By the looks of it, we've entered the busy season in the Havasu marketplace. The May 2019 Lake Havasu Market Report showed a considerable increase in total sales as well as pending sales from last year. Our market posted our highest numbers for both so far this year. While year-over-year sale prices rose, they stayed nearly even with April's prices. Inventory remains at just over four months. Meanwhile, active listings are on the rise.
May 2019 Lake Havasu Market Report
Lake Havasu Market Report - May 2019 Sales
According to Flex MLS, a total of 256 homes were sold in Lake Havasu City last month. That's the highest monthly total so far this year. It also marks a 7.6% increase from May 2018's total sales of 238. Pending sales rose by 11.5% from last year, with 243 reported last month.
Lake Havasu Market Report - May 2019 Prices
Sale prices continue their march upward. The average sale price for a Lake Havasu home rose 8.43% from last year. In May 2018, buyers paid a median sale price of $249,000. However, last month, they paid $270,000. Even so, that's not the highest median sale price this year. In March, buyers paid a median sale price of $279,000. And in April, they paid $269,900, just a hair under March 2019's median sale price.
Lake Havasu Market Report - May 2019 Inventory
We continue to see an increase in year-over-year inventory levels. Last May, reports showed just 3.37 months available. In May 2019, that rose 28.19% to 4.32 months available. Nevertheless, it has steadily declined ever-so-slightly every month since March. New listings experienced a slim increase (from 242 in May 2018 to 247 in May 2019). Active listings rose 14.5% (from 722 in May 2018 to 827 in May 2019). Median days on the market remained almost the same as last year at 33.
What Buyers Need to Know
Mortgage rates remain relatively low. According to Bankrate.com, a buyer with great credit pays 4.06% for a 30-year fixed-rate loan on average. That's more than 1/2% below the 4.62% reported at the beginning of March 2019. Could rates dip below 4% this year? Possibly. But we don't know for sure. Even if they do, prices don't show signs of dropping dramatically anytime soon. So, if you want to own a piece of the Lake Havasu lifestyle, start looking now. Contact me at (928) 208-5184 or via email when you're ready to tour what's available on the market.
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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2019/06/lake-havasu-market-report-may-2019/.