WOW! Where has the year gone? Fall officially begins this Saturday. Luckily, our fantastic sunny skies and warm temperatures continue, extending the Lake Havasu lifestyle well after summer bids adieu. Our local home sales leveled off from the same time last year, according to the August 2018 Lake Havasu Market Report. But continued buyer demand pushed prices even higher.
August 2018 Lake Havasu Market Report
Lake Havasu Market Report – August 2018 Sales
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Flex MLS reports a total of 219 homes were sold in the Lake Havasu real estate market in August 2018. That was two more than the 217 sold at the same time last year. Year-to-date total sales remain 3.2% higher than last year. Pending sales climbed 4.3% higher, from 184 in August 2017 to 192 last month. Last month, we saw 21.9% more new listings than we did last year (from 228 in August 2017 to 278 in August 2018).
Lake Havasu Market Report – August 2018 Prices
The August 2018 Lake Havasu Market Report revealed that buyers paid a median sale price of $280,000, 22.54% higher than last year. It also marks a 7.7% increase over July’s median sale price. The median list price rose from $265,000 in August 2017 to $299,000 in August 2018, a 12.83% increase. That means buyers paid 93.6% of the median list price on average.
Lake Havasu Market Report – August 2018 Inventory
Inventory levels remain low. In August 2017, Flex MLS reported an inventory of 4.42 months. Last month, that fell to 3.03 months. While that’s low, it’s actually slightly more than the 2.96 months reported in July 2018. The median days a Havasu home stayed on the market remained exactly the same from last year: 35.
What Havasu Buyers Need to Know
In order to meet buyer demand, we need to see more new listings hit the market. Then, we should begin to see prices taper off. But that doesn’t appear to be happening anytime soon. The good news is that interest rates remain relatively low. According to Bankrate.com, rates have hovered around the 4.75% area for the last three months. As of the writing of this post, the interest rate on a 30-year fixed-rate loan runs around 4.78% for buyers with good credit. If you’re in the market for a new Havasu home, contact me. I’ll help you find the right home to fit your budget whether it’s on the market or if I have to knock on a few doors. This tight market calls for a bit of creative thinking.
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