Only one word describes our local real estate market: HOT! The July 2018 Lake Havasu Market Report continues to proclaim our local area to be a seller's market. Buyers really want the Lake Havasu lifestyle. Even with prices continuing to rise, Lake Havasu homes still cost less than those in nearby California. That's one of the reasons our secondary market is one of the hottest in the country. Of course, being #3 on Realtor.com's Top 10 Cities to Age in Place list makes us more desirable as well. Let's discuss what happened in our local market last month.
July 2018 Lake Havasu Market Report
Lake Havasu Market Report - July 2018 Sales
According to Flex MLS, a total of 179 Lake Havasu homes were sold in July 2018, a 6.3% decrease from the 191 sold in July of last year. However, the strong sales figures from earlier this year keep the year-to-date sales 3.2% higher with 1533 total home sales so far. Pending sales rose 7.1%, from 183 in July 2017 to 196 last month. Active listings fell to 625, a 28.1% drop off from the same time last year. New listings also fell off, with 199 reported last month (9.5% below the 220 shown last year).
Lake Havasu Market Report - July 2018 Prices
Prices continue their steady march upward. The July 2018 Lake Havasu Market Report stated a median sale price of $260,000. That's 7.44% higher than the $242,000 median reported in July 2018. It's also slightly higher than the $259,750 reported in June 2018. The median list price for a Havasu home in July 2018 rose 12.08% from last year to a recorded $296,900. That means buyers paid 87.5% of the median list price on average.
Lake Havasu Market Report - July 2018 Inventory
Inventory continues to be an issue for buyers, according to the July 2018 Lake Havasu Market Report. In July 2017, we showed 4.63 months available. Unfortunately, that tumbled 36.07% to 2.96 months available in July 2018. The median days a Havasu home stayed on the market fell, too, from 39 last year to just 23 last month.
The More You Know...
Prices continue to rise. That doesn't appear to be reversing course anytime soon. Competition among buyers is fierce. And the list of available homes under $300,000 seems to be getting smaller every day. However, that doesn't mean you should shelve your hunt for your next Havasu home. Contact me today. I can help you put together a successful plan of attack to not only find the perfect home but to get the best deal for it possible.
Featured Lake Havasu City Property for Sale
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/2018/08/july-2018-lake-havasu-market-report/.