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October 18, 2022
By Chuck Whitehead, Coldwell Banker Associate Brokers
As they say, the only constant is change and we have definitely seen a change in the past few months. The real estate frenzy of 2021 and early 2022 has been replaced by a more normal market with homes sitting on the market longer and softer pricing. The main cause of this is the drastic rise in home interest rates, which have gone up about 2 ½ times their recent historical low.
There are many theories as to why this happened so quickly but suffice it to say that the rise in interest rates by the Fed to try to get inflation under control has been one of the factors.
Now, let’s talk specifically about the Canyon Lake market. We have seen the number of homes on the market stabilize at 63 homes after an increase from earlier in the year; however, it is still way under what is normal (about 170 homes).
Our most affordable home is a manufactured home on Skylink Drive for $359,000. The lowest-priced stick-built home is on Rim Rock Place for $399,000. As of today, there is one condo available, on Bass Place for $585,000.
Of the homes on the market, 15 are over $1,000,000, up to $1,790,000! In addition, 12 of the homes listed for sale are waterfronts. At this time, we have 19 homes in escrow and 234 have closed escrow since the beginning of the year!
The point of all this is that Canyon Lake is still a very active and vibrant real estate market. And with all we have to offer, like gated community access, a waterski/fishing lake, tennis courts, a campground, an equestrian center, 14 parks, etc.
The wide range of housing available from manufactured to condos to single-family homes, whether view homes, golf course living, or a waterfront lifestyle, make this the perfect destination for recreational living!
There is no place like Canyon Lake!
For more real estate articles written by Chuck Whitehead, click here.
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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