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2013 Real Estate Market Was Hot! Will it Continue?

By Justin Bevins | Canyon Lake Real Estate

It’s hard to believe that it’s been over 6 years since the real estate market started it’s downward spiral that helped contribute to one of the worst economic downturns in U.S. history.

If you’ve been in your home that long, then you may have cringed like I did as you watched your equity and value plummet while homes were foreclosed and short sold all around you.  Many lost their homes and much of their equity.  Some have still not recovered.  Hopefully you’ve landed on your feet by now and maybe even begin to build equity again.

The good news is that real estate turned the corner in 2013 and saw it’s strongest gains in the last 6 years.

Value and Volume Up

Prices started perking up back in mid 2012 and  shot up dramatically in January of 2013.  Since then, it’s been month after month of increasing volume and price.

Median PriceA look at the 1st chart shows that in the last 24 months, the median price of sold homes  has risen from $240,000 to $336,000.  That’s a 40% increase and most of that has happened in the last 15 months since about July of 2012.

Number of Listings

The 2nd chart on the right shows that available homes for sale has steadily decreased over an 18 month period to nearly half of what it was near the peak.

This simple illustration of supply and demand really shows the increase in buyer activity that has helped bring the real estate market back

 

2014 Home Sales

What can we expect in 2014?  Likely the return of a more normal market with more normal appreciation somewhere in the neighborhood of 5-8%.  The days of 25-30% appreciation are probably over… and that’s a good thing for the health and longevity of the market.  -JB

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Canyon Lake Market Report 123013_001

Real Estate information and data provided by:  Justin Bevins, Realtor® – Berkshire Hathaway Home Services – California Properties, Ph: 951-326-0521, BRE #01407424

Canyon Lake Real Estate Report 3rd Quarter 2013

By Justin Bevins | Canyon Lake Real Estate

Summer 2013 showed continued improvement in the Canyon Lake Housing Market with average prices increasing and quick turnover of properties.  Here are the highlights from July, August and September:

  1. Low supply and high demand was the norm with multiple offers on properties.  With an average of only 60-70 properties available for sale over the summer, buyers were offering over the list price in many cases and writing very clean offers.  It was common to see buyers waive termite repairs, home warranties and even appraisals in some transactions.
  2. Entry level waterfront sales were hot.  The low end for lake homes started the year in the $400’s and jumped to the mid to high $500’s by late July.  Summers are typically a good time to sell a waterfront and this year was no exception however the high end waterfront market has not come back as strong yet.
  3. Most of the price action was between $200,000 and $400,000.  Because of affordability and FHA loan limits, most of the home sales were under $400,000.  Investors still bought a lot of homes, but for them the more attractive prices were under $300,000.  There are still a lot of 1st time home buyers in the market at these prices and a lot of folks who realize that it’s cheaper to buy than rent in most cases.
  4. As prices have come up 15-20% year over year, many sellers have equity in their homes and are making move ups into to mid range homes.  Most short sales and foreclosures have disappeared from our market compared to a year ago when those distressed sales were as much as 60% of the market some months.

Here are the numbers for the 3rd quarter of 2013 in Canyon Lake:

Sold Properties July/2013-Sept/2013

  • Homes       84    $214,000-$1,500,000
  • Condos       4     $92,000-$425,000
  • Mobiles      4      $115,000-$148,000
  • Lots             9      $29,000-$70,000

 

What to expect for home sales in October, November and December

The holidays are typically a slower time for real estate in Canyon Lake.  That coupled with the recent government shutdown and slightly higher interest rates might cool the market a little.  More homes are available right now (approx. 100 in Canyon Lake) so it means more supply and less demand.  Expect prices to be a flat for the rest of the year and multiple offers to be rare except in the case of really special properties that have great buyer appeal.  There are still buyers out there ready to make a purchase but we can expect more normal turnover and modest appreciation than we saw during the summer.  Next January and February should see a bump up in activity as in most years around Canyon Lake.

Current market snapshot compared to a year ago:

3rd Qtr Canyon Lake Home Sales

Currently Active Properties 10/22/13

  • Homes       102   $255,000-$2,200,000
  • Condos       4      $185,000-$419,000
  • Mobiles      1      $125,000
  • Lots            24    $19,800-$350,000

Currently Pending Properties 10/22/13 *

  • Homes       45     $180,000-$775,000
  • Condos       3      $160,000-$250,000
  • Mobiles      1      $138,000
  • Lots             3      $35,000-$228,500

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

 

Do you want to see how this compares with 1st quarter real estate sales in Canyon Lake?

Do you want to search for currently active homes or condos in Canyon Lake?

 

Information provided by:

Justin Bevins | Prudential Canyon Lake Realty
951-326-0521 | BRE #01407424

Data provided by California Regional Multiple Listing Service and National Association of Realtors RPR