Kicking off the year, the housing market is experiencing many promising indicators. The talked about real estate slowdown is visible when compared to the rapid acceleration that was seen last January. In many markets nationwide homes are selling slightly quicker, list prices are still going up and inventory is slowly regaining after four straight years of decline. As more properties hit the market, buyer’s frustration will calm with less competition. Eyes are on the availability of entry-level homes as a key ingredient to help balance the market.
Closed sales in the Lake Havasu area for January 2019 (130) dropped by 35.3% year over year compared to January 2018 (201). Pending sales decreased by 19.1% in January 2019 (208) versus January 2018 (257). Average sold prices for all residential types of homes for the Lake Havasu area increased by 5.5% in January 2019 ($277,725) compared to January 2018 ($263,208). Homes are selling quickly with the average number of days to contract year over year decreasing 12.0%: 66 days in January 2019 compared to January 2018 (75 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 rose 1.6% in January 2019 (869) compared to the same time last year, January 2018 (855). New listings increased by 6.1% in January 2019 (322) when compared to January 2018 (313). Lake Havasu is experiencing what the rest of the nation is with low levels of existing homes for sale, however, demand remains 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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