Monday, October 15, 2012

Lake Havasu Real Estate Market



Lake Havasu Real Estate Market Update - October 15, 2012
Written By: Bobby Lewis

The Lake Havasu Real Estate Market has made great strides during 2012 towards stabilization indicated by increasing market values year over year particularly in the sub-$200K market.

Here are some of the key numbers from September:
  • September property sales: 89
  • YTD Sales as of end of September: 1171
  • September Average Sales Price: $171,838 (up 7.8% in September year over year)
  • September Median Sales Price: $141,400 (up 1.7% in September year over year)
  • Average Days On Market: 84
  • Total Inventory of Single Family For Sale: 657
There is tremendous anticipation among the real estate community in Lake Havasu this year for the winter home buying season. This is largely due to reduced foreclosure inventory as well as the increasing market values noted above. It appears, particularly in the lower price ranges, that the market may even be slighltly undervalued at this point. Homes in good condition and priced well in this range sell very quickly and in most cases for very close to asking price.

The flip side of the coin is the Lake Havasu luxury market. Particularly homes priced from $350,000 and up. Although several homes each month are selling in the higher price ranges the inventory remains elevated versus the number of sales each month. There have been several notable sales recently however that indicate even the luxury market may be on its way to stabilization in 2013 however we still have some distance to go before that can be determined for certain. One thing hard to imagine however is pricing going much lower as the worst appears behind us.

The great news for the savvy homeowner however is the opportunity to take full advantage of these 2 opposite market dynamics. They have collided and literally create the perfect storm for the Lake Havasu homeowner considering trading up.

Take for instance if you currently own a Lake Havasu home valued under $250K but you have been considering buying a Lake Havasu golf course home, a larger home, or entering the luxury market in Lake Havasu. There are numerous buyers looking for a good home properly priced and between $100,000 and $250,000. At the same time, as a buyer in the luxury market you have the "pick of the litter" so to speak with far fewer buyers to compete with and numerous properties to choose from. Talk about having the ball in your court on both ends of the process.

For more information on Lake Havasu Real Estate or to request a Free Lake Havasu Foreclosure List contact Bobby & Julie Lewis. Bobby & Julie are the #1 Lake Havasu Coldwell Banker Agents in the area.

Bobby & Julie Lewis Team
Coldwell Banker
928-855-8880

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