Written By: Bobby Lewis
Home values in Lake Havasu continued their upward course in October 2012 with the median home sales price up 18.1 % over October 2011 and the average sales price up nearly 15%. The market is still much closer to the bottom than the top but it is moving in the right direction the past 6 months.
With overall Lake Havasu bank owned home inventory on the decline in the area and throughout Arizon, 2013 is being projected by many real estate insiders as a potentially big year for continued appreciation.
The number of single family homes for sale in Lake Havasu City has increased to just over 700 citywide however with 128 homes selling in October alone that still remains only 6 months of inventory. In the sub $200K market the news is even better as homes are selling briskly in the entry level price ranges. With the expected strong winter Lake Havasu should see home values continue to increase at least at a moderate rate however higher appreciation is being projected by some experts. Time will tell the story.
LAKE HAVASU RENTAL MARKET
You may have already heard but the great news continues in the residential rental market. The vacancy rate for residential rental homes remains incredibly low. The Coldwell Banker rental department (the largest in town) remains nearly out of available rentals with a vacancy rate in October of only 3%. Vacancy is nearly a non-issue for investors at this time as homes in good condition and with market rents in-line with competition rent nearly immediately.
OCTOBER MARKET STATISTICS
As for total YTD Sales; Nearly 1400 residential homes and condos have sold in Lake Havasu City since January 1st....and that number does not include multifamily, vacant , commercial, or non-agent assisted sales. Including those numbers the totals are even higher.
Here are the key Lake Havasu Real Estate numbers from October:
- October Lake Havasu property sales: 128
- YTD Sales as of end of October: 1299
- October Average Sales Price: $204,327 (up 14.6% year over year)
- October Median Sales Price: $166,553 (up 18.1% year over year)
- Average Days On Market: 82
- Total Inventory of Single Family For Sale: 700
The BIG question that begs to be asked... 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. 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 pressure...no obligation...just friendly service!
Bobby & Julie Lewis Team
#1 Coldwell Banker Agents in Lake Havasu City Area