Lake Havasu real estate news continues to improve with inventory shrinking again this month. The number of single family homes for sale in Lake Havasu City is now down to only 551 citywide as of this week. With another 174 resi
dential homes selling in March and pending sales numbers remaining high Lake Havasu home values will start to climb as long as this trend continues.
There is virtually no doubt the Lake Havasu market has bottomed unless something completely unexpected happens. In fact the very bottom has likely already passed.
In addition to the falling housing inventory even vacant rentals continue on the decline. Our rental department (the largest in town) is literally running out of them with a vacancy rate in March of less than 5%. And if you still don't believe housing is recovering in Lake Havasu, check this out: About 5 homes a day are selling in Lake Havasu City - Nearly 500 have already sold this year alone...and that does not include multifamily, vacant lots, commercial, or non-agent assisted sales. Including those numbers the totals are even higher.
We continue to say it month after month but with less than a 6 month supply of
Lake Havasu homes for sale and bank owned Lake Havasu foreclosure inventory continuing to trend downward the market has shifted. Only time will tell but considering entry level properties have sold in price ranges that rival the cost of many new automobiles how much lower could it have gone?
The new Arizona State University campus at Lake Havasu will open this fall. Enrollment is going on now with expectations for about 200 students the first year, plus faculty and administration. This is a very exciting time in for this resort town.
The question Julie and I always ask is...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. It's time to consider a home in beautiful and affordable Lake Havasu City, Arizona.
Have a great day!
Bobby
Bobby & Julie Lewis Team
#1 Coldwell Banker Agents in Lake Havasu City Area
928-486-4498 Bobby
928-486-4147 Julie
Over the last few months our expectations were to see home
values increasing in Lake Havasu and in fact the numbers continue to indicate
that is happening. Overall values rose for the 2nd straight month with the
median sales prices up 11.3% year over year in May 2012 and the average sales
prices increasing even more up nearly 16%. With inventory remaining low, demand
robust, and a general sense by many that the market is undervalued the trend is
likely to continue.
