Even as the summer buying season is winding down, buyers have kept house hunting in most parts of the country. This is not to say that it has not been challenging and that the market is wearing them down. As predicted, many markets nationwide are experiencing a much-welcomed slowdown in price increases and a slowdown in the decline of active listings. Sellers are also reacting to the market shift and are beginning to adjust their expectations with prices cuts especially in many of the larger markets. The housing market still has a long way to go but if this trend continues we expect to see a more balanced market.
Closed sales in the Lake Havasu area for August 2018 (220) rose 1.4% year over year compared to August 2017 (217). Pending sales increased by 3.8% in August 2018 (191) versus August 2017 (184). Average sold prices for all residential types of homes for the Lake Havasu area increased 17.0% in August 2018 ($321,286) compared to August 2017 ($274,499). Homes are selling quickly with the average number of days to contract year over year decreased 30.6%: 68 days in August 2018 compared to August 2017 (98 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 24.0% in August 2018 (639) compared to the same time last year, August 2017 (841). New Listings increased 21.9% in August 2018 (278) when compared to August 2017 (228). 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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