We're starting to see a little light at the end of the Coronavirus tunnel right now. The governors of many states across the country, including Arizona, started laying out their plans to open up businesses and get people back to work in phases. They hope their tiered plan of opening up keeps COVID-19 exposure to a minimum while maintaining a flattened curve. April 2020's Lake Havasu Market Report showed that home sales took a beating while sale prices actually went up.
Lake Havasu Market Report for April 2020
April 2020 Home Sales
Our local Multiple Listing Service (Flex MLS) reported a total sale of 168 Lake Havasu properties in April 2020. That came in at 25.3% less than the same time last year. However, at least some of that most likely came about due to the restrictions in place from COVID-19. Governor Ducey laid out a plan to begin to open businesses back up to the public over the next few weeks. That could bring our sales figures back up for May. We'll have to wait and see, though.
April 2020 Home Prices
Even with sales dropping off, prices continued their upward trajectory. In April 2019, the median sale price for a Lake Havasu property was $265,000. Last month, the median rose 3.38% to $273,950. That's 8.7% less than the $300,000 median in March and just a hair lower than the $279,950 we saw in February.
April 2020 Inventory
No new news on the inventory front either. It's the same story we've heard for months now. Lake Havasu's housing inventory is extremely low. April 2020 levels hit 3.37 months available. That's 26.6% less than the 4.59 months available at the same time last year. The median days on the market dropped dramatically as well. Last April, properties spent 38 days on the market before going under contract. Last month, that fell to a median of just 18 days. That's just about a week and a half!
What Buyers Need to Know
Governor Ducey announced his plant to allow salons and barbershops to open back up throughout the state on Friday, May 8th. Restaurants may open their in-house dining as soon as May 11th. As the economy starts getting back to some semblance of normalcy in the upcoming weeks, we could start seeing more action in the real estate market as a result. The great news for buyers is that interest rates continue to go down. Wells Fargo currently shows that a borrower with great credit can get a loan at just 3.375% for a 30-year fixed-rate loan. If you're interested in purchasing a Lake Havasu home, call me at (928) 208-5184 or shoot me an email.
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: https://havasuareahomes.com/lake-havasu-market-report-april-2020/.
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