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Lake Havasu Market Report - July 2019

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Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

Our local real estate market is almost as hot our Lake Havasu lifestyle. Sales hit their second-highest mark for the year. Meanwhile, prices hit their highest level for 2019 so far, according to the Lake Havasu Market Report for July 2019.

Prices hit their highest mark for the year so far while sales came in second for 2019, behind May's totals, according to the Lake Havasu Market Report for July 2019.

July 2019 Lake Havasu Market Report

Lake Havasu Market Report - July 2019 Sales

Click here to search all homes for sale in Lake Havasu CityFlex MLS reported a total of 224 single-family homes were sold in Lake Havasu City during July 2019. This registered as a 22.4% increase from those sold in July 2018. It's also a 14.3% increase from June's total sales. That makes it the second-highest monthly total so far this year, behind May's 256 and just squeaking ahead of April's 223 total. Pending sales experienced an 8.7% increase from last July's 183 to a reported 199 last month.

Lake Havasu Market Report - July 2019 Prices

We continue to see prices rise in the Lake Havasu real estate market. In July 2018, buyers paid a median sale price of $259,000. Last month, they paid a median sale price of $280,000, an increase of 8.1% over the last 12 months. It's also the highest median sale price of the year so far.

Lake Havasu Market Report - July 2019 Inventory

Inventory levels came up from last year. July 2018 reported three months available. In July 2019, that rose 27.3% to 3.82 months available. However, month-over-month inventory levels continue to go down since February's high of 4.72. New listings increased a slight 2% to 203 for July 2019. Active listings soared by 14.8% to 730 last month. Median days on market more than doubled from the 23 reported in July 2018 to 51 in July 2019.

What Buyers Need to Know

For the first time in a long time, the Federal Reserve lowered its benchmark interest rate by a quarter percent at the end of July. Some analysts believe we may see that happen a few more times before next spring. The benchmark interest rate affects prime interest rates for credit cards and savings accounts. Sometimes, it also affects mortgage interest rates. That isn't always the case, though. Bankrate.com shows that rates for borrowers with great credit held at just under 4% since just before the Federal Reserve's announcement. Currently, rates for a 30-year fixed-rate loan show 3.91%. Even if your FICO score isn't at its best, you still may qualify for one of the near-historic low-interest rate mortgage loans right now. If you're interested in purchasing a Lake Havasu home soon, contact me at (928) 208-5184 or via email today.

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

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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2019/08/lake-havasu-market-report-july-2019/.

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