The local housing market continues to match our scorching temperatures. According to the June 2018 Lake Havasu Market Report, high buyer demand persists. Even with lower year-over-year sales, prices climb even higher. That means that, if you're in the market for a new Lake Havasu home, you need to be ready to act as soon as you locate one you like.
June 2018 Lake Havasu Market Report
Lake Havasu Market Report - June 2018 Sales
Flex MLS reported that a total of 214 Lake Havasu homes were sold in June 2018. That marked an 11.6% decrease from the same time last year. Even so, the Lake Havasu market appears to have sold 3.9% more homes in the first half of 2018 than it did in the first half of 2017. Bucking a recent trend, pending listings showed a slight 1.9% increase from last June, with 210 reported. Active listings, on the other hand, dropped significantly from last year (by 26.7%) to come in at 650 for June 2018. New listings also fell off dramatically (by 26.5%), going from 264 in June 2017 to 194 last month.
Lake Havasu Market Report - June 2018 Prices
Unlike sales, Lake Havasu home prices continue to rise. In June 2017, Flex MLS reported a median sale price of $218,250. Last month, that increased 19.01% to a median of $259,750. That's 4.8% higher than May 2018's median sale price as well. The median list price rose from $264,900 last June to $295,450 last month, an increase of 11.53%. The June 2018 Lake Havasu Market Report showed that buyers paid 87.9% of the median list price.
Lake Havasu Market Report - June 2018 Inventory
Low inventory continues to be the phrase du jour. With 3.05 months of inventory in June 2018, available homes for sale dropped 36.98% in the last 12 months. Median days on market dropped dramatically as well. In June 2017, reports showed 53 days as the median time a Havasu home was on the market before going under contract. Last month, that dropped to just 27 days.
What Lake Havasu Buyers Need to Know
With buyer demand continuing to rise and inventory levels falling, prices for Lake Havasu homes will continue to go up. And local buyers compete with outsiders looking to utilize our hot secondary market for their vacation homes or rental properties. Yes, it's getting tougher and tougher to find a home under $300,000. But they are out there. You need someone on your side to keep an eye out for them and negotiate on your behalf. You'll also need to make sure you secure financing now so that you can pounce on that perfect home once you find it. That's where I come in. Contact me today so we can discuss your options right away.
Featured Lake Havasu City Home
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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2018/07/june-2018-lake-havasu-market-report/.