I’m sure you are aware, our Real Estate market has seen some considerable changes over the past year. If you’re thinking about making renovations to your home, or thinking of selling in the near future, the first thing you’ll want to know is Your Home’s current market value.
The sounds of summer are ending but the real estate market across much of the nation is singing the same old song. Home prices remaining seasonally high, a shortage of inventory and frustrated buyers looking for affordable homes in a very competitive market are continuing industry trends. Available inventory continued to sell at a record pace and new homes coming on the market at relatively high price points continued to make things challenging for first-time buyers.
Putting a spotlight on the local level, closed sales for August 2017 (181) in the Lake Havasu area increased 7.1% year over year compared to August 2016 (169). New pending sales posted a big increase of 32.1% in August 2017 (181) when compared to a year ago, August 2016 (137). The summer season is showing signs of a healthy market.
Median sold prices for existing homes in the Lake Havasu area ($250,000) reflected an increase of 7.3% in August 2017 compared to August 2016 ($232,000). Homes are continuing to sell quicker with the number of days to contract being 29 days in August 2017 compared to August 2016 (54 days).
Active Listings for the Lake Havasu area for August 2017 (515) have decreased by 29.3% compared to August 2016 (728). New listings are slightly up 1.1% for August 2017 (179) compared to the same time last year, August 2016 (177). Overall, Lake Havasu is not unlike the rest of the nation that is experiencing 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 if you are thinking about listing your home for sale. Reach out to Donna and Lisa who will be willing to 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.
Would you like to know what is happening in your neighborhood? Would you like to know the value of your home? Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?