Lake Havasu Real Estate Continues Upward Trend In June

The June reports are in and the results show that the real estate market in Lake Havasu continues on its upward trend.

June Reports:

Closed Escrows: 150
Total Sales Volume: $25,786,988

Total number of homes which have sold this year is 797.  That is 143 homes more than last year at this time.  The total sales volume for the month of June was also improved by over $250,000 from June 2008.

Foreclosures are still impacting our market, but it does seem to be stabilizing.  The recovery will be slow in the months ahead.  We will probably not return to normal market conditions for a year or two.  However, home values are expected increase next year.

Many home buyers have been waiting for the bottom to of the real estate market to be reached.  Reports nationally indicate that many markets have reached bottom, with prices now on an upward trend and inventories decreasing. 

Phoenix area sales up 56% (DataQuick)
Phoenix ares sales prices up 3.5% (DataQuick)
Sales prices up nationally in key areas (Stand and Poors)
Sales activity up for four consecutive months (National Association of Realtors)
Sales activity up in Orlando by an amazing 206% (RealtyTimes.com)
Sales activity up in Riverside-San Bernardino 56% (RealtyTimes.com)

I am by no means trying to paint a rosy picture or stating that all is well and good.  I am letting you know that the indicators are that the real estate market has begun to turn around and the real estate market is changing.

The number of foreclosures due to toxic loans are decreasing steadily and will continue to do so.  However, foreclosures will remain a problem, continuing to impact impact home values for a while longer.

The availabilty of mortgage loans will also impact the market.  Credit is still tight.  Buyers must demonstrate a strong credit worthiness and underwriters are still combing through loan applications with a fine tooth comb.  Speaking of mortgages; interest rates have dropped.  The current interest rate is just a little over 5%.

Take advantage of today's market because it will not last forever and will eventually move back into the seller's favor.

Reasons to buy today:

Affordable pricing (median sales price: $148,750; foreclosed home median sale price: $137,000)
Low interest rates
First-time Buyers Tax Credit
New homeowner tax deductions
Homeowner tax deductions
Make Your Way Home, AZ

Donna Ball, Always "On the Ball" with Lake Havasu Real Estate