Wednesday, September 11, 2013
Lake Havasu Real Estate Market Update - August Numbers
Lake Havasu Real Estate August Market Report
September 10, 2013
Written By: Bobby Lewis of Coldwell Banker
Lake Havasu home values continued to increase in August 2013 with the median home sales price up 9.1% and the average sales price up 10.3% over August 2012. Market Values lag behind the peak levels of 2006 but they have consistently inched closer over the past year. Lake Havasu foreclosed home inventory continues to decline.
Property inventory available for sale as of August was 575 inching upward 3.2% from the previous month. Total home sales in August were 118 up 14.6% from August 2012. With the upcoming winter selling season just around the corner we expect to see Lake Havasu area home values continue to increase over the next year barring not major unexpected events occur.
LAKE HAVASU RENTAL MARKET
The residential rental market vacancy rate remains very low. Our Coldwell Banker rental department (the largest in town) remains nearly out of available rentals with a vacancy rate in August of only 4%. For landlords and investors, rental vacancy is nearly a non-issue as homes in good condition and with appropriate rental rates rent nearly immediately.
LAKE HAVASU MARKET STATISTICS
Year to date sales are up 17.4% over last year's year to date sales as of the end of August.
Important August Lake Havasu Real Estate Numbers:
August property sales: 118
August Average Sales Price: $231,432 (up 10.3% year over year)
July Median Sales Price: $185,450 (up 9.1% year over year)
Average Days On Market: 84
Total Inventory of Single Family For Sale: 575
After reviewing the numbers, you might be asking yourself if Lake Havasu real estate is about to boom again. The honest answer is nobody knows. Many indicators look good and we expect to see market improvement to continue but only time will tell.
As a buyer considering Lake Havasu, you can rest assured that few if any, vacation market locations still exist in the western United States that remain as affordable and fun 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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To request our complete detailed market action report with ALL the numbers just send us an e-mail and we will send a PDF version to you right away.
Bobby and Julie Lewis Team
#1 Coldwell Banker Agents in Lake Havasu City Area