Old man winter may be dumping snow and freezing weather in many regions of the country, but the real estate market is starting to heat up as it nears the traditional spring upswing in listing prices. Expectations are for listing prices to easily blow past last summer’s peak. February’s activity has buyers scurrying to lock in a purchase and properties are being snapped up at an even faster rate than this time last year. Inventory has stabilized in a few markets, but many others are seeing levels of inventory decline even further. Demand has been energized due to a strong economic outlook but finding an affordable home continues to be the challenge especially in the mid and entry-level markets.
Closed sales in the Lake Havasu area for February 2018 (188) rose 17.5% year over year compared to February 2017 (160). Pending sales increased by 3.9% in February 2018 (242) versus February 2017 (233). Average sold prices for existing homes for the Lake Havasu area increased 23.6% in February 2018 ($282,741) compared to February 2017 ($228,796). Homes are selling quickly with the average number of days to contract year over year significantly decreasing 7.5%: 87 days in February 2018 compared to February 2017 (94 days).
Month-end inventory figures show listings dropped 29.1% in February 2018 (852) compared to the same time last year, February 2017 (1,202). Lake Havasu is experiencing what the rest of the nation that is going through with record low levels of existing homes for sale, however, demand is high and continues to show strength in the number of closed and pending sales.
Now is a great time to think about listing your home for sale. Reach out to Donna and Lisa who are will take time to simply and effectively explain what is happening in the housing market. It is critical to have a professional real estate agent on your side to negotiate on your behalf and protect your interests. Ask them to explain how to take advantage of current market conditions and show you what they do to get homes SOLD! If you are looking to buy or sell, contact Donna or Lisa today!
The numbers above represent all of Lake Havasu, single family, manufactured, condos and townhomes.
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