Summer home sales continue to sizzle in Lake Havasu City. The Lake Havasu Market Report for July 2017 indicated the highest July sales prices in the last five years. Year-over-year total sales were higher as well.
Lake Havasu Market Report - July 2017
Lake Havasu Homes Sold in July 2017
The figures shown in this Lake Havasu Market Report for July 2017are for single-family homes only. The do not include statistics for condos, town homes, vacant land or commercial properties. A total of 140 Lake Havasu homes were sold in July 2017. Even though they dropped 16.2% from June's total, it marks a 16.7% increase from the same time last year. It's also the highest July sales in the last five years. Year-to-date sales of 1,532 outpace the 1,358 shown last year at this time by 12.81%.
Lake Havasu Home Sale Prices in July 2017
Prices increased slightly from last year. In July 2016, the median sale price for a Lake Havasu home was $246,000 while the average sale price was $290,317. The median sale price for a Lake Havasu home in July 2017 rose 6.5% to $262,000 (3.3% under the median list price). Meanwhile, the average sale price increased ever so slightly to $291,327 (2.1% under the average list price). While year-over-year prices increased, the average sale price slipped 5% from June's $306,781 average. On the other hand, the median sale price was bumped up 1.6% from June's $258,000.
Inventory of Lake Havasu Homes
Lake Havasu supply of inventory is determined by how long it would take to sell the stock on hand if no other new listings came on the market. In July 2016, we saw 11.4 months available, with 151 new listings. That decreased 17.5% to 9.4 months in July 2017, with 178 new listings. It also marked a 19% increase from the 7.9 months available in June 2017.
Are you ready to start looking for a new Lake Havasu home? I suggest getting your financing in place before you start looking. Currently, the federal interest rate sits between 1-1.25%. Experts believe we may see it hit 2% by the end of the year. What does this mean for home buyers? Typically, an increase in the federal interest rate moves mortgage rates up as well. The average rate for a 30-year mortgage sits at 4.125%. When you're ready to start your Lake Havasu home search, give me a call at (928) 208-5184. I'll be happy to help.
Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:
Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2017/08/lake-havasu-market-report-july-2017/.