We just celebrated Independence Day last week. Can you believe it? We're more than halfway through the year already! During the first half of the year, local home sales underperformed compared to the same time last year. Prices, however, continue to rise, according to the June 2019 Lake Havasu Market Report. Even though inventory increased from last June, it's steadily decreased over the last five months. How will this affect buyers?
June 2019 Lake Havasu Market Report
Lake Havasu Market Report - June 2019 Sales
Havasu's Multiple Listing Service, Flex MLS, reported a total of 192 single-family homes were sold in Lake Havasu City during June 2019. That marked a 13.1% drop from last June's 221 total sales. It's also 25% less than the 256 sold in May 2019. At midpoint for the year, total sales so far come in at 1214, a 10.8% decrease from this time last year. Pending sales, on the other hand, rose 5.6% from last year, with 207 shown pending in June 2019.
Lake Havasu Market Report - June 2019 Prices
Unlike sales, year-over-year prices continue to march upward. In June 2018, the median sale price was $259,500. Last month, that rose 3.64% to $268,950. That's slightly less than the $270,000 median paid in May 2019. It's also 3.6% lower than March 2019's $279,000 median. So far, March's median sale price comes in at the highest in 2019.
Lake Havasu Market Report - June 2019 Inventory
Inventory levels increased dramatically from this time last year. While Flex MLS reported 3.09 months available in June 2018, that shot up 30.74% last month to 4.04 months available. Lake Havasu inventory levels hit its peak this year in February, with 4.72 months. Since then, inventory steadily declined. New listings grew 1.5% from last year, coming in at 197 in June 2019. Active listings shot up 18.3%, from 660 last June to 781 last month. Median days on market rose from 28 in June 2018 to 38 in June 2019.
What Buyers Need to Know
After spending several months above 4%, mortgage interest rates fell below 4% in mid-June. As of last week, Bankrate.com reports a 3.95% rate for buyers with great credit. Keep in mind, though, that you don't need excellent credit to purchase a Lake Havasu home. Many lenders allow scores as low as 620, with some loans available for buyers with FICO scores below that. But, the higher your credit score, the better the interest rate you receive. So, it's always a good idea to get your credit in order before you start seeking out a home loan. When you're ready to look for a new Havasu home, contact me at (928) 208-5184 or via email. I'd be happy to be your guide around the Lake Havasu marketplace.
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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2019/07/lake-havasu-market-report-june-2019/.