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Lake Havasu Market Report for September 2022

By
Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

Looks like the local real estate market now favors the buyer. According to the Lake Havasu Market Report for September 2022, prices fell for the second month in a row. While music to home buyers' ears, increasing mortgage rates still put a crimp in many buyers' budgets.

Good news for home buyers. The September 2022 Lake Havasu Market Report showed prices down to their lowest point in almost a year and inventory higher than it has been in over two years. Liz Miller Lake Havasu Az

Lake Havasu Market Report for September 2022

September 2022 Property Sales

Click here to search Lake Havasu homes for saleOur local MLS reported a total of 118 properties were sold in September 2022. That marked a 49.4% decrease from September 2021's totals. It's also the lowest total monthly sales so far this year. Active listings rose for the seventh month in a row. Reports showed a 70.7% increase from last September (427 in 2021 vs 729 in 2022). New listings fell slightly (from 265 in September 2021 to 242 in September 2022). Pending sales dropped off by almost one-third in the last 12 months (from 205 to 138).

September 2022 Sale Prices

Good news for home buyers. The September 2022 Lake Havasu Market Report showed sale prices decreasing for the second month in a row. In July 2021, the MLS reported a median sale price of $459,000. In September, that fell to $420,000. And that is just 3.7% higher than the $405,000 reported back in September 2021. That definitely helps home buyers as mortgage rates continue their upward trajectory.

September 2022 Inventory

Another bit of good news for Havasu home buyers. Inventory levels continue to rise. Since February of this year, inventory levels steadily climbed upward each month. In September, they hit the highest level we have seen in years. Our MLS reports a current inventory of 3.48 months available. That's more than double the amount we saw at the same time last year. The median days on market (DOM) came in at 33. That is more than triple the amount of time spent on the market since September 2021. That means that buyers have a little bit of time to shop around to find their next home without worrying about bidding wars or losing a home to someone else before they even get their bid in.

What Buyers Need to Know

Yes. Prices decreased. Yes. Inventory increased. Unfortunately, mortgage rates also rose. Freddie Mac currently reports the average 30-year fixed-rate mortgage at 6.7%. That is over 1.5% higher than the 5.13% reported on August 18th. In fact, the 30-year FRM rate has more than doubled since the first week of 2022. This means that it costs much more to borrow money to buy a Havasu home now than it did last year. Even so, paying 6.7% on your own mortgage is better than paying 100% on someone else's mortgage. That's what happens when you rent. If you plan on buying a home, you may want to do so sooner rather than later. Some financial experts believe we may see rates hit 8%. Some believe they may fall next year. The truth is that no one knows for certain. Real estate continues to be a great investment for the long haul. So, if you want to buy a home and can afford to reasonably do so, do it. Contact me at (208) 928-5184 or via email when you are ready to start looking for your next home.

FEATURED LAKE HAVASU PROPERTY FOR SALE

Liz Miller Lake Havasu Az 2192 Mimosa Dr Lake Havasu City Az

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

Homes for Sale in Havasu
Havasu Area Homes
Just Call Liz

Originally posted on my Lake Havasu area real estate blog here: https://havasuareahomes.com/lake-havasu-market-report-for-september-2022/.

Posted by

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Liz  and Thank You for the great information to share with us here in the Rain.  Make it a great day!

 

Oct 06, 2022 11:09 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Liz,
Thank you for sharing the real estate information.
Buyers and sellers in your area will benefit from your expertise.
Wishing you continued success.

Bob

 

Oct 07, 2022 10:30 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

Oct 11, 2022 01:45 PM