Real Estate Trends Newsletter
MORE USEFUL REAL ESTATE INFO AT:
WWW.BEVINSGROUP.COM
10 Things To Be Thankful For In Canyon Lake...
Keeping you up to date with useful real estate trends and intelligence
1. Sunsets - Wow! We have some amazing sunsets. If you’ve never gone down to the
lake at dusk and just marveled at the beauty of the sunset over the water, you are really
missing out. Try it sometime, it’s a great way to end the day.
Sellers Optimistic About Market
2. Low Cost of Living - Relatively speaking Canyon Lake is very affordable. Housing
prices are reasonable especially for the area and the amenities. The taxes are low
at just over 1%. And our HOA at $248 is still a bargain for everything we enjoy - a
private lake, gated security, 14 parks and beaches, equestrian center, tennis courts,
lodge, campground and so much more compared to most communities and housing
tracts.
By Justin Bevins
Last year’s double digit price increases
in much of Riverside county have sellers
feeling very optimistic about the market.
5. Vibrant Community and Interesting People - If you’re open to meeting people, there is no shortage
of interesting, colorful people in Canyon Lake. We have movie stars, world class athletes, amazing
artists, self sacrificing public servants, and more than a handful of heroes not to mention all the
good folks who have lived here at one time or another and left their mark on the community and
humanity.
6. Great Location - Southern California is America’s playground and we are smack dab in the
middle of it. Snow skiing an hour and a half away. The beach an hour. Los Angeles, San Diego,
and Palm Springs all easily drivable. There is so much richness, culture, art, and recreation all
around us in every direction, that it’s hard some days to narrow down what to do!
7. Wildlife - The lake and our location and climate bring us some
amazing winged wildlife - spotted owls, blue herons, hawks, ducks,
geese and more. If you are a bird watcher or wildlife enthusiast, you
don’t have to go far to see some beautiful species.
8. Volunteers - Our closeness as a community brings out the philanthropy and
giving in others. Many individuals and clubs give so selflessly through their events
and fund-raisers like The Lions, Jr. Women’s Club, CLAWS and many others. And
let’s not forget the Tuesday Work Group that does a lot of beautification projects
on the golf course for free.
The 1st quarter saw a 32% decrease in
the number of homes sold in Canyon
Lake compared to last year. The number
in 2014 was 51 homes sold versus 80 in
2013. This year’s sales are even lower
than 2011 and 2012 numbers at 68
and 64 homes sold in the 1st quarter
respectively.
Median days on market have been climbing
for the last several months as homes seem
to be sitting on the market longer (shown
in the graph below).
So what’s going on? It’s a very strange
market because there seems to be a lack
of demand from buyers in recent months,
but normally that would cause supply of
homes to increase as sellers continue to
put their homes on the market. But sellers
aren’t putting their homes on the market
at the usual pace.
For each of the last 3 months approximately
17-18 homes have sold , but we still have
the same number of active homes on the
market, so that means approximately the
same number of new homes have been
listed each month .
Is this market equilibrium? There is a 6.7
month’s supply of homes in Canyon Lake.
By most real estate standards, 6 month’s
supply is market equilibrium.
So where is the market headed?
There are a couple of strange things about
this year’s activity so far:
10. Things to Do All Year - It’s an understatement to say that Canyon Lake is a
recreational community. With events like, Fiesta Day, Taco Tuesday, Christmas Boat
Parade, The Car Show, 4th of July Spectacular, Weekly Farmers Market and more it’s
impossible to get bored around here! To have so many well organized events that are
within a walk or golf cart’s drive from your home is really something special that most
-Photos and story courtesy of CanyonLakeSoCal.com
cities and communities would envy.
Download updated market reports, neighborhood statistics, and even request a free market valuation for your home at www.BevinsGroup.com
PLUS:
Lake
Your Canyon port
Market Re
Justin Bevins, REALTOR®, BRE #01407424
tel 951-326-0521 email [email protected]
www.BevinsGroup.com
If your property is currently listed with a real estate broker, please disregard this notice. It is not our intention to solicit the offerings of other real estate brokers. Equal Housing Opportunity.
