December 2018 Lake Havasu Market Report

By
Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

Last year, we saw the median sale price of a Havasu home hit its peak. While prices began to decrease after that, we ended the year strong with its third highest median sale price of the entire year. The December 2018 Lake Havasu Market Report also showed that total sales and inventory dropped off from last year.

According to the December 2018 Lake Havasu Market Report, prices rose to their third highest for the year while sales and inventory levels decreased.

December 2018 Lake Havasu Market Report

Lake Havasu Market Report - December 2018 Sales

Click here to search all homes for sale in Lake Havasu CityLake Havasu's Multiple Listing Service (Flex MLS) reported a total of 166 Lake Havasu homes were sold in December 2018. This showed a 9.3% drop from December 2017's 183. The final tally of sold Lake Havasu homes for 2018 came in at 2426, a 2% decline from 2017. Pending sales fell by more than 20%, with just 134 shown in December 2018.

Lake Havasu Market Report - December 2018 Prices

Unlike our sales figures, the median sale price went up again. Back in December 2017, the median sale price for a Lake Havasu home was $245,000. Last month, that increased to $274,950, a 12.2% hike. While not quite as high as the peak of 2018's Lake Havasu real estate market ($280,000 in August), it's a slight bump from November 2018's $272,500. On average, buyers paid 92.3% of the median list price.

Lake Havasu Market Report - December 2018 Inventory

Low inventory proceeds to be an issue in the Lake Havasu real estate market. After briefly topping four months in November, it fell to 3.6 in December. That's a 33.09% downturn from the 5.38 months available in December 2017. New listings dropped off by 17.3% in the last 12 months, with a reported 163 reported in December 2018. While the median 21 days a Lake Havasu home stayed on the market before going to contract was exactly half that of December 2017's median days on market, it was slightly higher than the 18 shown in November 2018.

What Does This All Mean for Buyers?

Last year, the Federal Reserve increased rates four times, ending the year at 2.25-2.5%. That's the ninth time they've raised rates since 2015. While some financial experts believe it might be a little while before we see another increase, they think we'll probably see another one later this year. After hitting the 5% mark and above in the final quarter of 2018, the current rate for a 30-year fixed-rate mortgage loan is 4.62%, according to Bankrate.com.

With a decrease in inventory and decline in new listings, Lake Havasu prices may continue to rise for a little while. If you're interested in purchasing a new home, you might want to start looking now...before the busy spring season kicks in. Get your financing together as soon as possible. That takes a little time. Then, contact me when you're ready to start your search.

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Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:

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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2019/01/lake-havasu-market-report-december-2018/.

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Rainer
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Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Jan 24, 2019 10:30 PM #1
Rainmaker
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Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Always appreciate insight from a local expert. Have a great weekend!

Jan 25, 2019 09:13 AM #2
Rainmaker
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Liz Miller
Coldwell Banker Residential Brokerage - Lake Havasu City, AZ
Just Call Liz

Thanks for reading.

Jan 25, 2019 09:18 AM #3
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Nice update on the Lake Havasu market Liz. These local reports are invaluable for those looking in the area.

Jan 25, 2019 02:34 PM #4
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