By Chuck Whitehead Real Estate Columnist, Canyon Lake Insider
There are a lot of rumors flying around about the current real estate market. I want to give you a run-down on exactly what is happening in Canyon Lake.
For one thing, the interest rates have gone up in the past six to eight months, as has been noted in the news. That is a fact; however, they are still on the low end historically. We just had a couple of years of unprecedented low-interest rates and now it has returned to normal.
That being the case, let’s talk about what’s happening in Canyon Lake. We have seen inventories rise; however, it is still low compared to normal years. Our norm is above 170 homes available, and we currently have 73, which is a gain of only six in the past month.
Our most affordable home is a manufactured home on Skylink Drive for $279,000. The lowest-priced stick-built home is on Sparkle Drive for $470,000. As of today, there are no condos available; however, there are four in escrow.
Of the homes on the market, 21 are over $1,000,000, up to $2,000,000! In addition, 23 of the homes are waterfronts. At this time, we have 23 homes in escrow and 176 have closed escrow since the beginning of the year!
As you can tell, we have homes in a wide range. We have everything from manufactured homes to condos (don’t worry, I’m sure there will be some available soon) to single-family homes across all price ranges.
As I’ve said before, I don’t know of any community in Southern California that has so many options for home ownership! I know for sure, as do you, that there is no place around that has all the amenities we do like gated access, a waterski/fishing lake, tennis courts, campground, equestrian center, 14 parks, and more. What a great place to live and call home!
Chuck Whitehead is a partner/general manager of Coldwell Banker Associated Brokers with offices in Canyon Lake, Murrieta, and Menifee. He is also a national sales trainer, author of the 11 Commandments of Real Estate Sales, and a resident of Canyon Lake for more than 20 years. Chuck can be reached at 951-237-7653.
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