Thursday, August 23, 2012

Lake Havasu Real Estate & Housing Market Update

London Bridge and Palm TreesLake Havasu City Housing Market News

Written By:  Bobby Lewis with Coldwell Banker

Year over year Lake Havasu City home values rose for the 4th straight month with the median sales price up 15.6% over the same period in July 2011.  

With that said Lake Havasu home inventory crept up slightly to 562 citywide as of this morning however with 120 residential single family homes selling in July this still marks only a 3-6 month supply of homes in most price ranges and is not far from tipping the scales from the current buyer's market to a seller's market if inventory falls below 500 homes any time soon.  Time will tell.

High end homes are the only exception and continue to have extended marketing times, however we are seeing some improvement in the luxury market with several notable homes selling over the past 90 days.  The good news is if you are considering trading up your home this is really the perfect storm.  Lake Havasu Homes for sale under $250K are in high demand making your current home very marketable however homes over $350K and particularly over $500K have much less buyer competition. No matter what your needs are nearly all indications suggest we have passed the bottom making this the perfect time to jump into the market and catch the next wave up. 

In addition to the falling "for sale" inventory vacant residential rentals remain low as well which further documents the recovering housing market.  Our rental department (the largest in town with over 1000 homes currently rented) is literally running out of them with a vacancy rate around 3%.  And if you still don't believe housing is recovering in Lake Havasu, check this out:  1080 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. 

NOW OPEN - ArizonaState University Campus -ASU Colleges Lake Havasu:  Classes start today and the campus looks fantastic when you drive up Swanson. 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.
The question we always ask...Where else can you buy a vacation home for prices this affordable in a fun resort town with warm and sunny winter weather, outstanding summer pleasure boating, and overlooking a stunningly scenic lake?  And all within a few hours drive of Las Vegas, Phoenix and Southern California.

Please call with any questions you have on 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....  We truly appreciate your business.

No obligation...just friendly service!

Bobby & Julie Lewis Team
#1 Coldwell Banker Agents in Lake Havasu Area