Currently there are 47 homes under
contract compared to only 32 last month.
That’s an indication that the next 3060 days should see a higher number of
completed sales - more than the 18 we
saw last month.
1. Home prices are holding steady and
even still increasing slightly. In fact, the
median sold price rose in January and
February this year.
9. Great Weather - What else can we say?
INSIDE THIS ISSUE
But Canyon Lake sellers might be feeling
a little different this month after what has
been a weaker than normal 1st quarter in
Canyon Lake home sales.
And even though the 1st quarter was
weak in number of sales, it seems like the
market has just been catching it’s breath
after a great run-up last year.
2. Inventory is not increasing as recent
headlines would suggest is happening
in other markets. In fact, our available
homes are still historically low. For the
last several months, we’ve only had
about 100 active homes for sale at any
given time in Canyon Lake.
There has been more activity in the last
several weeks - more open houses, more
great homes hitting the market, and more
agents seen driving around with home
buyers in their cars.
“Real difficulti es can be
overcome; it is only the
imaginary ones that are
unconquerable. ”
-Theodore Vail (1845-1920)
Mortgage Corner
By Dave Fitzpatrick
At the end of 2013, research by the
California Association of Realtors indicated
that 43% of sellers believed prices would
increase versus only 9% in 2012.
4. Safety and Security - Canyon Lake certainly has some crime, but it’s so minor compared to many other communities.
Violent crimes are so rare and most of the local crime is minor vandalism and theft. Overall, it’s still one of the safest
cities in California every year.
Brought to you by
Justin Bevins
5 Steps to Build Up Your
Savings for a Down
Payment.
Recent polls suggest sellers think prices will rise.
3. The Lake - The lake that draws so many of us here is an incredible resource. We
have the ability to boat, fish, water ski, wakeboard and more. And the best part is
you’re in the water in 5 minute from anywhere in the community. Do you realize that
there are only about a half dozen places in California where you can park your boat on the
water right outside your back door?
Sellers Optimistic About Market
Build Up Your Savings for Down Payment
10 Things to be Thankful for in Canyon Lake
Real Estate Trends
ISSUE NO. CL04
APRIL 2014
The spring and summer selling seasons
are right around the corner. If buyer
activity continues to pick up and we
continue to have few active homes on the
market, it could be a recipe for strong price
appreciation again this year.
Those optimistic sellers might be proven
right.
-Justin
If you’re a first-time home buyer,
the big challenge is saving up
enough money for the down
payment. Financial experts tell us
you need to take aggressive steps
to cut spending, add income, or do
both. Here’s how to proceed.
1. Set a goal and time line. Find out
the price range of the type of home
you want in the area you like. Then
talk to mortgage professionals
like us to get an idea of the down
payment you’ll need, which could
be up to 20% of the purchase price.
Then set a time line and figure your
monthly savings goal. For example,
if you need to save $20,000 in two
years, you’ll have to put away $833
each month.
2. Open a separate down payment
savings account. This keeps the
money separate and makes it easy
to track progress. The experts say
that when you’re saving for a shortterm goal, put the money in a lowrisk investment such as a savings
account or a CD. Shop around for
the best interest rate, and make
sure the money will be available
when you need it.
(continued on page 3)
Dave Fitzpatrick
Wallick and Volk, Temecula
27708 Jefferson Ave. #105
Temecula, CA 92590
Ph: 951/296-6066
Fax: 206/203-3924
www.davidfitzpatrick.wvmbtemecula.com
NMLS #259057, Licensed by the Dept. of Corporations under the California
Residential Mortgage Lending Act. License #4130785. Corporate NMLS 2973.
Notice: This is not an offer to lend or extend credit. All loans are subject to
credit approval.