Thursday, June 21, 2012

Lake Havasu Real Estate Market Update

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 obligation...just friendly service!

Bobby & Julie
#1 Coldwell Banker Agents in Lake Havasu City