Lake Havasu Real Estate Market Report
August 2, 2013
Written By: Bobby Lewis
Home values in Lake Havasu continued their upward course in July 2013 with the median home sales price up 11.1% over July 2012 and the average sales price up 21.6%. Market Values are still not back to the peak levels of 2006 but they have consistently moved higher over the past year. Lake Havasu foreclosed home inventory continues on the decline as well.
Total inventory of properties available for sale as of July was 637 with 160 homes selling during the month. The shrinking inventory very well could be opening the door for a housing shortage. With the upcoming winter selling season just around the corner the Lake Havasu area should see home values continue to increase over the next year.
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 July of only 3%. Rental vacancy is nearly a non-issue as homes in good condition and with market rents in-line with competition rent nearly immediately.
LAKE HAVASU MARKET STATISTICS
YTD Sales; Nearly 1200 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 key Lake Havasu Real Estate numbers from July:
July Lake Havasu property sales: 160
YTD Sales as of end of October: 1176
July Average Sales Price: $206,188 (up 21.6% year over year)
July Median Sales Price: $170,000 (up 11.8% year over year)
Average Days On Market: 75 (Down 7.4% year over year)
Total Inventory of Single Family For Sale: 637
The important question is whether Lake Havasu is about to take off with a big real estate boom? Every day it seems more indicators are pointing that direction. 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.
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Bobby and Julie Lewis Team
#1 Coldwell Banker Agents in Lake Havasu City Area