most are becoming rentals kept for the long term.
  4. First time homebuyers and folks who did short sales 3-4 years ago are back out in force.

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:

Currently Active Properties 04/22/13

  • Homes       67     $260,000-$1,660,000
  • Condos       7      $97,900-$425,000
  • Mobiles      3      $149,900-$150,000
  • Lots            25    $28,900-$425,000

Currently Pending Properties 04/22/13

  • Homes       71     $110,000-$1,150,000 *
  • Mobiles      4      $74,000-$169,400
  • Lots             3      $24,500-$129,000

Sold Properties 01/13-03/13

  • Homes       76    $130,000-$928,000
  • Condos       2     $130,000-$222,500
  • Mobiles      1      $95,000
  • Lots            5      $15,000-$35,500

*pending prices based on last listed price, actual sales price not known until sale closes

canyon lake market snapshot

Graph 1st qtr report

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