Record breaking list prices and the fast pace of sales were the hallmarks of this spring home-buying season. May’s numbers broke both the previous months and the previous year’s levels. Buyers had to be ever vigilant to not miss homes that went on the market as they would be gone in an instant! Going forward, rising mortgage rates and continued shortages of inventory are bound to create even more market frenzy as buyer’s scramble to grab available homes, especially at the entry level where supply is sparse.
Closed sales in the Lake Havasu area for May 2018 (230) dropped 6.9% year over year compared to May 2017 (247). Pending sales decreased by 6.3% in May 2018 (224) versus May 2017 (239). Average sold prices for all residential types of homes for the Lake Havasu area increased 21.5% in May 2018 ($299,411) compared to May 2017 ($246,478). Homes are selling quickly with the average number of days to contract year over year decreased 11.8%: 82 days in May 2018 compared to May 2017 (93 days).
Month-end inventory figures for all residential types of homes, which includes homes, condos, townhouses and manufactured homes for the Lake Havasu area show listings dropped 26.1% in May 2018 (716) compared to the same time last year, May 2017 (969). New Listings rose 4.3% in May 2018 (242) when compared to May 2017 (232). Lake Havasu is experiencing what the rest of the nation that is with record low levels of existing homes for sale, however, demand is high and continues to show strength in the number of new listings and the lower numbers of days homes are on the market.
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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