Lake Havasu City is well known for its dry desert heat. But, the weather isn’t the only thing that is hot. The real estate market has hit a fever pitch. Buyers are losing out left and right due to strong demand and low inventory. Find out the latest local real estate news in my March 2018 Lake Havasu Market Report below.
March 2018 Lake Havasu Market Report
March 2018 Lake Havasu Market Report – Sales
According to the Flex MLS, a total of 267 Havasu homes were sold in March 2018. That’s a 1.5% increase from last March. So far, we’re outpacing 2017’s total sales to date by 18.6%. Our pending listings have fallen by 13.7% to 253. Active listings decreased from 1147 in March 2017 to 805 last month. That marks a 29.8% drop over the last 12 months. New listings fell 21.7% (from 327 last March to 256 this March).
March 2018 Lake Havasu Market Report – Prices
How are prices faring for Lake Havasu homes? They’ve gone up a little bit. The median list price last year was $239,900. They rose to $258,900 in March 2018 (an increase of 7.92%). As a result, the median sale price increased from $221,711 last March to $242,000 last month (a 9.15% jump).
March 2018 Lake Havasu Market Report – Inventory
Higher sales and buyer demand took a chunk out of our inventory. The absorption rate is how long it would take to sell all inventory we have on hand at the current rate of sales if no new listings came on the market. In March 2017, we showed 6.89 months available. Last month, that fell by almost half to settle at 3.75 months available. This shows favor to the seller. The median days on market fell 40.35% from 57 to just 34.
March 2018 Lake Havasu Market Report Wrap-Up
As you can see, our inventory has gone way down. That’s because buyers scoop up homes quicker than they can build to satisfy demand. And buyer demand partnered with lower inventory drives prices up. So, you need to be ready to pounce. That means getting your financing together before you even start looking for a property. Contact me today. If you wait too long, someone else may buy your dream home before you even have a chance to look at it.
Featured Lake Havasu City Home
Visit any of my Lake Havasu real estate sites below for more information on the Havasu market: