Over the last few months our expectations were to see home
values increasing in Lake Havasu and in fact the numbers continue to indicate
that is happening. Overall values rose for the 2nd straight month with the
median sales prices up 11.3% year over year in May 2012 and the average sales
prices increasing even more up nearly 16%. With inventory remaining low, demand
robust, and a general sense by many that the market is undervalued the trend is
likely to continue.
The number of single family Lake Havasu homes for sale is down to only 515 citywide as of this
morning. With another 155 residential homes selling in May and
pending sales remaining high, home values will continue to climb as long as
this dynamic remains in place. Nearly all indications suggest we have
passed the bottom making this the perfect time to jump into the market to catch
the ride up.
In addition to the falling "for sale" inventory
vacant residential rentals remain low as well. Our rental department
(the largest in town) is literally running out of them with a vacancy rate
in May of less than 5%. And if you still don't believe housing is
recovering in Lake Havasu, check this out: 820 residential homes in Lake
Havasu City have already sold this year...and that does not include multifamily,
vacant , commercial, or non-agent assisted sales. Including those
numbers the totals are even higher.
We continue to say it month after month but with inventory
down so dramatically the market is shifting before our eyes. Only time
will tell but considering entry level properties were selling at prices
that rivaled the cost of many new automobiles how much lower did anyone
expect it to go?
More good news...The new Arizona State University campus is
opening this fall with all kinds of construction going on at the new campus
location in the center of town over the past few months. Enrollment is
approaching 100 students for the first year (more for the future), plus faculty
and administration. This is a very exciting time in our resort town.
Please call with any questions you have about Lake Havasu Real Estate . Also as an added
service we can set you up to receive instant e-mails for a specific price range
if you are not already receiving them or request a free foreclosure list. We truly appreciate your
business.
No pressure...no obligation...just friendly service!
Bobby & Julie
#1 Coldwell Banker Agents in Lake Havasu City
928-855-8880
