The lazy days of summer are upon us; however, home buyers were anything but lazy if they wanted to snap up a home for sale and move in before school starts. The market was overheated with activity in June as buyers did not want to be left up the creek without a paddle. Homes sold at a faster pace in June 2018 than at the same time last year, listing prices continued to break records with no indication of slowing down and even though the inventory of homes for sale was up month over month, compared to last year at this time, it was down. New listings coming on the market slowed down the decline in inventory, but they are usually higher priced and make it difficult for buyers to find affordable housing options.
Closed sales in the Lake Havasu area for June 2018 (214) dropped 11.6% year over year compared to June 2017 (242). Pending sales increased by 1.0% in June 2018 (208) versus June 2017 (206). Average sold prices for all residential types of homes for the Lake Havasu area increased 17.3% in June 2018 ($299,066) compared to June 2017 ($254,976). Homes are selling quickly with the average number of days to contract year over year decreased 29.5%: 74 days in June 2018 compared to June 2017 (105 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 26.6% in June 2018 (651) compared to the same time last year, June 2017 (887). New Listings decreased 26.5% in June 2018 (194) when compared to June 2017 (264). 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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