CANYON LAKE TEXAS WATERFRONT MARKET REPORT FOR MAY 2010
The summer season has arrived and while we saw a jump in sales activity for the spring, waterfront sales still tend to be slow going. The high end market is not recovering as quickly as most would like, but with the still challenging to get Jumbo loan market in turmoil and the economy in survival mode, we just are not seeing the luxury vacation home market bounce back.
The following data is from the Central Texas MLS and covers residential waterrfont properties on Canyon Lake.
ACTIVE WATERFRONT LISTINGS
45 Active Waterfront Listings
Price Range: $235,000. to $1,295,000.
Average List Price: $556,061. Median List Price: $499,000.
Average Price Per Foot: $214.95 Median Price Per Foot: $215.00
Average DOM: 182 Days Median DOM: 135 Days
PENDING WATERFRONT SALES
2 Pending Waterfront Sales
Price Range: $339,000. to $369,000.
Average Listing Price: $354,000.
Average Price Per Foot: $242.24
Average DOM: 81 Days
SOLDS ON THE WATERFRONT
1 Sold Listing on the Waterfront
Listing Price: $399,900. Sold Price: $335,000.
List Price to Sold Price Ratio: 84%
309 DOM
It is obvious that the price point of waterfront homes that are selling at Canyon Lake is in the mid $300's. As always and even more imperative in the current market is the competitive and strategic pricing of property. This is not a time to "TEST" the market or try for some "pie in the sky" high end price. This is the time for serious sellers who need to sell to price their homes on the lake competitively and be represented by agents who know the numbers behind the market. Nothing is more telling than to take a listing on Canyon Lake and have the seller tell you that their former agent never mentioned the fact that Jumbo financing was impossible to obtain last year and that it is available but challenging to obtain today. Work with agents who are familiar with the numbers and ask them to share the real market conditions with you if you are planning to sell.
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